Crypto Market Analysis

Daily Crypto Update 28.06.2018 – More Downside Expected

General Overview

Market Cap: $246,339,425,253

24h Vol: $10,306,976,047


BTC Dominance: 42.5%

Yesterday the evaluation of the cryptocurrency market capitalization started off with 250,553,000,000$ and from there it fell to 242,196,000,000$ today. Since that low, it has recovered to just slightly below 250B again before it fell back again.

The market is currently showing mixed colours but the more dominant is green. The average percentage change is ranging from 0.5-2%. Biggest gainer among top 100 coin by market capitalisation is Mithril which increased by 19%.


There aren’t any significant news items that could impact the market either positively or negatively at this point. However, there are some follow-ups from yesterday and other news that could impact the prices of particular coins.

First in the line is that ZenCash and Tron are added as payment options on Pornhub.

According to a blog post by ZenCash, the new integration will allow users to set up recurring payments and simply pay-per-use while leveraging the anonymity of the privacy coin.

This new use case for these cryptos could impact the price positively, much like it did for Verge when a similar announcement was made.

In the case of EOS, the news is negative. Dan Larimer the CTO of EOS project has proposed rehauling the project’s existing constitution to limit so-called arbitrators’ powers, in an EOSGov Telegram chat yesterday, after the recent mishaps the network has experienced. Three distinct groups work to ‘keep one another in check,’ as defined by the project’s current constitution which are known block producers and is similar to miners in the Bitcoin network.

This could impact the price of EOS negatively as FUD (Fear, Uncertainty and Doubt) takes over.

In the other news that fit into law/regulation category, the most significant one is coming from Hong Kong.

Hong Kong’s Securities and Futures Commission (SFC) released their annual report yesterday, in which they state that they will “keep a close watch” on crypto and Initial Coin Offerings (ICO), as reported by cointelegraph.

The SFC notes that since new technologies “come with risks,” they will be looking closely at crypto and ICOs and “intervening when appropriate.” The report states that the SFC took regulatory action against crypto exchanges and ICO issuers in Hong Kong this year, and released two public warnings to investors about the risk of investing in crypto.

One of the headlines that is neglected but provides an insight into the current fundamentals of the Bitcoin network is the study of Diar in which the analysed Lightning networks usage and transactions, and they have concluded that “the reliability of successfully routing a payment on the Lightning Network is still quite low”.

But while the capacity and the number of nodes as well as channels are increasing steadily, the reliability of successfully routing a payment on the Lightning Network is still quite low, especially for larger amounts. The success rate for a payment for no more than a few dollars between random LN nodes is 70%

The last headline is the one that follows up on Facebook’s ad unban. As you may remember, a few days ago Facebook has decided to lift the ban from cryptocurrency related advertisements.  This follow up is a more detailed view of the implications and the actual changes that are going to be made to their “misleading or deceptive promotional practices” policy.

On June 26, the same policies were again updated and Facebook announced that it would allow cryptocurrencies to be advertised again, but ICOs would remain banned. The company stated that it had been looking at the best way of refining its blanket ban on cryptocurrency adverts.

The revised “prohibited products and services policy” now reads:

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

The phrase that caught attention was ‘pre-approved advertisers’, which means that not everyone who wants to advertise will be able to do so.

This censorship will allow Facebook more power to promote those coin and projects that are aligned with their agenda or even moderate content as to create a certain impression of a particular project.



Since yesterday’s open, the price of Ripple hasn’t changed much, as the percentage change is only +0.6%. The price went higher than on the open but it fell down to the prior levels quickly.


As you can see from the hourly chart, there’s a bearing pennant from which I am expecting a breakout on the downside. Currently, the price is on the levels of the pennants support in an upward trajectory which is why first I would look out for a bounce from the resistance line before confirming the breakout’s direction.

Market sentiment 

Ripple is in the sell zone, as indicated by hourly chart technicals.

Pivot points

S3 0.40898 
S2 0.43698 
S1 0.45409
P 0.46498 
R1 0.48209 
R2 0.49298 
R3 0.52098


From yesterday’s open the price of Neo has increased only by 1.34% and is now sitting at around 30$ like yesterday.

The price action has formed a triangle and the breakout is near. From which side the breakout is about to happen we are yet to see but judging by the steepness of the support angle it looks like buyers are more aggressive at this point. But as this is a symmetrical triangle, a breakout from both sides has the same probability. If the price goes up I would be looking at a 33.8$ level as a target, and if it goes down I would look out for 26.28$ level.

Market sentiment 

Neo is in the sell zone, as indicated by the hourly chart technicals.

Pivot points

S3 27.82 
S2 28.97 
S1 29.67 
P 30.13 
R1 30.83 
R2 31.29 
R3 32.44


From yesterday’s open at 229.4$, the price of Dash has decreased by 3.25% and is now sitting at 221.5$.

On the hourly chart, nothing has changed much. My target of 211.8$ remains the same.

Market sentiment

Dash is in the sell zone.

Oscillators are signalling a sell and moving averages signal a strong sell.

Pivot points

S3 208.22
S2 217.78
S1 223.09
P 227.34
R1 232.65
R2 236.90
R3 246.46


As the market cap evaluation hasn’t gone beyond the 250B level, and the chart of three cryptos that were covered in this report are forming bearish patterns, more downside is expected.


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