Collapse of once bullish, promising alt coin TOP3Hi guys. so we had a jump up to 6300ish, after a drop to 6200. while the market is boring, i would want to share some BEARISH
coins TOP3 at the moment.
these coins are once bullish, promising coins. however, from May, when BTC fell down heavy these coins fell so hard. while many alt coins fell hard, making downtrend channels, these 3 coins could not even properly bounce from its supports. they are Ethereum, NEO, and Cardano.
Now, most alt coins are dead now, very cheap. BUT, many coins are making a falling wedge, even broke out from the wedge, continuing with uptrend channels. coins like Ripple, for example. coins like STORM, Sia, Blocktix, Mainframe, Refereum and so many are even better then these 'old school', once future, innovation oriented coins. what has happened to them? we know the news, but news may not be everything. it may be the momentum, usage, development of coin for proper trend use in reality.
1. Ethereum
ETH was once the blue chip of all coins 2017. from few dollar worth ETH climbed to 400 dollars, it went to 2000 dollar worth in the end of the year. this year, with failed ICO's, slow, not fast growing project, ETH collapsed. ETH once threatened the market cap number 1 spot in the past. that is when, people thought the era of crypto is evolving.
but just look at this chart. UGLY!!!! every formation, every pattern, every drop down, drop had no bullish at all. OBV level are very low, that means going up is not yet ready for this coin! it even had hard time touching the right downtrend channel line. it just keeps climbing down. just yesterday, it broke from its ascending triangle. now, it may retest the bottom line. this is bearish.
2.NEO
"Chinese crypto capitals are coming!" we all thought, last year NEO was in the middle of the Chinese capital investments in crypto. along with QTUM, it showed great growth last year to 200 dollar level.
look at neo's chart. it looks like ETH. the patter now it is making, maybe a falling wedge, but maybe just continuation of breaking below. i remember buying NEO at 50 dollar level around June. i stoplossed it, lost some money, then. i felt depressed of course, but now, i am so relieved seeing that the price is 15 dollars! 15 DOLLARS! now, i feel thankful for my fast decision.
3. Cardano ADA
Cardano made me lots of money last year. i bought this at the end of November, when it was only like 2~3 cents. i scalped it swing traded it, and my last trade i sold this well over 1 dollar level too. of course, i was mesmerized by this coin. i bought at high levels, i stopped it when it started to come down hard.
now i again, I am thankful for my decision, for now the price is like 7 cents. 7 cents! see the chart, maybe this falling wedge needs another leg down. maybe to 4~5 cent zone. that price, almost match my entry last year! cardano, is little better than eth or NEO though. it still has some chance to escape the long, dark downtrend channel. it is not bullish at all, but compared to ETH and NEO, it is better.
So these coins, maybe short term buy can work, but if you think about long term, you need to see if they escape, breakout from the downtrend channel. from these coins, we can also learn that no alt coin can maintain its value, its credibility for so long, unless real stuff, real business, real adoption happens in the real world. i believe eth, neo, and cardano will rebound with good momentum in the future. Its quality can me devaluated at the moment.but now? not so likely. for that matter, stellar lumen, ripple, are doing better for now.
thanks for reading!
