DASH Recovery, Robinhood Lists BCH and Litecoin Plus EOS Superiority
Eight months later and coins are facing the sell sword. Most of them are down in the excess of 60 percent from their ATHs. Nevertheless, there is a ray of hope especially for DASH and Stellar Lumens. DASH is rejecting sell attempts to push prices below $200, a psychological level and on the other hand Stellar is buoyed by Tempo’s good news.
Let’s have a look at these charts:
Ripple (XRP) Technical Analysis
For a business to stand out then it’s their duty to evolve, adapt and even adopt superior innovation propelling their businesses forward. That’s exactly what SBI Holdings did two years ago. They formed a working win-win partnership with Ripple the company and one of their objectives was to create this settlement platform that would connect Japan and the whole of SE Asia region including Thailand.
It’s now up and running and with SBI Remit service proving to be a real utility for Thai nationals living and working in Japan, the power of Ripple’s xCurrent is clear for everyone to see. SBI Remit collaborated with Siam Commercial Service (SCB) creating this near instant remittance service available where the recipients receive their monies in Thai Baht straight in their SCB accounts.
Our trade plan as previously mention is clear: 45 cents is the main support line and a sell trigger should we see prices closing below it. Well, we saw a break below yesterday and even though XRP is up two percent in the last day, there is opportunity for sellers to load up their positions with every recovery in lower time frames with stops at July 10 highs at 50 cents or there about. Remember, trade volumes are relatively high and as XRP continue to sink, traders will be syncing with the trend and in that case ideal sell targets stands at 15 cents.
Bitcoin Cash (BCH) Technical Analysis
Robinhood is on the frontier of cryptocurrency innovation. It’s expanding its role of facilitation if we consider recent announcements. Not only is it expanding to new states but traders get to rack up profits with little charges as it is amongst the very few platforms which don’t charge commission. Recently, the platform added Bitcoin Cash and Litecoin clearly showing the company intention of drawing users and staying above the stiff competition in the US.
On to the charts now and our trade plan is as before: sell on pull backs in lower time frames. As it is, BCH is pretty much stable and in the last 24 hours for example, it’s up three percent. Regardless of this appreciation, sellers should find opportunities to enter at better prices and as such, shorting now with targets at $300 is ideal. Stops should be at around $750-$850 zone.
EOS Technical Analysis
Performance wise, the architecture of EOSIO allows it to outperform when it comes to the number of transactions it can process per second. At one point, stats from Blocktivity showed that EOS’s 24 hour trading volumes surpassed that of Ethereum and what’s even interesting was that as Ethereum was struggling with congestion, the record transaction processing occupied just one percent of EOS total capacity.
Of course, this is what proponents want to see. In coming days though Ethereum plans to implement a couple of scaling solutions, EOS superiority could draw some new high level clients further cementing EOS position as a go-to platform.
At current prices, EOS is trending at a support level and going by historical trends, $7 has been a region of support. On previous trade plans, EOS is a sell and considering technical formations, that position still holds true.
Therefore, as we align ourselves with the general bear move, my suggestion is to short at current prices with stops at June 10 highs at around $8. Sell targets remain as before at $4 with any form of up-thrust above $8 cancelling this sell forecast.
Stellar Lumens Technical Analysis
Like Ripple, Stellar is by design meant to be and facilitate cross border payment and therefore its duck soup to realize that finance related blockchain start ups would strive on Stellar. It’s Stellar’s design consideration that Tempo will now launch their business on this platform.
In return, Tempo shall run their crypto-fiat trading activities and payment with Lumens (XLM) as their base currency. To further simplify the process, bring the cost down and boost liquidity, Tempo shall make use of Stellar’s DEX.
In the charts and it’s a non-event as far as XLM pricing is concerned. Bears are still leading their erosion charge and even though there is a little bit of support as XLM is up three percent in the last day, selling on every high will still be valid.
Because the trend is overwhelmingly bearish and prices trending within a bearish break out pattern based on June 22 bear candlestick, my suggestion is to short with targets at 15 cents and later 8 cents. For reasonable risk-reward ratio, stops should be at 20 cents or July 10 highs.
DASH Technical Analysis
It has been a rough eight months and particularly chilling for DASH in the last two months. While DASH Core Group claims to be the first DAO controlled entity, we are not seeing price following suit and reflecting on that uniqueness.
Instead, the slide continues and with barrage of bad news shadowing prices, DASH seems to heading to the dredges but there is good news. There is a recovery and DASH buyers seem to be rejecting lower lows. In my view, my suggestion for those planning to get in is to wait until prices break below $200 before resuming shorts. Either way, there are no solid plans of buying unless we see DASH buyers edging past $200, our immediate resistance line.
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.