EOS, IOTA, Tron, NEO and DASH Technical Analysis (June 6, 2018)

Most coins under our radar are in a short term correction phase. We can easily identify this at DASH, NEO, IOTA and to some degree EOS price action. Tron is moving within a consolidation and odds are it may remain so until after their full migration by end of this month. In the meantime though, we are net bullish for these coins under review. However, note this. This trade position would be invalid if we see bears pushing below our key support lines today or in subsequent sessions.

EOS Technical Analysis

EOS Daily Chart for June 6
Click for Full Size EOS Technical Analysis Chart

Of course, Block One and EOS have been getting stick in one way or another more so after 360 revelations. But, overly that’s not the point. The thing is, EOS mainnet launch is nothing but a success and with the $1 billion crowd funding boost. We expect the project to move one as they bid to give Ethereum a challenge.

So, whenever we see solid news of EOS being listed at different exchanges, EOS holders should find a reason to smile. After all, every exchange listing brings with it strong demand courtesy of that extra exposure to supporters and investors. Just recently, Tether announced their support for EOS and the results have been profound to say the least. Within hours, EOS/USDT trading volumes accounted for 20 percent of all the USDT pairs only superseded by BTC/USDT. This is surely good for prices and we should see some movements in the coming days.

On to the charts and mainnet launch candlestick is definitely influencing price action. If anything that strong bullish engulfing pattern we saw on June 2 defines our short term support and resistance. We still retain a bullish skew and ultimately look to trade in the direction of June 2 defined trend. Because of this, finding points of undervaluation in lower time frame should be the right approach. So far, especially after June 5 rejection of lower prices and the follow through yesterday, EOS buyers can begin loading their long positions at current prices as they eye $23 EOS ATHs. In this regard, ideal and safe stops should be at $12, that’s just below June 2 lows.

Tron (TRX) Price Technical Analysis

Tron TRX Daily Chart for June 6
Click for Full Size Tron TRX Technical Analysis Chart

The FX market is indisputably the largest market in the world and Tron through the leadership of Justin Sun wants to “bridge the gap” between the FX and cryptocurrencies. By partnering with Shift Markets, a platform that has come to the aid of more than 100 firms seeking to offer brokerage services, Tron Foundation are showing their intentions. Not only will this services draw extra demand for Tron (TRX), but the move will generally boost the whole crypto market because of that crossover factor.

A look at the charts points to a consolidating market and this means we remain neutral until after we see break above or below key levels. From these technical set ups we can see strong support at around 5.5 cents, that’s at June 1 low. In the meantime, a break above 7.5 cents would be ideal for buyers to enter based on our analysis. Then the influence of May 28 bear candlestick, which as it is could set the pace for further bear pressure, cannot be overstated. On the flip side, aggressive traders can begin loading their longs once prices edge above this seven day consolidation at 6.5 cents.

IOTA (IOT) Price Technical Analysis

IOTA IOT Daily Chart for June 6
Click for Full Size IOTA Technical Analysis Chart

Not a week passes without news of positive developments not only from the IOTA Foundation but from the development team. IOTA lead developers are hard at work and they can show of their recent milestones as Trinity updates and a couple of other features. What stands out though is Qubic.

Analysts say this is revolutionary and yes, Qubic can easily handle 51 percent attacks which Ethereum’s shards would need massive computational power to do so. In essence, what Qubic does is bring onboard benefits of smart contracts, computational distribution and oracles to IOTA all for free. Besides, they are solid plans to allow tokenization meaning in the future the IOTA platform would not only be extremely scalable but would allow for token generation just like Ethereum.

This is bullish for IOTA and even if there is a minor correction of prices, chances are IOTA shall bounce back. If we analyze the daily chart then we note that $1.6 is a strong support line and the past six bear candlesticks are nothing but long coverings. We can pick out that from the level of market participation over that period of days and compare them to the average from May 28 to June 1. The former pales in comparison and that’s why I recommend buying on dips if not at current prices and targeting first $2.2 and later $3.

NEO Technical Analysis

NEO Daily Chart for June 6
Click for Full Size NEO Technical Analysis Chart

Ultimately of any open source blockchain network depends on adoption and the pace of development. If there is no developments, then coders would shy off. In light of this reality, NEO and Ontology shall collaborate towards advancement of the NEO blockchain from both the strategic and development front. They shall, going forward, work together in creating a smart contract ecosystem and standardizing smart contracts. So as to achieve a smart contract ecosystem, a NEO Virtual Machine and NEO Contract are some of the initiatives that this team have in the pipeline. Both of them shall be built on the NEO blockchain.

Despite low prices and more than 80 percent depreciation from April highs, we are seeing higher highs. Check out April and May lows in case you want clarity. Then again, last month’s market participation was pretty much low helping us conclude that NEO prices are bottoming out. I’m net bullish and while we can buy at current prices, I recommend patience until after bulls close above June 3 highs at around $60. Afterwards, we can take longs and place stops below June 5 lows at $50. Ideal bull targets lies at $100 or April highs.

DASH Technical Analysis

DASH Daily Chart for June 6
Click for Full Size DASH Technical Analysis Chart

Market moving DASH news are scarce but that doesn’t mean there aren’t any. Well, you can buy your DASH at RobinHood LLC, a cryptocurrency exchange. They are now available in eight US states of which New Mexico and California residents can enjoy their services.

While at it, they can decide to buy DASH at current prices. At least this is what our DASH technical analysis points at. Note that after May’s retracement, we saw a 100 percent recovery of April gains after DASH found support at around $280. After that double bottoms and a double bar bull reversal pattern, buyers seems to be increasing their momentum.

For trend continuation, I recommend buying above $340 or June 3 highs. In that case, stops should be at June 5 lows at $300 while buy targets would be at $570. On the flip side and assuming prices tank below $280, then our long projection would be invalid.

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