Alt-Coins Bull Trend Resumption Imminent

Most of the coins under review as DASH, Ethereum Classic and NEO are struggling as they move within a trade range. While the general market sentiment is bullish, these coins are technically constrained within a bear break out pattern. So, unless we see strong gains above previous support now resistance, sellers would have and upper hand.

Let’s have a look at these charts:

Two weeks ago, Cardano (ADA) was a given a shot in the arm following that timely announcement by CoinBase. In a statement, CoinBase said it will be exploring ADA and four other cryptocurrencies and probably list them when they are done with their due diligence. The result immediate and we saw strong reversal from 12 cents printing that nice double bar bull reversal pattern.

Now, from observed CoinBase trends, the exchange has this tendency of listing coins that are supported by industry figure heads and this gives Cardano an edge for obvious reasons. Uniquely, Cardano is a product of research with its PoS consensus algorithm peer reviewed. Besides, as a platform founded by Charles Hoskinson who co-founded Ethereum, odds are the more than 13 million registered users would have an opportunity to invest in a low cost, high potential coin.

To trade ADA, we shall anchor our Cardano analysis on last week sharp reversal from 12 cents. Since we now have a bullish engulfing pattern printing from 2018 lows, my ADA trade suggestion is to take advantage of late last week price stall and buy on dips in  lower time frames. Ideal stops would be at 14 cents with first targets at 40 cents and later 50 cents.

Considering recent trends, IOTA is definitely on the forefront advocating for the next industry revolution in which data is prime. Lest we forget, IOTA is specifically designed to facilitate M2M communication, allow infinite scalability and most important to make free micro-transactions. Making small payments is currently not possible in Bitcoin as it might spam the network attacking it in the process.

#IOTA is going to power the world. People just don't realize that because it's all happening in back-end; in factories, devices, machines, buildings and not in front-end where we can see it. #IOTAstrong #blockchin #cryptocurrency #bitcoin #IoT https://t.co/231QzkAB8i

— Dino Vabec (@dino_vabec) July 22, 2018

It’s in this vein that IOTA wants to position itself as a lead in what they call “Industry 4.0 Smart Manufacturing” where all related factory data would be stored at the Tangle enabling machines to run independently and with the correct software while concurrently running data analysis.

In the daily chart, our IOTA neutral stand is unchanged and unless otherwise, sellers are in charge. Even though fundamentals are strong, we need to see strong reversals from 90 cents, our key support line if at all buyers are to take lead and turn around losses.

From previous IOTA trade plan, IOTA buyers would be in charge if and only if prices edge above $1.3, cancelling the bear break out sell pattern triggered after June 12 and ushering buyers who might push prices to our targets at $2.5.

Otherwise, any high volume bear break below 90 cents would probably lead to sellers printing 65 cents by mid-August.

Switcheo Network, a DEX that runs on the NEO blockchain has launched an API for their developers. Switcheo is an on-chain asset exchange platform for NEP-5 tokens, NEO and GAS. With the API, developers would be better placed to pull exchange related data as historical prices and also execute authentication functions as trades, deposits or withdrawals.

5 more days to go to the launch of #Switcheo Exchange V2!

Today we'll share with you our new Switcheo Exchange API and a chance to win 1,000,000 SWTH!

Find out more in the link below: https://t.co/m2f8uAYRoe#SwitcheoV2 #SwitchtoSwitcheo $SWTH $NEO pic.twitter.com/MQoOuEOfxt

— Switcheo (@SwitcheoNetwork) July 21, 2018

Despite the market wide loss reversals last week, NEO is pretty much stable gaining one percent in the last day. On a week over week basis, NEO is down nine percent and technically trading within a bear break out pattern initiated by June 12 high volume bear candlestick.

In my view, NEO buyers will only be in charge after there is a convincing break above $40 otherwise any rejection at that point would constitute a re-test which would help fuel sellers aiming for $12. Because of this NEO trade plan, it’s better to take a conservative and a neutral approach before initiating trades.

Straight from Samsung Stores in three Baltic States accepting DASH as a form of payment and their ATM boosting partnership with CoinFlip, DASH fundamentals are overly bullish. DASH prides itself as a cryptocurrency with fast settlement and that is scalable.

CoinFlip is excited to announce its new partnership with @Dashpay ! Dash is a top-15 coin by market cap and is widely used around the world for fast payments and privacy. It is now available at all CoinFlip ATMs for a ZERO PERCENT FEE (limited time only). Enjoy! https://t.co/ePPve12bZ7

— CoinFlip Bitcoin ATM (@CoinFlipATM) July 16, 2018

DASH’s scalability was recently demonstrated after their recent stress test when more than 500,000 transactions-double that of Bitcoin’s-was processed on-chain without a dip in performance.

On price matters though, DASH is down 13 percent in the last week. Noticeably, DASH is in range mode trading within a bear break out pattern with immediate resistance at $270. If anything, DASH tight price movement would mean traders ought to pause their trading as they wait for strong breaks above $270 in line with our previous DASH analysis.

However, even if we are upbeat, DASH sellers stand a chance of reversing last week’s gain and driving back prices below June’s lows at $200 with first targets at $160.

In the midst of an obvious sell trend, June 22, July 10 and 20 bear candlesticks stand out. These are not only high volumes candles but are in sync with the overall bearish sentiment that has been so common in the last 10 weeks or so.

Either way and as emphasized before, we shall recommend buying ETC only after we see strong, high volume bull break out above $18. As it is, $18 is our immediate resistance line and buy trigger as mentioned in our previous ETC technical analysis. So, as ETC prices move within July 20 high low, we shall maintain a neutral stand until after our trade conditions are met.

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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