Stellar, DASH, Monero, Ripple and NEO Technical Analysis (June 8, 2018)

Despite our bullish stance, sellers seems to be taking charge. We can see how bears are increasing their positions in Monero, DASH and Stellar Lumens price charts. Of course, these are short term price moves but should we see further erosion below key support lines especially in Monero, then I recommend shorting with sell targets at immediate supports.

Ripple (XRP) Technical Analysis

Ripple XRP Daily Chart for June 8, 2018
Click to open full size Ripple XRP Daily Chart for June 8, 2018

During the recent Money 20/20 Fintech conference in Amsterdam, Brad Garlinghouse the CEO of Ripple had some positive words for cryptocurrencies in general. Ripple is actually leading the way and we have seen how their intention has always been pro-regulation and their drive to work with central banks and other financial institutions.

This might be the reason why while he thinks Bitcoin would play a role in the future, blockchain and cryptocurrency specialization would be the real deal in the future. He even dismissed claims of “holy war” between different transaction platforms saying this was “unfortunate”. Of course, and this is what we can’t avoid, competition is good for the end user and that’s why doing business in some coins is always efficient than others.

On to the charts though and we remain positive despite almost zero gains in the last five days. Ripple token (XRP) is moving within a tight 7 cents range whose upper range and buy trigger is at 70 cents. Yes, we are net bullish because of last week’s bullish up-thrust in the midst of deep price erosion. So, unless otherwise, I recommend buying XRP if and only if we see buyers pushing past 70 cents with above average volumes. On the ante side, if we see depreciation below June 5 lows-at 63 cents and 60 cents, we can begin mapping out short potentials with every resistance-at 63 cents-retest.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens XML Daily Chart for June 8, 2018
Click to open full size Stellar Lumens XML Daily Chart for June 8, 2018

All in all, we are there’s some sort of resistance to bull pressure. Notice that while we are upbeat expecting buyers to add on to their position and perhaps push XLM above 30 cents, it likely that sellers might end up higher if this five-day trend continues. Intermittent triggers are at is below June 5 lows at around 27 cents. Assuming that happens and bears take over, then odds are Stellar Lumens shall print 20 cents as they reverse last week’s gains next week.

Considering recent price action and consequent price set ups, I recommend staying neutral. That’s unless of course there are surges above 30 cents or strong depreciation below 27 cents.

NEO Technical Analysis

NEO Daily Chart for June 8, 2018
Click to open full size NEO Daily Chart for June 8, 2018

There is synergy when two level minded entities join hands to advance an agenda. So, news of Ontology and NEO collaborating for the sake of advancing and developing blockchain technology is nothing short of novel. To begin, NEO has plans of creating their own NEO Virtual Machine and a smart contract ecosystem, the NEOContract. That’s besides their other goal of furthering what they call an “open standard for smart contracts”. We cannot argue the importance of standardizing smart contracts but what is really integral for NEO is the widespread adoption of the smart contract ecosystem.That will only become real when their Virtual Machine is up and running.

On to the charts now and NEO sellers are reversing last week’s positive gains. From the daily chart, prices are down 50 percent from June 4 highs and odds are this depreciation will be accelerated unless we see positive moves today.

Overly, we remain bullish but that depends on if buyers would reject erosion below $50, our main support line. If they don’t then go to the 4HR chart and wait for retests of $50 and sell with targets at $40 and later $30. Conversely, if buyers jump in at this support line then wait for prices to close above $60 and buy with targets at $100.

DASH Technical Analysis

DASH Daily Chart for June 8, 2018
Click to open full size DASH Daily Chart for June 8, 2018

Undoubtedly, DASH technology is superior to most cryptos. Let’s also not talk about transaction fees which are low and speed lightning fast. These are qualities that are supportive of prices anytime of the day but unfortunately, DASH has been tanking in recent months.

Technically, DASH deserves to be a top 10 crypto and it should but at position 13 in market cap and liquidity, it is doing fairly well. At least we can say DASH is stable because in the last 24 hours and in week over week, it is down one percent and that’s reflected on the chart.

Judging from price action, DASH prices are moving horizontally and in a tight range. Note that in the last five days alone, prices are oscillating within $40 range with upper limits at $340. That’s ideally our buy trigger because it not only marks June highs but that’s where we see a climactic selling on June 4.

Monero (XMR) Technical Analysis

Monero XMR Daily Chart for June 8, 2018
Click to open full size Monero XMR Daily Chart for June 8, 2018

Through and through, Monero as many know is a privacy centric coin. By that I mean it’s really hard to detect the sender, the amount and the receiver of a transaction all thanks to their privacy features as Ring Signatures, Stealth Addresses and Public View Keys. Now, here is a growing concern.

While Monero continues to be an open source project, Microsoft acquisition of GitHub, a code repository, will be conflicting. First, most coders don’t buy Microsoft assertions that GitHub will run independently and secondly, Microsoft is a centralized for-profit organization so it would want to make money out of their investment. With this, do you think Monero will migrate their code repository to GitLab?

Like most coins, Monero is sliding and trading according to May 22 bears. After all, that’s a bearish engulfing candlestick which is overbearing for buyers. We can see its effects on price action and how buyers didn’t have the power to build on to the double bar bull reversal pattern in the first week of June. Unless we see juts past $180, I recommend selling at every high with stops at $180. Immediate sell targets should be at $115 while sell triggers lie at $140.

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