It’s a wholesale market capitulation and so far, literally all coins under our radar are registering double digit losses. The crypto market is down $20 billion because of this sell off. As it happens and BTC prices edge towards $6,000, its dominance stands at 40 percent.
Let’s have a look at these charts:
Litecoin (LTC) Technical Analysis
Undoubtedly, Charlie Lee is a crypto influencer and we got to see nuggets during his recent interview with CNBC following BitHumb hack. During that attack, and sources indicate that these hackers have been trying to penetrate this exchange for the fourth time in a month, $30 million worth of unspecified coins were lost. As an exchange and a custodian of user funds, it’s obvious that some individual accounts were affected and while they say they shall reimburse those affected, the simple fact that BTC prices reacted was a cause of concern. Charlie Lee of Litecoin insists that this shouldn’t be the case because after all, hacks are not blockchain vulnerabilities. He remains hopeful that we shall have a future where sentiment won’t dominate resulting in panic sells or buys.
On to the chart and well, sellers are in and are going berserk. LTC is trading 11 percent lower than it was a day back and at $85, our sell trades are live. As we had stated before, our triggers were confined within a $20 trading range with sells at $90 or the lows of that double bar bull reversal attempt on June 13-14. Because of this, selling on pull backs or retests at $90-$95 with targets at $70 and later $50 would be a perfect trade plan.
Stellar Lumens (XLM) Technical Analysis
Should we be clear, Stellar like Ripple cram have the same client base but the latter seeks to nurture strong partnerships with global banks. The good thing about Stellar is their readjustment and focus on the end user. Those who were affected by high fees and delays brought by centralized remittance and payment providers worldwide.
Stellar through use of their native tokens Lumens promise to eliminate inefficiencies, latency and costs and that’s the precise reason why IBM came in. According to reliable sources, one of Philippines largest banks the RCBC wants to tap on the $137 million remittance money sent from Japan and Stellar is likely going to the network of choice. RCBC are in talks with IBM who utilize Stellar technology and already have infrastructure in place in at-least seven SE Asia countries.
Back to price and it’s a blood bath. Yes, XLM is still perched at position seven in the liquidity list. However, as sellers continue to press lower, our sell triggers at 20 cents is likely to be hit. XLM is down 10 percent in the last 24 hours and in line with that strong bear candlestick, it’s clear that the least path of resistance is further degradation. I recommend selling on pull backs with ultimate targets at 15 cents and later 8 cents.
Tron (TRX) Technical Analysis
In my view, the average investor cares less about cries of Tron plagiarism. Of course, stealing someone work and claiming it as yours is unethical to say the least. But with a market cap of $3.2 billion and planning to launch their mainnet in the next three days or so, this event will overshadow this scrutiny. Justin Sun has been on the forefront, giving incentives for ethical hackers to check their code and Ethereum developers to begin using their TVM to launch DApps. In fact, there are three beneficiaries to that effect, each pocketing $100,000 to jump start their projects. Then again, to mark their mainnet launch, the Tron Foundation plans to burn 1 billion or $50 million worth of TRX.
While fundamentals are strong and ERC-20 complaint TRX freeze in progress, prices are literally “burning’. It’s a collapse and even though TRX prices are still moving within June 18-19 solid bull candlesticks, sellers-like the rest of the coins-are in charge. Solely because of the superior sell momentum, trading with the trend and liquidating on every high in lower time frame seems like a pitch perfect trade plan. Overly, we expect bears to test 2.5 cents.
Monero (XMR) Technical Analysis
This coin is no doubt one of the leaders when it comes to privacy. Before blockchain introduced a mix of privacy, decentralization but transparency, there were no safe havens for privacy centric individuals. Monero combines the features of blockchain and advanced ID protection to keep transaction anonymous through RCT and Ring signatures. This has got the eyes of the US Secret Service who now warns Congress about the implication of these versions of digital coins. In their view, Robert Noye of the Secret Service proposes better regulation should be a priority to prevent propagation of illegal activities.
In the midst of these calls, it will depend whether XMR coin developers and code custodians would bulge to pressure or not. Even so, XMR is sliding with the rest of the markets and is down 10 percent in the last 24 hours. At $110, XMR prices have broke off from the consolidation and with accompanying high volumes pushing prices lower; trading with the trend is what we should be doing in the days to come.
Aggressive traders can begin selling on every correction or retest towards $130 while conservatives can wait for triggers below $100 or June 13 lows. In either case, reasonable targets at $70 and $60 aren’t farfetched.
DASH Technical Analysis
In this wholesale market depreciation, there is some pretty solid news to smile about. One of them has to do with development at DASH where instant-send fees would no longer apply in “simple” transactions. This is a step in the right direction and the cool thing about this is that the DASH development team has checked it should someone or a group wants to launch a spam attack on the network. On other fronts, you can easily set up a DASH master node using GIN Platform even if you don’t posses technical skills.
It’s obvious that sell pressure is immense. After periods of consolidation and spinning tops retesting immediate resistance-previous support- at $270, DASH prices are tumbling. To quantify, it’s down 10 percent and clearly breaking off from the tight $30 trade range with a boom. Like others, selling with stops at$270 and targets at $160 can be a nice trade plan.
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.