The influence of BTC is clear and although most of the coins were in a temporary bullish state, a revival of some types, a drop in the price of BTC was enough to trigger a depreciation of the market with some like Cardano (ADA), Ethereum (ETH) and Tron (TRX) losing an average of 15%.
Still, the market is not slowing down and today we expect prices to consolidate or prices close higher can not be discounted. This often happens after periods of high volume volatility as witnessed yesterday. Of all the coins, XMR is a reference point for sellers. The currency is reversing against the main resistance line at $ 150 and its valuation could range between half and $ 75 in the coming weeks.
Let's take a look at these graphs:
Cardano Price Analysis (ADA)
News [19659007] Cardano can follow the Ether route and advance to zero as Jeremy Lubin, the technical advisor of the Stellar platform proposes based on his latest work published on TechCrunch. As a smart bargaining platform with operations similar to those of Ethereum, investors should have good reason to ask such questions, especially when Charles Hoskinson said that tokens would have the same class of ADA, the main native currency. Could this be the triggering factor that would cause the start-ups to decline by using ADA for dApp or other chain executions?
Technical analysis
Cardano daily chart for Trading View
As reiterated in our previous technical analysis, BTC and altcoins like Cardano share a direct correlation. So, when BTC sank $ 300 in less than 45 minutes, it is inevitable that Cardano (ADA) will follow the example. The currency has decreased by 15 percent in the last day and while a dark cloud cover is printed, our previous long positions have been canceled due to the high volume of candle holders. Yesterday's candlestick means that our long position is now zero and, instead, sellers should start trading at spot rates with arrests higher than yesterday's highs at 11 cents with the first targets for ADA ATL at 7 cents and even lower .
Ethereum Classic (ETC) Price Analysis
Highlights
CoinBase Pro will soon be launching GBP couplings for ETCs and other currencies listed according to David Farmer, the general manager of the exchange. This announcement comes a month after the company offered support in GBP and acquired an electronic license from the FCA.
Technical Analysis
Ethereum Classic Daily Chart from Trading View
Like the rest of the altcoins market, the bearish engulfing model of yesterday that crashed against ETC beyond the main support line at $ 12 is a wedge. With it, our buying and selling operations built on August 15th have damaged the bullish swallows and at the moment, the chances are that the ETC sellers are in charge. All in all, we recommend short films now that sentiment is changing and BTC is in crisis. Although conservatives can expect a clear break below the lows of 14 and 15 August, taking the courts now with arrests higher than yesterday's highs means entering better prices within a too bearish market complete with leading candlesticks.
Price Analysis of Ethereum (ETH)
Important News
Analysts are speculating that ETH is struggling because most ICO fund managers are cashing or accumulating money while trading OTC. Although this contains some water considering that Ethereum is specifically designed for the tokenisation of resources and to execute special dApps, the general market sentiment worsened by the ideal possibilities of Jeremy Lubin's arguments could further dampen the prices. Furthermore, the miners are unhappy due to cut prizes and a potential circumvention of the network's trouble bomb in front of Constantinople.
Technical Analysis
Daily Chart of Ethereum for Trading View
Surprisingly, The ether is one of the biggest coins in the losing end of yesterday. On a daily basis, ETH exchanges 14% less and on September 5 candlestick is clearly a break out bar after consolidation periods, as highlighted in the previous Ethereum Price Analysis (ETH). Now that prices are in sync with the general tendency and effectively the bull's ambition, traders can go into shorts at each relegation in shorter times with targets at $ 150. After all, the outbreak is a distribution and a recovery of the trend imposed by the bears of August 8th.
Monero (XMR) Price Analysis
Highlights
For some reasons, Changelly, the popular free crypto registration encryption at the crypt exchange is on fire for holding back a large amount of Monero from a user while he based his defense with suspicion. Saying that the risk management team can hold coins if the user fails to provide the necessary KYC documents, although this does not prevent them from accepting funds.
The MEGA 3.39.4 extension of Google Chrome has been compromised and attackers can steal your Monero and ETH directly from MyMonero and MEWs
Technical Analysis
Monero Daily Chart from Trading View
It may not be perfect but what we have in the daily chart is a rejection of higher peaks around the main resistance line at $ 150. After yesterday's price liquidation, XMR's longs can get out of their trade and vanish their previous move by shortening to the current price with stops at $ 150.
The first goals should be the basis of this consolidation at $ 75 now that is clear, through the altcoin spectrum those sellers are ahead . The only move that could potentially nullify this projection is a move similar to yesterday's rally that has exceeded $ 150 arrests.
Disclaimer : This is not an investment advice and the views represent that of the author. Do your research before making an investment decision.
