IOTA is Down 20% and Trading Below 2018 Lows
Even at the back of positive news, most altcoins are still struggling against rapid sellers. Cardano (ADA) for example is still a couple of cents away from 12 cents, our main support line while Ethereum Classic (ETC) is trading above $18, our buy trigger but isn’t finding support for higher highs.
Let’s have a look at these charts:
Cardano (ADA) Technical Analysis
- Apparently, CoinBase is proving to be the only exchange that has so much sway on altcoins. After their initial announcement, we saw Cardano spike upwards of 10 percent and now, news is CoinBase custodial Services is now exploring storage of Cardano (ADA). The storage possibility comes at a time when the exchange has not officially announced support of ADA. CoinBase Custody is a strictly a storage service for institutional investors available in Europe, the US with plans of expansion to Japan.
Week over week, Cardano (ADA) is down 15 percent in the last week and encouragingly for buyers, there hasn’t be a break below 12 cents, our main support line and 2018 lows.
However, with the slide and obvious synchrony in the weekly chart, we might see a confirmation of those bears. In that case; I recommend trading with the trend and selling on every high with ideal sell zone anywhere between 12 cents and 14 cents.
That’s roughly 50 percent off last week’s bear engulfing candlestick. But, should sellers drop and close below 12 cents today, then we also suggest shorting with stops at 12 cents and first targets at 8 cents or ADA’s ATLs.
Ethereum Classic (ETC) Technical Analysis
- Ethereum Classic is now available at RobinHood App
- After flipping Monero, Ethereum Classic is now the twelfth largest coin by market cap in the world
- You can now buy/sell Ethereum Classic (ETC) at BitOasis, the UAE based crypto exchange
- CoinBase integration of ETC is almost ready. It could happen this week.
Perhaps in the midst of this deep bear trend, traders can find solace in Ethereum Classic (ETC). Not only is it up more than 10 percent in the last day but is now trading above $18, the upper limit of our trade range and buy trigger.
Now, in line with our Ethereum Classic (ETC) technical analysis and trade plan, all that we needed then was a close above $18 or $12.
Following events of Aug 2 and 3 and most notably, the spike in trading volumes on Aug 3, ETC traders found momentum to break and close above $18, our resistance line.
I suggest zooming in to lower time frames and buying on dips with stops at Aug 6 lows at $17 and first targets at $25.
DASH Technical Analysis
- In a forward thinking, collaborative type partnership, two blockchain solutions DASH and Trive Chain are working on availing choices to users. By integrating and allowing their users to pay for dApps at Biz Store using DASH or Trive Coin, the two hopes to follow the path of We Chat which is raking in millions of dollars yearly through payments executed via Biz Store.
- Cryptocurrencies in general is finding a footing in Australia and now, news is the government of Queensland is actually looking for ways of fitting in DASH and other cryptocurrencies into their official payment system.
Regardless of these positive fundamentals, DASH is actually bleeding. Well, it remains the fifteenth most valuable coin but is down 15 percent in the last week.
Considering our deduction following DASH bulls failure to close above $270 and confirming the third phase of our bearish break out pattern of June 10, we recommend selling DASH with safe stops at Aug 4 highs at $220. First targets would be at $160.
NEO Technical Analysis
NEO Global Capital (NGC) now has investment in Splyse after purchasing their MCT (Master Contract Tokens) tokens. As shown time and time again, NEO often support good projects on their ecosystem and this investment is one of their ways of believing in the long term viability and diversity of MCT tokens. Through a smart contract, NGC shall hold MCT tokens for one full year.
Regardless of this initiative of bullish nature of NGC on NEO projects, NEO prices are taking a beating.
For the first time this year, we might see NEO trading below the $25 mark and in the process endorsing that bearish break out pattern ignited by that June 12 bears.
It’s along the same vein and in line with our previous NEO technical analysis that we suggest selling on pull backs once a whole bear candlestick close below $25.
Once that happens, we suggest selling with stops at $25—or right about Aug 4 highs at $27 with first targets at $15.
IOTA (IOT) Technical Analysis
That’s it for IOTA. After losing 20 percent week over week and adding 12 percent more in the last day, IOTA prices are now trading below 2018 lows and 90 cents. Now, in line with our previous IOTA trade plan, we recommend selling IOTA with every highs in lower time frames with first targets at 65 cents and later 45 cents. Ideal stops should be above Aug 6 highs at 90 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.