DASH, IOTA, Tron, Monero and NEO Technical Analysis June 12
DASH, IOTA, TRX, XMR and NEO Technical Analysis
Even though altcoin sellers are aiding in this erosion, there is hope. That’s of course is an optimistic view solely because of that trade mark bullish pin bar printing at key support lines not only in Tron, DASH, Monero and NEO but also at other high liquidity coins as Bitcoin. As we know, the latter’s recovery is often positive for alt coins. More often than not, they tend to follow suit. In the mean time though, let’s see if buyers would push prices up or would sink according to trend set by June 10 bears.
Let’s have a look at these charts:
Tron (TRX) Technical Analysis
The cool thing about TRON and Justin Sun is their tireless marketing and walking the talk. A while back they announced their TVM and to draw experienced developers from Ethereum, they had an irresistible $100,000 accelerator loan for those who have shown their exploits in the development world. Three such developers were boosted with $100,000 shortly after their Tron Programming Competition came to an end a couple of days ago. Tron intention is clear, improve the ecosystem as much as possible while having the best people working on their platform as they seek to achieve their DApp objective. What’s more, they already have the support of Binance who in a statement said they would unreservedly support their native coin once their mainnet goes live in less than 14 days. In fact, they now have a TRX/USDT pair available for their users.
Back to price action and as it is, June 11 is bullish pin bar is an inflection point. Notice that besides having a clear hint of bear rejection through that long lower wick, prices tested the main support line at 4 cents. Since our main support line is at 4 cents and bears are overwhelmingly in charge, we shall only suggest shorts once we see sellers trending below it and trading as per June 10 sells. If not and say today end up higher with normal to relatively high volumes, then it might reconsider our short-term bear trade plan.
IOTA (mIOTA) Technical Analysis
Today, Volkswagen would be demonstrating its proof of concept using IOTA’s Tangle. Their objective is simple and what they need is to show how Tangle can be used to securely transfer software over the air at CEBIT 2018. Volkswagen itself is a huge congloromate and owns several high-level brands of vehicle manufacturers including Audi and Scania.
Hopefully, demonstration of how IoT will be beneficial with IOTA being used as a native coin for these tech companies utilizing Tangle would help resuscitate buyers.
In the midst of raging bears, IOTA prices are finding support at $1.3. That’s three cents away from the main support line and psychological round number at $1. By our technical trade plan, what we need is either a confirmation of bears in line with June 10 rapid depreciation or a recovery where buyers would print above $1.5.
Regardless, we shall trade with the trend and that means any trigger below $1.3 minor support would usher in sellers who might then push prices to $1 and 90 cents. It’s better to hold on to our sell guns until we have clear signals rather than jumping in and sell without confirmations.
NEO Technical Analysis
The ongoing CPC Crypto DevCon is sponsored by NEO and is happening right at the Silicon Valley. Malcolm Lerider who is the head of NEO’s R & D and Da Hongfei, the co-founder will be giving their respective keynotes. Their insights would be important and might help support prices today.
As this is happening, NEO is trading at a precipice. It’s trading right at the main support line at $40 and with yesterday’s bull pin bar, we should be cautious of selling. Yes, we had that strong price depreciation with volume spikes the day before but today it’s better to watch out because June 10 events might after all be climactic selling.
So, today we keep off selling and see what will happen. Should NEO end up higher with fairly high volumes pushing prices above $50, then we should shift with the trend and buy.
Monero (XMR) Technical Analysis
At current prices, Monero is trading below Q4 2017 lows. As far a price action is concerned, that’s a new low and odds are we might see further depreciation if we bring to play how technical formations are set up.
I suggest selling on every high in lower time frames with stops at $140 and short term sell targets at $80 now that we saw an increase of selling activities on June 10 pushing prices below $140 our main sell trigger.
DASH Technical Analysis
In an investment arrangement, DASH DAO, a for profit Decentralized Autonomous Organization have agreed to fund Vaultoro. Vaultoro is a gold trading platform which also acts as a gold financial balance organization that makes it possible for their 12,000 customers spread across 94 countries to effortlessly buy Gold. What this means is that Vaultoro will avail DASH/GOLD trading pair for their customers in return for the 276 DASH coins it received from DASH DAO. On its own, DASH DAO is on the forefront helping fund startups that utilize DASH payment systems for their day to day operations.
Like the rest of the coins under our radar, June 10 engulfing bear candlestick is our pointer for sells. In this coin, that move alone pushed prices to $270, a key support line and April lows. As we said before, this line was our sell trigger line and is influential in our analysis.
Caution guides us and should we see a follow through of that bear candlestick then we shall sell. On the flip side assuming that bullish pin bar we saw yesterday founds DASH support then I would only recommend waiting until we see a break above $330 for buys to be valid.