Ethereum, IOTA, DASH Price Analysis: 16 July
Many of the market’s altcoins shared a brief period of correction on the charts, with Ethereum, IOTA, and Dash all noting a minor decline in price over the past 24-hours. While the latest crypto-giveaway scam on Twitter, one involving Bitcoin and a host of famous personalities, brought a little bit of attention to cryptocurrencies, it has otherwise been a dull period for the digital asset industry.
Ethereum has been registering a descending channel on the charts over the past 24-hours. The token may possibly note a trend reversal from here on, with the support at $236 remaining pretty solid since 8 July. Further, the Relative Strength Index noted an uptick as well, with the RSI responding to the pressure of the buyers in the market.
With a market cap of $26 billion, Ethereum remained well clear of Tether on the cryptocurrency charts, registering a trading volume of $5.95 billion over the past 24-hours. The Bollinger Bands also pointed to reduced volatility in the near future, with the bands starting to converge and dampening any hopes of a significant hike on the charts.
Ethereum’s lead developer Justin Drake and Vitalik Buterin recently had a public disagreement on a Reddit AMA over the launch of phase 0 of Ethereum 2.0. While many expected the launch to take place by now, according to Drake, the ecosystem is nowhere close to being ready at the moment.
The attached chart illustrated a major downtrend for DASH over the past few days, with the valuation dropping from north of $75 to below $71, at the time of writing. However, the token had a decent trading volume over the past 24-hours, one backed by a market cap of $678 million. That being said, DASH remained outside the top-20 of the world’s largest crypto-assets.
For DASH, market indicators were contradictory. While the Parabolic SAR suggested a bearish trend for the crypto, the Chaikin Money Flow or CMF observed a fairly higher percentage of capital in-flows than out-flows, at the time of writing.
DASH payments have reportedly become more secure than before after Dash Pay recently activated LLMQ-based Chainlocks for its transactions.
Finally, IOTA reported an identical trend to Ethereum on the charts with a prominent descending channel clearly evident. The 25th-ranked crypto registered a downtrend of 0.89 percent, at press time, with a market cap of $680 million. However, IOTA had a significantly weak trading volume of only $13.63 million.
Market Indicators remained bearish for the asset as while the Parabolic SAR’s dotted markers were observed to be over the candlesticks, the MACD registered a bearish trend as well, with the signal line continuing to hover over the MACD line on the charts.