Bitcoin supporters are taming sellers and because it is stable, so are other altcoins under our radar. Some like IOTA and Cardano (ADA) are buoyed by positive news from Bitpanda are actually up and rejecting prices below 90 cents and 12 cents respectively. Overly, we are technically bearish but for this forecast to be null, buyers should step in and push prices above immediate but key resistance lines.
Let’s have a look at these charts:
NEO Technical Analysis
After a deep assessment by Kucoin staff, they decided to remove several NEO trading pairs including that with (Aphelion) APH, (Litecoin) LTC, (Ontology) ONT and (Red Pulse) RPX all in a bid to increase “user experience”. Well, it’s odd that they have to excise highly liquid and tradable pairs as that with Litecoin (LTC) while purging out others like USDT-which is promising by the way- from their platform.
It might be because recent statistics from Diar indicate that BTC is after all the most dominant cryptocurrency in the crypto verse contributing a whopping 33 percent of trading volumes. Out of 1600 crypto pairs including NEO, their total contribution to the overall coin liquidity is close to 40 percent. What’s even worse is the fact that their valuation depends of BTC valuation since evidence shows that most alt coin prices are pegged to that of BTC high lows.
Perched at thirteenth in the liquidity list, NEO is relatively unchanged in the last 24 hours. While bears are in charge as it has been in the last two months after peaking in April, the fact that NEO is trading below $40 points to more downside. Remember, June 22 bear engulfing candlestick is important in our analysis and because we have seen bear confirmations in the past few days, it’s only logical to trade with the trend.
In that case we can trade two ways:
First, our sell levels is anywhere between $35 and $45 on the upper side assume there is a retest as it happens with break down trades. Stops will be at $50 and bear targets at $25 and later $12 as laid out in the chart.
Secondly, if there is a break below $30, you can sell with stops at $35 and same bear targets. Conversely, any strong push above $50, hitting our stops would cancel out this sell projection.
IOTA (mIOT) Technical Analysis
A couple of weeks back, there was an online seed generator suggested by the IOTA development team and while it remains safe, the arrival or Trinity wallets is changing the narrative. Now, the community us urging those who did generate their seeds at those third party but safe apps to create new ones at Trinity wallet and move their coins there. Whether this is a desperate attempt for FUD or a caution, we are yet to substantiate. What we for sure know is that you can buy IOTA from Bitpanda through 400 Austrian Postal offices while those in India can now trade IOTA at PocketBitsIndia, a crypto exchanging platform in India.
It seems news of such developments is supporting IOTA and at current prices, IOTA is stable and oscillating at main support at 90 cents. IOT is up two percent in the last 24 hours and regardless, we are still bearish on this pair. The best approach is to wait for sellers to push below 90 cents in a break out move before shorting and aiming for 65 cents as laid out in previous trade plans. Stops would be at June 22 highs of $1.2.
Cardano (ADA) Technical Analysis
With the crypto markets bleeding, critics are loud. But there is a ray of hope according to Charles Hoskinson, the co-founder of Ethereum Classic and Founder of open source Cardano.
What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright
— Charles Hoskinson (@IOHK_Charles) June 21, 2018
Through a Tweet, he strongly believes that after the next wave of crypto regulation, Wall Street will be ready to pump in billions of locked up funds. And going by recent moves by Goldman Sachs for example, their plans to set up a cryptocurrency futures desk will likely pump in millions of dollars of institutional funds. Although there were some that didn't quite agree with what he said:
Charles Hoskinson, co-founder of #Cardano, tweeted that Wall Street’s entry into crypto will bring in “tens of trillions of dollars.” Slow down, please. Total US banks assets is less than $17 trillion. Even US GDP is less than $19 trillion. #ADA #crypto #cryptocurrency #bitcoin
— Weiss Ratings (@WeissRatings) June 25, 2018
At 12 cents, ADA is rejecting lower lows right at the main support line. This of course is supportive of Cardano’s overall valuation simply because ADA supporters had to contend with strong bears for the better part of May and June.
Yes, we remain bearish as we align ourselves with the general trend but it’s a wait and see game for now all thanks to that double bar bullish reversal pattern after June 25. For ADA sellers to spearhead the next wave of depreciation, prices should break below 12 cents. However, should we see higher highs printing above 20 cents, this sell projection would be nullified.
DASH Technical Analysis
Because of Bitpanda’s wonderful efforts, you can now buy DASH and a host of other high liquid coins at 400 postal offices across Austria. This will definitely push adoption and boost the overall liquidity of DASH whose data shows that DASH trade volumes now surpass those of BCH and LTC. DASH average fees is $0.026 and is way cheaper than those of LTC at $0.084 but higher than DogeCoin’s at $0.0036.
Price wise and DASH is down one percent in the last 24 hours sliding to fourteenth in the process. Our intermittent sell trigger is at June 24 lows at $215 and any move below that would welcome sellers aiming for $160 as the daily chart shows. On the reverse side, immediate resistance at $270 is also an immediate bull trigger because should DASH buyers step in and push prices above this consolidation then we need to see evidence. That means up-thrusts with strong volumes above $270 cementing bull pressure.
Ethereum Classic (ETC) Technical Analysis
Even though ETC is the sixth most traded coin in crypto exchanges, it’s spot price and market cap isn’t a true reflection of its technology and team. Charles Hoskinson leads influences the development of ETC and before CoinBase announcement, the coin was literally struggling with dumps from DAO hackers and from Ethereum Foundation who had left the coin to die a natural death.
At current prices, I’m neutral on short term swings. The best approach is to trade a break out and while CoinBase listing is positive, we need to see prices breaking above $18. Should bears take the charge, then trading on bear break outs below $13 is the way to go. But before then, let’s watch what market participants has in store.