As traders sync with this bearish market, NEO, DASH, IOTA and Cardano have new 2018 lows with ADA especially seeking to print lower than its all-time lows at 7 cents. In the meantime, IOTA, DASH, NEO are registering double digit losses as ETC test $12 reversing June 2018 gains in the process. Either way, the altcoins picture is gloom but then it’s an opportunity for keen traders to load at a discount and hodl.

Let’s have a look at these charts:

No doubt, Olaf van Wijk is an influencer in the world of IoT and as a member of the IOTA advisory board, his work-the IOTA Pay-proves his mantle. Olaf wants to change the donation user case of IOTA-remember, IOTA Foundation has a partnership with UNOPS. Therefore, finance and donation is just but another application that IOTA Pay solves. It’s something within the network and it is the public nature of transactions and addresses within the Tangle that drove Olaf to come up with a solution that boosts addresses security. IOTA Pay does that and though it’s a work in progress, it remains open source and transacting is free.

Needless to say, IOTA is still struggling with bears and after dropping more than 45 percent in the last week alone, the bear break out and close below 90 cents by week ending Aug 5 was a standout. Even though at current prices IOTA is a tad bit stable, it continues to shed value and in the last day it is down two percent as it oscillates within Aug 11 high low.

In any case, we expect a confirming follow through this week but before that happens, a recovery retesting immediate resistance at 65 cents is ideal. From the way candlesticks are set, selling at spot price with first targets at 30 cents or Q4 2017 lows and stops at yesterday’s highs make perfect sense.

Bittrex, the 23rd largest cryptocurrency exchange in the world, will avail ETC/USD markets to their clients. Though Ethereum Classic continues to draw attention in recent times following that market boosting announcement by CoinBase that it had plans of listing the coin, only verified international customers and select trading accounts from California and other US states would trade.

Like the rest of the market, ETC is struggling to stay afloat. Now, as projected in our previous ETC technical analysis, our shorts are live following that nice double bar bear reversal pattern right off resistance at $18 on Aug 6 and 7.

On top of that conspicuous reversal pattern and long upper wick of Aug 7, there was a spike in trading volumes meaning sellers were back in contention. Since our first targets at $12 are likely to be hit today, I recommend holding off trades or for those who are short moving their stops to break even until after we see a high volume break below $12, our main support line and 2018 lows.

Once that happens, we recommend shorting with stops at $12 and first targets at $12. On the flip side, should ETC find support and prices reverse strongly from June 2018 lows, then we suggest exiting shorts.

From the chart, Cardano (ADA) is down 18 percent week over week and with a five percent dip in the last day, ADA prices are trading well below our main support line and sell trigger line at 12 cents.

Now, as far as price action is concerned, our previous Cardano (ADA) trade plan is live thanks to Aug 8 high volumes break below 2018 lows at 12 cents.

So, dictated by that ADA price analysis, we shall zoom in to lower trading charts and short on every high as we aim for the first bear target at 7 cents which is ADA’s ATLs. With every sell, ideal stops should be fixed at Aug 13 highs while those who sold right after bears melted through 12 cents should move their stops to break even.

Aphelion, a project running on the NEO blockchain, has officially launched a mobile web wallet. Aphelion is a DEX and the mobile wallet is available for both iOS and Android users. With it, users can easily send and receive NEP-5 tokens, GAS and NEO, check their NEO portfolio and transaction history.

Obviously—and like the rest of the market—NEO sellers are pressing the gas pedal aiming for $12 and maybe NEO’s ATLs at $4. It might be a pessimistic view but then the confirmation of the third phase of our bear break out pattern set rolling by June 12 bear candlestick dictates our preview.

Since prices are now trading below $25, the path of least resistance is southwards and edging closer towards our next supports at $12 as laid out in our previous NEO technical analysis.

To avoid trading against the market, I suggest selling at current spot prices with stops at $23 with first targets at $12. Those who bought earlier can move their stops to break even or lock in some profits.

By dropping 28 percent in the last seven days and 10 percent in the last day, our first bear target at $150 has been hit. However, that means we should exit our shorts instead, traders can still open more short positions after yesterday’s close below $150 which is also 2018 lows. Next targets would be $120 and later $70, key support line in 2017.

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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