Altcoins are on a recovery backed by exchange listings, pure optimism and BTC correlation. However, even with the shifting sentiment, Cardano, Tron, ETC and Monero are yet to close above key resistance levels at 12 cents, 2.5 cents, $12 and $150 respectively. Cardano bulls are especially concerned because revival anchors on how buyers react at 12 cents.
Cardano Price Analysis
According to Weiss Ratings, an independent Ratings firm supplying high quality advisory information on financial services based in Boston, Cardano and a host of other coins including XLM are poised to bounce back following their 90 percent correction from 2017 peaks. While this is nothing new—history has it that crypto prices often recover after sliding upwards of 90 percent, their calls are true. Cardano added 30 percent in the last week following strong fundamental and technical combination supporting price. Remember, while ADA is available in many other crypto exchanges, Circle—backed by Goldman Sachs did list it for their wide market base.
Our analysis circles around Sep 21 high volume bar thrusting above 8 cents and cancelling our last Cardano price projection. Then, we remained adamant on our plan until after there were convincing reversals hitting stops at 8 cents.
Sep 21 candlestick did and now at the back of a market wide crypto recovery, sentiment is changing and we recommend buying at spot price with first targets at 12 cents.
Notice that 12 cents is a former support zone now resistance and it’s where the Aug 8 bear candlestick printed triggering a bear break out pattern.
Chances are this revival might be a re-test phase and that’s why stops should be at 7 cents with targets at 12 cents.
Any breach above 12 cents triggers entry of conservative bulls ramping up on dips with targets at 20 cents and later 40 cents all dependent on the speed of loss recovery.
Ethereum Classic Price Analysis
Relative to other coins, Ethereum Classic remain largely inactive with weekly gains at around four percent. A notable move in the last week is the limited gains of Sep 21 even when volumes were high.
Note that ETC prices are still trading below $12 and with the last two days ending up as bears, sellers are technically in charge. In line with our trade plan, our ETC buys will trigger if there is a follow through breaching the $12 resistance level.
If not and sellers end up closing below Sep 21 lows at $11, then a retest phase would be complete—against market wide expectations.
Needless to say, our shorts are only valid if and only if there are dips below at Sep lows around $10.
As such, we recommend a neutral stand until after any of our trading conditions are met—either there is a move above $12 or a dip below $10 signaling trend resumption.
Monero Price Analysis
At the top 10, Monero is surely exposed to more liquidity and attention. While market building or development news is scarce, Monero maintains an uptrend and prices are now trading above Sep 14 highs at $120 triggering low time frame longs.
In any case, prices are up five percent in the last week and after bouncing off the main support trend line, we recommend buys on dips with stops at $110 and first targets at $150 or higher depending on how buyers react at $150—another key resistance level.
All things constant, Sep 5 candlestick is a reference point and conservative, risk-on traders should wait until there are solid reversals above $150 before engaging bulls.
Ethereum Price Analysis
Slow gains in ETH meant XRP did temporarily usurped it as the second most valuable coin in the world. Anyhow, Ethereum is back to second place. In other news, Ethereum’s Constantinople test-net under Ropsten should go live next month though there are no set dates for the exact launch. Only block number approximates are available with some pointing out 4,230,000 as the probable activation date on GitHub.
Thanks to Sep 21 super gains, Ethereum prices are up seven percent in the last week. But even with that, the follow through are weak to say the least.
Not only do we have two bear candlesticks damping Sep 21 surges but it appears as if prices are reversing right at $250, an important resistance level in our analysis.
Because of this development, we suggest taking a neutral stand until after there are surges above $250—triggering short term, aggressive longs building on last week resurgence.
On the same vein, conservative bulls should add longs only when there is conclusive, high volume close above Sep highs at $300. Thereafter, ETH bulls can buy on dips with targets at $350 and later $400 important resistance levels.
Tron Price Analysis
The area around 2.5 cents is clearly important for TRX bulls. Not only are they finding resistance threatening our previous TRX long calls—following the break and close above Sep 17 highs at 2 cents, but 2.5 cents is Sep 5 highs—a high volume bearish engulfing pattern.
If anything, last week’s 20 percent gain is largely attributed to Sep 21 gains but if that was a burn out move pointing ends of a pull back, then we might end up with trend resumption if there are moves below 2 cents today.
It’s because of this that our Tron price prediction relies on how prices react at 3 cents—our main resistance line. Any close above this level automatically triggers risk on bulls on every pullback in lower time frames targeting 4 cents and 5 cents.
Nonetheless, we remain bullish but today’s and this week’s move depends on how deep prices correct as they build up for higher highs in Q4.
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.