Thanks to June 18 injection of buy pressure, most cryptocurrencies appear to be bottoming up. Most notably there is a spike of TRX valuation coming a few days before TRX ERC-20 tokens freeze. That shall be done in readiness of mainnet launch scheduled for June 25. That’s a single fundamental event that can be supportive of TRX prices but as for others, today’s price action would either support or cancel June 18 bulls. If today end up higher then we can either buy at spot prices tomorrow or wait for our previous buy triggers to be hit.
Let’s have a look at these charts:
IOTA (mIOTA) Technical Analysis
IOTA, unlike other cryptocurrencies is quickly turning out as a crypto for charitable organizations and non-profit. Coincidentally, IOTA by itself runs around a not-for profit principle and this is appealing for organizations and donors keen on advancing their objectives through a donor/charity-funding model simply because of the inherent design of the coin. IOTA and Tangle promise free transaction, fast settlement and infinite scalability directly proportional to the level of adoption. What this means is that with every user case implementation, the Tangle would scale higher because there are no limitation of block size as other Proof of Work consensus protocols. Besides, with Qubic implementation in the next few years, users would easily draft smart contracts and embed different conditions within transaction enabling accountability boosting overall efficiency.
Price wise, it appears as if IOTA is finding reprieve. After periods of horizontal consolidation and movement within tight trading ranges, IOTA is up two percent in the last 24 hours. Yesterday, IOT ended up higher for the first time in five days and with a bullish pin bar signaling rejection of lower prices, odds are buyers would confirm our bullish stance. Of course, this is good for price but that doesn’t necessarily mean we start loading this coin. Yes, I recommend aggressive traders to load up if and only if today end up bullish but overly, our buy triggers are at $1.3. That’s slightly above our recent trading range and June 14 highs.
DASH Technical Analysis
TravelbyBit is a travel site whose sole intention is to “Open up Australia for Digital Currency Tourism”. Even from their marketing mantra, it’s easy to get the drift. At this site, travelers keen on spending their cryptocurrencies can not only travel anywhere in Australia and pay their bills using any coin of their choice but they can explore other continents and pay with crypto from their provided list of merchants. Merchants can also list their services on the site and indicate which coins they accept. So, in line with their provision, a Pharmacy in Australia, Lugarno Pharmacy, now accepts DASH. As expected this is positive news.
Like IOTA, DASH found support yesterday and is up three percent in the last 24 hours. From our previous analysis, our main support line is at $270 and regardless of yesterday’s bullish pin bar, we remain neutral and bearish because of the general technical set up in the weekly chart.
If at all there is negation of this projection then we must see upsides. In that case we need to see confirmation of June 18 bull momentum with prices pushing above $270 with adequate trade volumes validating that move. Otherwise, any reversal and break below $230 would be a straight sell with targets at $210 and $110.
Cardano (ADA) Technical Analysis
News of Cardano (ADA) listing at BitHumb not only bodes well with cryptocurrency enthusiast but is also of prime importance for developers. While we cannot expect ADA prices to sky rocket and reassert its way back to the top five but generally speaking, ADA will gain by some margin. With this listing, traders can now buy ADA straight using their KRW simply because BitHumb allows direct crypto-fiat exchange. That’s not all though, ADA is also available at eToro and this announcement effectively makes ADA the eleventh cryptocurrency available at this trading platform.
Evidently, ADA has been in a range mode in the last six days or so. While it’s clear that sellers are in charge, the fact that lower lows are not as rapid as before hints of potential slow down and shift of momentum in the coming days. Despite this projection, we need to see strong movements to the upside and before then, we are neutral. Otherwise, our buy triggers lie at 22 cents with upside targets of 40 cents.
Bitcoin Cash (BCH) Technical Analysis
If Bitcoin Cash is in anyway going to advance Satoshi’s vision as they proudly proclaim then they must have a concrete development plan in place. BCH proponents and developers have repeatedly said that they plan to scale and even surpass Visa through put and that’s the reason they increased their block size to 32 MBs and fine tuning their protocol to seamlessly scale in the future. Of course, this is welcomed news in any case. On the other hand, listing and wide spread adoption is undoubtedly the only sure way of increasing BCH popularity even in the face of decreasing hash rates.
Back to price action and BCH is up four percent in the last 24 hours. Aside from this appreciation, what interests me is how price action is panning out and reacting at key support levels. From our previous analysis, we expected to see support at $850 and that’s where BCH prices have been oscillating at in the last few days.
Even though we remain bearish in the face of this incessant sell pressure, any confirmation of June 18 bullish candlestick today will be inviting for early entrants who should place stops below $850. Overall buy target is at $1800 while conservatives should buy on dips when prices are trending above $1200.
Tron (TRX) Technical Analysis
A few days to mainnet launch and Tron is spear heading this crypto “recovery”. It’s up 13 percent in the last 24 hours meaning TRX is the top gainer in the top 10. Solely because of this, I recommend cautious buys with triggers at 5 cents and take profits at 6.5 cents and 8.5 cents on the upside. However, because of recent price reaction to mainnet launches, we might see resistance to upsides at 6.5 cents but if there is a surge then 8.5 cents and later 10 cents would be ideal take profit levels.
Note: The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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