The influence of BTC is clear and even if most coins were in a temporary bullish state, a recovery of some sorts, a dip in BTC price was enough to trigger a market wide depreciation with some as Cardano (ADA), Ethereum (ETH) and Tron (TRX) losing on average 15 percent.
Still, the market is not slowing down and today we expect prices to edge lower though odds of a consolidation or prices closing higher cannot be discounted. This often happens after periods of high volume volatility as witnessed yesterday. Of all coins, XMR is a stand out for sellers. The coin is reversing from the main resistance line at $150 and its valuation may likely half to $75 in coming weeks.
Let’s have a look at these charts:
Cardano (ADA) Price Analysis
Can Cardano follow the Ether route and spiral towards zero as Jeremy Lubin—the technical advisor of Stellar platform proposes according to his latest piece published at TechCrunch. As a smart contracting platform with similar operations as Ethereum, investors should have valid reasons to ask these sort of questions especially when Charles Hoskinson said tokens would have the same class as ADA, the main native coin. Could this be the trigger that would cause start ups to decline using ADA for dApp or other on chain executions?
As reiterated in our previous technical analysis, BTC and altcoins as Cardano share a direct correlation. So, when BTC sunk $300 in less than 45 minutes, it was inevitable for Cardano (ADA) to follow suit. The coin is down 15 percent in the last day and while a dark cloud cover prints, our previous long positions have been cancelled due that high volume bear candlestick. Yesterday’s candlestick means our long position are now null and instead, sellers should initiate trades at spot rates with stops above yesterday’s highs at 11 cents with first targets first at ADA’s ATLs at 7 cents and even lower.
Ethereum Classic (ETC) Price Analysis
CoinBase Pro will soon launch GBP pairings for ETC and other listed coins according to David Farmer, the General Manager of the exchange. This announcement comes a month after the company offered GBP support and acquired an e-license from the FCA.
Like the rest of the altcoins market, yesterday’s bearish engulfing pattern crashing ETC past the main support line at $12 is a stand out. With it, our buy trades building on Aug 15 bullish engulfing candlestick were obliterated and at the moment, odds are ETC sellers are in charge. All in all, we recommend shorts now that sentiment is shifting and BTC is on meltdown. Though conservatives can wait for a clear break below Aug 14 and 15 lows, taking shorts now with stops above yesterday’s highs means entering at better prices within an overly bearish market complete with leading candlesticks.
Ethereum (ETH) Price Analysis
Analysts are speculating that ETH is struggling because most ICO fund managers are cashing out or hoarding the coin as they transact OTC. Though this holds some water considering Ethereum is specifically designed for asset tokenization and running special dApps, the general market sentiment made worse by the ideal possibilities of Jeremy Lubin arguments could further damp prices. Besides, miners are disgruntled due to slashed rewards and a potential hiking of the network’s difficulty bomb ahead of Constantinople.
Surprisingly, Ether is one of the largest coins on the losing end yesterday. On a daily basis, ETH is trading 14 percent lower and Sep 5 candlestick is clearly a break out bar after periods of consolidation as highlighted in previous Ethereum (ETH) price analysis. Now that prices are syncing with the general trend and effectively crashing bulls’ ambition, traders can enter short at every pull back in lower time frames with targets at $150. After all, the break out is a distribution and a resumption of trend set rolling by Aug 8 bears.
Monero (XMR) Price Analysis
- For some reasons, Changelly, the popular registration free crypto to crypto exchange is under fire for holding a large amount of Monero from a user while basing their defense on suspicion. Saying the risk management team can withhold coins should the user fail to provide the necessary KYC documentations, though that doesn’t prevent them from accepting funds.
- MEGA 3.39.4 extension of Google Chrome has been compromised and attackers can actually steal your Monero and ETH straight from MyMonero and MEWs.
It might not be that perfect but what we have in the daily chart is a rejection of higher highs at around main resistance line at $150. Following yesterday’s price liquidation, XMR longs can exit their trade and fade their previous move by shorting at current price with stops at $150.
First targets should be at the base of this consolidation at $75 now that it’s clear—across the altcoin spectrum that sellers are on the upper hand. The only move that could potentially cancel this projection is a move similar to yesterday’s rallying past $150 hitting stops.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.