Facebook’s Libra continues to face resistance from central banks and early backers are considering backing off from the project to avoid scrutiny of their existing businesses. Mark Carney, Bank of England Governor has suggested replacing USD reserves with a digital currency and PBoC’s plans for Digital Yuan are moving forward at a steady pace.
Price action of leading cryptocurrencies suggests no sustained trend and investors should reduce the size of their position and wait before buying more. In this article we’ll discuss the performance of Top 5 currencies and spot buying opportunities.
MIOTA (IOTA)
IOTA gained 17.39 percent in the past week and several new applications like Tangle, a parking app and EDAG CityBot, a multifunctional robotic vehicle use IOTA’s machine-to-machine payments. IOTA is the week’s top performer.
IOTA/USD was within a wide range of $0.244553 and $0.541. It is recommended that traders should buy closer to support, above $0.28 and sell closer to resistance of $0.37 and $0.48. Keep a stop loss of $0.20 and book first profit at $0.37. There are signs of a bearish attempt to pull the price downwards and if the support breaks the next low would be $0.15.
Ethereum Classic (ETC)
Ethereum Classic (ETC) witnessed a bulk of its rally in the past week and this can be attributed to the forthcoming Atlantis hard fork, scheduled for September 2019, which aims to address security concerns of the community. The question is whether the momentum will return or is the rally over?
ETC/USD is trading at $6.42 and is down 11.42 percent in the past 24 hours. Bulls were unable to sustain the momentum and the rally is almost over. The consolidation was large over the past week and it is time to buy dips below $6.5. Suggested stop loss is $5 and if critical support at $5 breaks, ETC could hit below $3.5.
Tron (TRX)
Tron has been on an upward stride since the rise in the number of Tron (TRX) DApps. Tron’s transaction volume has increased by 30% in the past week. So is this the best time to buy or is it a time for trend reversal?
Tron is currently trading at $0.015 and has dropped by 10% in the past 24 hours. Bulls failed to hold TRX above $0.04 in June and that attracted mass selling. Traders have been capitalizing on the breakdown. The suggested buying range is below $0.016. A downtrend in TRX every week suggests that the altcoin is too weak for long positions.
Cardano (ADA)
Cardano has been making its way back to the top 10 cryptocurrencies and currently ranks 12 in market capitalization. We analyze the chart to find the best time to buy.
Cardano is trading at $0.046 and after failing to cross the resistance over to $0.08 in June, ADA is closer to its support at $0.035. There is a resistance at $0.05 and this may be tough to cross. Suggested buying zone is below $0.38.
Stellar Lumens (XLM)
Stellar currently ranks 10 based on market capitalization and has been hitting all time lows in the past week. The general trend of XLM’s price action is downwards. XLM is currently trading at $0.065 and is down 5% in the past 24 years.
However, the downtrend has not picked up momentum after breaking down of the strong support at $0.072545. This shows that investors are selling at this level. Nevertheless, the absence of a strong bounce indicates a lack of bullish momentum. Though there might be a short-term bounce, investors should avoid it.
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