The crypto market seems to be bottoming up and DASH is spearheading this charge when we scan the coins under our radar. It’s up five percent in the last 24 hours and quickly building momentum from their previous support at $270. While at it, ETC prices are stuck within a lower time frame consolidation and are still oscillating inside June 12 high low meaning any break above $16 or June 2018 highs would be inviting for buyers.
Let’s have a look at the charts:
NEM (XEM) Technical Analysis
In open source projects, any developer can come up with a fix, upload their findings and allow the rest of the community to make use of the new solution. That’s exactly what transpired a couple of days back when a Spanish Computer Scientist came up with an ingenious bridge that allows seamless operation between NEM library and Trezor hardware. With this, coin holders can at anytime vote assuming the crypto’s blockchain has a good governance structure in place that makes that possible. All a user has to do is plug in their Trezor device and ensure that the bridge is running at the background. The only caveat that the fix doesn’t do is decrypting messages but there would be a solution for that in the future. This is all because of the way Trezor encrypts their messages during transaction signing and serialization.
After yesterday, we are seeing some sort of crypto recovery and NEM is apparently rising with the tide. Even though it is still down on a week over week basis sinking 21 percent, it is still up two percent in the last 24 hours and gifting the coin a generous market cap of $1.80 at 15 spot. Price wise, we have this nice double bar bull reversal pattern right at the 20 cents mark. Regardless of hints of price recovery, sellers are still in charge and the only way XEM buyers would be in charge is when bulls push above 22 cents on the lower side and 30 cents or June 2018 highs on the upper edge. Before then, we remain neutral with a bearish skew.
Ethereum Classic (ETC) Technical Analysis
Of course, announcement of CoinBase listing Ethereum Classic is news making headline for this coin. While many don’t understand the rationale behind this listing with some online commentators saying this was not what they asked and is a “complete waste”, still some who believe in the original intentions of the coin burning Ethereum blockchain are excited. For obvious reasons, ETC jumped 22 percent shortly after the announcement quickly moving to position 18 with a market cap of $1.45 billion. What this means is that in the coming months after CoinBase is done with engineering and testing, ETC shall be part of CoinBase Index Fund where high net worth and institutional investors can channel their funds to.
On to the chart and June 12 events is a stand out. Note that this happened right at our previous support line at $13. We can be upbeat and expect appreciation in coming days but considering the long coverings in the past three days, I recommend conservatives to initiate long trades once we see bulls edging past June 2018 highs of $16. That’s right above June 12 highs meaning that that’s where our buy trigger should be perched at. In that case, stops should be at $12 and overall targets at $25.
DASH Technical Analysis
Good news is DASH is now available at COSS.io and effectively coming through with their assertion of a one stop solution for cryptos. As always, every DASH listing regardless of the exchange breathes life into the coin. With every listing, especially when the BTC or USD pair is involved, there is opportunity for new capital injection from new investors enthusiastic about the possibilities of the coin and so they might hold the coin.
In the last week alone, DASH is up four percent and there are odds that we might see a confirmation of yesterday’s bullish engulfing candlestick happening right at support. That’s at $270 and should there be push and close above that previous support level now resistance with relatively high volumes, then I suggest buying with stops at $230. After that first buy targets would be at $330, $400 and later $570.
Tron (TRX) Technical Analysis
Hardware wallets are the safest abode for coin holders and they have several hard reasons to trust these offline wallets. After several high level heists which have seen investors lose millions of dollars, the Tron community have every right to know if the Tron Foundation and Justin Sun have any plans for Ledger Integration. Ledger is a popular hardware wallet that supports a couple of high liquid crypto coins which apparently TRX should be. But considering their recent objective of launching their mainnet first and the complexities that the Ledger team is finding with Tron blockchain, collaboration is needed. They are even welcoming the Tron team to get in touch with term and work something out for the benefit of the general blockchain community.
Most coins are in the greens and registering gains in the last 24 hours. During that time, we have seen reasonable injection of buy momentum after yesterday’s bullish candlestick print out but what’s important for us is to see a confirmation of buyers’ intentions. So, for this shift of trend to hold true, today must end up bullish and even print above 4.5 cents if the momentum is strong. If not and sellers reverse yesterday’s gain as they drive prices below 4 cents, then this buy forecast would be invalid and inviting for sellers.
Stellar Lumens (XLM) Technical Analysis
ItBit crypto exchange is like no other. Besides being one of the few crypto businesses in New York to get the approval from the New York State Department of Financial Services, NYDFS, it’s the first to allow investors to stake in Stellar Lumens. In a statement, the CEO of ItBit Charles Cascarilla said this was a milestone and listing Stellar Lumens and three other coins would provide a wider opportunity for crypto investors to choose from. They not only listed XLM but ETH, LTC and BCH.
Back to price and it’s surely a reprieve for buyers. We have a nice double bar reversal pattern anchored at 20 cents which if there is a follow through today we might see further gains for this laid back coin. Aggressive traders can start buying at current prices with stops at 20 cents with first targets at 30 cents and later 40 cents.
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