Pirates Bay Have their Monero Miner Scripts Back and Surprisingly Nobody is Complaining
Regardless of alt coin stagnation-as we are seeing in Monero and Ethereum Classic, we still hold a positive picture expecting prices to edge higher. Remember, this has been our projection for the better part of the week. Now, what’s needed for buyers to be truly in charge is for prices to edge above key resistance lines in our technical charts.
Let’s have a look at these charts:
Cardano (ADA) Technical Analysis
There are arguments that Africa and some Asia countries are lagging behind technologically. It may be true but there is a changing wave. All thanks to Cardano Foundation and Input Output Hong Kong (IOHK) for their undying efforts, this narrative won’t hold no more.
Already, they are working with the Ethiopian Government and acknowledging that while they didn’t come with immediate solutions, there is a commitment on their part to find various. Charles Hoskinson did sign an MoU with the country’s Ministry of Science and Technology and in the days to come, 30 female Junior developers will be trained on how to use Cardano’s solution to track their highly sought after coffee. Similar efforts have been seen in Vietnam, Hong Kong and lately, Indonesia where Emurgo is leading the charge and providing effective solutions for leading enterprises.
Obviously, the past few days higher highs within a largely ranging ADA’s price action is a relief for coin holders. Of course, we would like to see more gains going forward but first we must realize that the way this week’s candlestick close would determine the coming week’s trajectory. In my view, my suggestion is to buy on pull backs in lower time frames with tight stops at July 2 lows at 13 cents. Of course, moving them to 12 cents would be safer but considering risk-reward is also important. ADA bull targets should be at 20 cents and later 40 cents if there is a strong recovery.
Ethereum (ETH) Technical Analysis
Capacity. That world should be underlined for those thinking of launching dApps on blockchain platforms, more so on Ethereum. It’s a challenge really because at peak, Ethereum can barely process six transaction per second without gas fees spiking. There have been demonstration of this before and after Cryptokitties saga, users thought such scenarios won’t happen again. They were in for a surprise because FCoin, a Chinese exchange-which plans on surpassing Binance, did something controversial as a way of vetting potential candidates. Candidates who wanted to list on the exchange were required to air drop their tokens to FCoin users who in turn would vote on which coin should be listed depending on the proceeds they got. This alone caused gas prices to spike to 5682 surpassing previous highs of 3696.
Back to price and ETH is on a recovery path. In line with our trade plan, prices are inching higher and rejecting lower lows as visible on the last three days or so. Notice that even though there was a mix reaction as prices stalled on July 3 and 4, buyers are still in charge and aligning itself to July 2 trend direction. My recommendation is to wait for up-thrusts past $500 resistance line before buying on dips with stops at $450 and targets at $850.
Ethereum Classic (ETC) Technical Analysis
In Korea just like the rest of the world, the government takes privacy laws seriously. It’s in this vein that in 2017, South Korea introduced the Personal Information Protection Act which regulators including Korea Internet & Security Agency and Korea Communications Commission plans to implement.
Already, several cryptocurrency exchanges were served with corrective orders to improve on how they handle the exchange’s user personal data. This is timely because we have seen how firms can abuse data selling them to third parties in the name of KYC and AML adherence. What these investigative firms wants to find are weakness on these exchanges more so on how they administratively protect data, allow access to data and importantly, protection of these data against weakness.
On to the charts and we have these nice higher highs meaning buy momentum is picking up. What’s important though is how prices react at $18, a key resistance line and June highs. As mentioned before, for activation of buy prices, ETC buyers should break off from this consolidation accompanied by high volumes with stops at $15. Over all targets stand at $25 and later $40.
Tron (TRX) Technical Analysis
There are a lot of encouraging developments going on at Tron. Mainnet launch was a success and the seamlessness did outperform that of EOS which continues to be marred by controversy. Let’s we forget, the dPoS consensus algorithm that Tron applies has some weakness too. The 27 Super Representatives mean there is a layer of centralization which could cause problems in case they decide on some unorthodox things at the expense of the user.
In the chart, we are net bullish not because of TRX price action which is by the way stalling but due to the general positive sentiment in the sphere. First, our buy triggers are ideally at 5.5 cents but at current prices, July 2 candlestick and TRX rejection of lower lows means buy pressure is high. Like before and depending on your risk, I recommend buying at current price with stops at 3.3 cents. However, for confirmations, buying above 5.5 cents and resistance line is ideal for risk-on traders.
Monero (XMR) Technical Analysis
Free things are usually expensive. Every time you visit Pirate Bay to download stuff, your CPU will most likely blow because the site has implemented a Monero miner script to run on the background every time their site is opened on the browser. As usual, this is attracting critics but browsing through their official forum nobody is really complaining. Who would, downloading content is illegal and that’s the price users pay.
Price wise, our buy projection is still valid but for us to begin buying on dips, we need Monero buyers to push above our buy triggers at $150. Before then, it’s better to wait on the sidelines now that XMR prices are literally stagnant and moving within $10 in the past two days.
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.