Often, the aftermath of rapid gains or losses are not accompanied by instant confirmations as many expect. Instead, bar confirmations are usually slow, characterized by counter trades. That’s exactly what we are seeing in most coins under our radar. After last week’s rejection of lower prices, NEO, IOTA, ETC and even Cardano are struggling against sellers. Of all coins, Cardano movements is a stand out and though printing higher highs, a 1 cent barrier is preventing buyers from closing above 7 cents and hopefully finding a footing for further gains above 8 cents.
Let’s have a look at these charts:
Cardano Price Analysis
Latest Cardano News
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Cardano Price Prediction
All things constant, Cardano drop and close below 7 cents after Sep 12 did trigger our shorts and regardless of the tight movements, prices are still trading below 7 cents, our sell trades are valid.
Therefore, unless there are sharp spikes in trading volumes lifting Cardano prices above 8 cents and invalidating our short trades, we remain bearish on this pair.
DASH Price Analysis
Latest DASH News
No doubt, the fact that DASH is fast, censor free and cheap to transact with makes it a preference coin for may Venezuelans. On matters adoption, DASH tops the chart in the once oil-rich enclave and the foundation is doing whatever it can to extend their reach by introducing smart phones with in-built DASH tokens and creating partnership with QR.CR, a point of sale system for example. All these draws demand for the coin propping price as a result.
DASH Price Prediction
The zone between $210-$220 is no doubt a strong resistance previous support level and so far, it has been successful acting as a liquidation point.
From the chart, Sep 5 bear engulfing candlestick anchors our analysis and even after 12 days of attempted higher highs, buyers have been unsuccessful in reversing losses.
This means, despite all the “shift of momentum” fun fair, sellers are in charge just from an effort versus result angle. Of course, this view will charge if and only if DASH prices breach $230 and Sep 5 highs.
As such, we expect prices to drop going forward. $160 shall be the ideal sell entry point with targets at $130 and later at $110.
Ethereum Classic Price Analysis
Regardless of changing sentiment against Ethereum and the consequent reversal, ETC are yet to follow through.
Here, we notice that Ethereum prices are actually moving within a tight consolidation and trading below $12 cents with main support at Sep 12 lows at around $10.
Though fundamentals developments make Ethereum Classic an undervalued coin, technical candlestick formation hints of further devaluation as set by Sep 5 and 8 candlesticks.
In line with our last trade plan, odds are prices might inch higher but before that happens, ETC prices must first trade above $11. On the flip side, any drop below $9.5 or Sep 12 lows cancels our short-term bullish stand.
NEO Price Analysis
After periods of weak higher highs along the main support trend line, NEO did print a eight percent loss in the last day bringing total week over week losses to 10 percent.
Yesterday’s losses meant prices are now trading below the main support trend line and most likely, sellers might drive prices towards Aug lows at $15.
This is why we suggest taking shorts on every pull back in lower time frames with stops at $20 today.
The only move that shall cancel this projection is if there is a spike in price and market participation reversing losses, hitting our stops and printing above $21.
IOTA Price Analysis
The support zone between 50 cents and 55 cents is important for IOTA in the next few days.
While we must note that the past few days has been scarce of news as prices were moving within a tight 10 cents range with tops at 60 cents and bottoms at 50 cents, our last IOTA trade plan would have been activated subject to buyers thrusting prices above 60 cents in the process confirming the Morning Star pattern of Sep 13.
At the moment, none has happened and our last IOTA price prediction holds true.
So, unless there are sharp declines below 50 cents sucking in sellers or bulls breaking above 60 cents, we retain a neutral but bearish over-view on IOTA.
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.