Altcoin Analysis for 09-10-2017: NEO, DASH, IOTA, XMR and LSK


As yesterday’s candlestick closed, our minor resistance level at $35 had been broken with price action testing resistance trend line at $38. It tested that level before reversing lower. Price moved $9 forming a double bar reversal pattern or a bear engulfing pattern, whichever pattern you would prefer. Also notice that this pattern was accompanied by above average volumes which spiked to 1M. By forming this candlestick, a double top was confirmed following similar price action pattern on 02.10.2017 and 03.10.2017. For bears to be completely in charge, conservatives should wait for a break below support trend line at $29. Should it happen with strong volumes at or above daily average, then intraday traders can initiate shorts in lower time frames. Already, there is a stochastic sell signal which gives a hint that bear momentum is still high. Refer Figure 1(above): NEOUSD-Daily Chart-09.10.2017


analysis, altcoin, DASH
Figure 2: DASHUSD-Daily Chart-09.10.2017

So just like NEOUSD, there is a clear break below support trend line with increased bear volumes. Yesterday, 33K bears jumped in, that was 5K more orders on average over the last 3 or so trading days. You also note that stochastics turned lower following the break below support trend line. Today, bears should enter short especially if price action breach $286. Our targets remain unchanged at $270 and $220.


altcoin, analysis, cryptocurrency
Figure 3: IOTUSD-Daily Chart-09.10.2017

The 20 period MA is acting as a reliable resistance trend line and as price action consolidates between $0.55 and $0.50, our profit target remains unchanged. Overly, I anticipate sell momentum to continue over the next few trading days now that volumes are stabilizing. $0.50 remains our immediate support level and if broken, then aim for the lower range of that take profit zone at $0.36. Safe stop losses should be placed above $0.55, which is the 20 period MA.


analysis, cryptocurrency , altcoin
Figure 4: Monero-XMRUSD-Daily Chart-09.10.2017

So far, even though bear momentum is still high, price action is still within the BB squeeze and consolidating towards the apex of that wedge. Additionally, there is almost no movement as price action is oscillating a very narrow $2 which is contrary to the average $7 price change a day. In the last 4 days, there have been a series of lower low relative to the upper BB and a rebound from the 20 period MA which is now a flexible resistance. Any break above $94 and consequent close above resistance trend line will invalidate our bear projection especially if it is accompanied by strong bull volume. For now, sellers should aim for immediate support at $81 while keeping an eye at participation levels as shown by volumes.


altcoin, analysis, lisk
Figure 5: LSKUSD-Daily Chart-09.10.2017

Our 06.10.2017 break out was confirmed on 07.10.2017 and yesterday when those two bear soldiers were printed. First off, our minor support at $5 was blasted through yesterday as sellers jumped in. Note those high volumes-at 650K above the daily average of 500K. Secondly, the lower BB candlestick hugging. The latter is particularly indicative of high momentum and since the recent pattern is a classic breakout with a retest of support turned resistance trend line at $5.5, I expect more bear build up. Target support line at $4.0 and move stop loss to break even.

Contributed by Dalmas Ngetich, an expert with 3 years in Forex, Commodity and Cryptocurrency trading. All charts, courtesy of Trading View

Subscribe to our newsletter

HomeToken, a blockchain based real estate investment company, has recently announced the launch of its crowdsale that will start from October 1, 2017. HomeToken is an Asian blockchain powered investment fund related to real estate market, offering its WAVES protocol based HOME tokens in the upcoming ICO.

The company has raised more than $3 million as funds in its pre-ICO campaign, from Southeast Asian investors. Global investors can participate in the upcoming ICO, invest in rising real estate market in Asia, and create a closed-ended fund to obtain and develop two kinds of residential properties; small apartments from sizes 250 to 1200 square feet located close to city center, and private nursing homes.

The Real Estate Market

Real estate investment is one of the most profitable, safest and lucrative investment tools that offer high capital appreciation, potential rental proceedings and a great risk hedging against rising inflation rate. Asia’s emerging markets have high potential to perform better than the markets in Europe and North America; however, the rising price of real estate is necessitating the homeowners and investors to go for alternative solutions.

Andrew Yap, the founder of HomeToken states that since last few years, real estate developers have heavily invested in Southeast Asia. Though prices are cheaper here than rest of the world, the properties must be strategically located and very easy to rent out. Moreover, the company also wants to establish more private nursing homes for addressing Asia’s aging crisis.

How Can HomeToken Help?

HomeToken intends to get high income generating investment properties. After tokenizing these properties, the company will simplify the real estate investments, democratizing it with the help of blockchain technology to offer a platform where investors profit from income-generating properties without any cost or risk. The platform will break the barrier to entry such as mortgages, insurance, and legal fees, enabling instant purchasing and transfer of properties and assuring liquidity of funds. The company will re-buy the HOME tokens from the investors at market rates as per its buyback program, as a measure to avoid inflation challenges.


The ICO has 100,000,000 tokens, out of which 65 percent will be offered for crowdsale, while 20 percent kept for future partnership, 5 percent for marketing and 10 percent for management and development team.

To know more about HomeToken platform and participate in its upcoming ICO, please visit


A lot of people are excited about the news involving Amazon and Bitcoin payments. Some sources claim the company will enable cryptocurrency payments soon While that is an interesting opinion, it is also highly unlikely that will happen. In fact, Amazon shows no interest in any additional payment methods right now. It would be an interesting development if true, though.

This is not the first time we see rumors regarding Amazon and cryptocurrency payments. It would be a welcome change to see this happen. After all, the world’s largest online retailer accepting the only global payment method would yield some intriguing results. Unfortunately,  this is nothing more than wishful thinking right now. This will not change anytime soon, though, despite what some sources may claim.

No Bitcoin Payment Option for Amazon

Not too long ago, there was an online petition to force Amazon to accept Litecoin payments. While an ingenious idea, it never materialized either. It is evident Jeff Bezos has big plans for his top company, but cryptocurrency isn’t part of it. That doesn’t mean Bezos himself is crypto-averse, mind you. It doesn’t make much sense for Amazon to venture into cryptocurrency right now. The market simply is too volatile and it is still a  very niche payment method at best.

Statements like these will create a lot of friction among cryptocurrency users, though. “Fake news’ like this will create  a lot of disappointment when it doesn’t come true. Most people are well aware of how the chance of Amazon accepting Bitcoin is virtually zero right now. That doesn’t mean things won’t change in the future. However, for now, it will not happen whatsoever. There is nothing wrong with dreaming, but we have to keep both feet on the ground as well.

It is true the cryptocurrency world needs more major merchants and retailers to come on board. Some companies dropped Bitcoin support altogether earlier this year. Too few people use cryptocurrency for actual purchases, which isn’t surprising. While no one doubts Bitcoin’s transaction value as a whole, a small percentage of this money is effectively used to pay bills and purchases. Whether or not this situation can change in a significant manner remains to be seen.

Header image courtesy of Shutterstock