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DASH and XRP Might Cave In as Bulls Shed Gains

The total crypto market is down to $288 billion and still Bitcoin dominates at 46 percent. However, the decline of BTC price seems to be dragging other altcoins—after all they have a positive correlation-and in that case we are seeing losses across the market.

In a weekly basis, XRP and Bitcoin Cash are down two percent while DASH leads the slid with eight percent decline. Considering the way candlesticks are set, it’s likely that sellers will take charge and snap back to trend.

Let’s have a look at these charts:

At the back drop of positive announcement from CoinBase sealing investor confidence on the exchange and the ridiculous declaration by Bitmain-a Chinese ASIC manufacturer believed to own the largest mining pools in both BTC and BCH-that they only control less than 4 percent of all the hash rate of SHA-256 dominated coins, BCH should be breezing past resistance to say the least. However, that is not the case and the medium of exchange coin is down four percent week over week as they bounce off $850, our main buy trigger line.

Encouragingly though, BCH prices are still trading inside July 24 high low and that’s why we are still positive on this coin. If that wasn’t the case and BCH edge below $750, then odds are bears would lead the next wave of BCH collapse but that will officially happen when prices edge below $600.

Admittedly, it’s bears who have an upper hand considering the last two-three month consistent losses and we can view the recent appreciation as a mere pull back in a deep bear trend. As such, that was the reason why we needed convincingly strong, high volume signals blasting past $850 resistance before we conclude bear to bull trend reversal as laid out in previous Bitcoin Cash trade plans.

As a coin, XRP sometimes has to contend with “baseless FUD” as their supporters say. Yes, there are accusations that XRP is not even a cryptocurrency as Roger Ver quipped and while he faced some back lash, Roger is not the one asserting.

There are other fund managers who genuinely think XRP is a combination of the best of fiat and crypto and XRP is some sorts of a quasi coin that settles fast and centralized. All in all, everyone has their own opinion and over the long term, XRP shall either emerge as the best or the worst investment depending on how it responds to regulators interpretation.

In the meantime, XRP is all over the place and is actually down two percent in the last week and still hugging our support at 45 cents. As XRP snaps back to this 10 cent consolidation, we shall trade according to our previous XRP trade plans. As the plan directs, XRP sellers would be in charge if there is a close below 45 cents and 40 cents on the lower side. Consequently, sellers would aim for 15 cents. On the flip side, any jut past 55 cents would beckon XRP bulls who might thrust price back to 70 cents and recover the last two month losses. Now, before any of that happen, our XRP trade position would be neutral.

On the bright side, RAM prices-a network resource in the EOSIO blockchain has been a down trend and we expect further declines thanks to that saving agreement by 15 block producers to increase the size of RAM available in the network on a yearly basis.

Their rationale is simple: entities with vested interests on EOS should benefit from the overall long term objective of the platform. RAM should be affordable for dApp developers and investors should rake in from capital gains.

Technically, EOS is in a bear trend and that preview will only change when EOS will add and trade above $9, our minor but important price level. In any case and as reiterated in our initial EOS trade plans, what we need to see are spikes above $9 ushering in bears otherwise EOS would still be under the whims of bears that are obviously in charge.

Remember, EOS is oscillating in a bear break out pattern following that break down on June 22 and though prices are oscillating within a tight $2 trade range, our long projection will be nullified should we see depreciation below July 24 high low and $7. When that happens, we shall consider recent bull attempts at retest and trade with the overall bear trend with first sell targets at $4.

Considering the strength of buyers in the last two weeks, Stellar Lumens is definitely leading the charge. It doesn’t matter the recent depreciation since it is still trading above 30 cents and confined within July 24 high low.

Our Stellar Lumens trade plan is clear: First, we shall take a bullish position and secondly, as long as our stops at 26 cents are not hit, my recommendation is to initiate longs on every dip retesting 30 cents with previous targets at 40 cents and later 50 cents. If USD bulls step up and stops are hit, we shall take our profits and wait for reactions at 22 cents.

According to different news sources, it is emerging that DASH is the most widely adopted cryptocurrency in Venezuela. In their press release, DASH pay claims that there are over 500 merchants that accept DASH as pay and over 10,000 people are using it on a daily basis for transaction purposes. You can view the comprehensive list of DASH supporting merchants at their dedicated website, Discover DASH.

The DASH daily chart paints a gloomy picture of DASH trend. As mentioned before, all we needed was a breach and close above $270 if at all buyers was to cancel this bear break out pattern that was set rolling by June 10 sellers. Now, since buyers didn’t muster enough momentum to close above $270, we shall interpret this as the completion of the second phase of a bear break out pattern—the retest and the beginning of the third phase—trend resumption. Therefore, my DASH trade suggestion is to sell at current prices with stops at $270 and bear targets at $160.

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.

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