In an unexpected move, Tron Foundation and Justin Sun supporters can now upgrade to premium and pay using TRX at Pornhub. Of course, this is controversial unlike the widely embraced suggestion by Charles of Cardano that Tron should use Mantis for their TVM. In fact if the rivalry is put aside, technical suggestions as such is wholly beneficial for this growing industry.
Let’s have a look at the charts:
Cardano (ADA) Technical Analysis
The Co-founder of Cardano Charles Hoskinson is a reasonable man and working entirely out of good will. If anything we can say he is more “open” to inter-operability and would want to see “rival” platforms succeed. That’s why he’s in touch with Justin Sun-whose Tron mainnet is now live and prepping for their super node election in the next couple of day. Tron is one of the most liquid coin in the world but they are using what appears to be an “Ethereum Java” fork for their TVM.
This is why Charles suggest they change and use Mantis which is perfect for their dPoS protocol, is audited and above all superior. Mantis is already in use by Ethereum Classic. Justin responded saying they shall take a look at it.
Price wise and while Cardano (ADA) is struggling to keep off sellers, It’s down 22 percent week over week. However, in the last day, prices have been relatively stable. Like before, we remain neutral and this is simply because ADA prices are trending around this year’s lows at 12 cents.
That level is our main sell trigger line and for ADA to extend their losses then we must see prices closing below 12 cents. Otherwise, any attempts by buyers to slow down sellers means we recommend buys once we see prices moving above 17 cents or June 20 highs.
Ethereum (ETH) Technical Analysis
There is only one way for you to gauge the potential of a blockchain project. It’s not their point man neither is it about the amount of air time it receives from the media. When push comes to shove, all you need to look to help determine whether a project is worthy depends on the number of voluntary developers behind it. Ethereum is one such project that has the potential to outlive the hype.
There is Vitalik Buterin, a young but futuristic leader but behind him is a swarm of developers-approaching 50,000 and a tone of commits at GitHub. It’s not hard to see why, like capital gravitating towards high performing assets so do talent move towards interesting projects. Even Steve Wozniak of Apple supports this.
In the past day, ETH prices are a little bit stable. Nothing much has changed and it’s actually up one percent following yesterday’s bullish candlestick. Regardless of this tinge of positivity, the simple fact that prices are on a downtrend means swing traders should be selling on every high in lower time frames.
On the other hand, conservatives should pause their selling and lock in their profits. ETH prices are just $100 away from main support at $350 and since they have a low ADR, it doesn’t make sense to sell before knowing for sure what will happen at 2018 lows. The only time we shall cancel this bearish view is when buyers push prices above the main resistance line at $500.
Ethereum Classic (ETC) Technical Analysis
Anchoring on the ideals of blockchain and boosting all those who wanted founder’s pay to be transparent and transactions immutable, Ethereum Classic is making a comeback like the fabled Phoenix. Shortly after DAO, Ethereum forked leaving ETC to die. Well, it didn’t die and right now, they are releasing a wallet. Those interested can download their Emerald Version 1.0.0 at GitHub as the recovery begins.
Back to price action and safe the sellers, ETC is literally finding support. ETC is moving within a $5 consolidation whose upper limit and buy triggers stand at $18. It also doubles up as the main resistance line capping gains following CoinBase announcement on June 12. Now, since we are bearish, my sell recommendations will only begin once prices dip below $13 or June 12 lows. However, those who did buy on June 12/13 should move their stops to break even and wait. Of course, any move above $18 means they can begin buying on dips in lower time frames.
Monero (XMR) Technical Analysis
H.R. 6069 or the “Fight Illicit Networks and Detect Trafficking Act” is now law after the US House of Representatives unanimously passed it this week. This comes after periods of debate and high profile hearings from a representative of the US Secret Service by the House of Representative’s Financial Services Subcommittee on Terrorism and Illicit Finance.
The US Secret Service and the FBI for example had expressed their concerns about how dark net users are propagating their illicit businesses using anonymity centric cryptocurrencies of which Monero leads. Overly, the FBI takes a neutral stand on cryptocurrencies as Monero but what concerns them is the spike in activity by criminal elements exploiting the benefits of blockchain and absence of regulation.
As it is, Monero buyers seems to have an upper hand and in fact are up two percent in the last 24 hours. And unlike other cryptos under our focus, I recommend buys for aggressive traders at current spot prices with stops at $100 or June 22 lows. Otherwise, conservatives should wait for XMR bulls to push above $150 preferably with high volumes. Afterwards, buying on dips with targets at $300 is ideal.
Tron (TRX) Technical Analysis
It’s a controversial move that’s likely to starve TRX off investors but you can now pay for your premium porn using TRX at Pornhub. As expected, this draws applause and condemnation from critics and supporters coming shortly after their mainnet launch and super representative elections. Anyway, time will tell. In the meantime, TRX prices are trading below the main support line at 4cents.
I recommend shorts with stops at June 22 highs of 4.3 cents and targets at 2.5 cents simply because we can interpret June 22 bearish engulfing candlestick as a bear break below. And then again, it’s in line with our previous trade plan.
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.