Crypto Price Analysis: 5 Altcoins That Show Bullish Continuation
Over the last few months, a good number of altcoins on Binance have managed to post serious gains. These coins popped with a vengeance after being clobbered by the 2018 bear market. Unfortunately for many, the pumps happened just as people gave up on crypto. As a result, they missed exhilarating opportunities that could have grown their capital by 100% to 300%.
If you’re one of those who stayed on the sidelines during the recent pumps, fret not. Markets always pull back and give you a better entry point. We’re seeing this unfold in coins that have recently broken out of consolidation.
In this article, we reveal five altcoins that show bullish continuation.
EOS has been on our radar for some time now as it continues to show bullish signals. On February 10, 2019, the market took out resistance of 0.000755 and broke out of a cup and handle pattern on the daily chart. The breakout ignited a rally that sent EOS to as high as 0.00107 on February 24.
Daily chart of EOS/BTC
While the market has been correcting since, it is painting a symmetrical triangle pattern on the daily chart. This pattern suggests bullish continuation. Once EOS takes out the diagonal resistance, 0.001233 is the target.
Stellar is another market that’s showing bullish continuation. It broke out of a rounding bottom pattern on March 10. This sparked a rally that catapulted the market to as high as 0.00002978 on March 18.
Daily chart of XLM/BTC
Just like EOS, Stellar is pulling back. In the process, it is generating a large bull flag on the daily chart. As long as the market respects the horizontal support of the flag at 0.0000256, 0.000033 is the target.
Binance Coin (BNB/BTC)
It looks like Binance Coin is not yet done dropping jaws. It is printing a large bull flag on the daily chart with immediate support pegged at 0.0035.
Daily chart of BNB/BTC
A quick look at the daily chart shows that Binance Coin appears to be in the midst of a parabolic run. Should the market take out resistance of 0.004, 0.005 is the breakout target.
Just like Binance Coin, ChainLink might be en route to new all-time highs. A quick look at the daily chart shows that the market is creating a large falling wedge on the daily chart. The apex of this structure is pegged at 0.0001.
Daily chart of LINK/BTC
If ChainLink breaks out of this wedge, 0.00015 is the initial target. Take that out and the market will likely go as high as 0.0002.
We’ve been watching Decentraland ever since it managed to stay above 0.000009 on February 6. The market’s refusal to go below that level suggested that it has likely bottomed out. Decentraland did not disappoint. On February 26, the market skyrocketed to 0.00001479 from the day’s low of 0.0000094.
Daily chart of MANA/BTC
As expected, Decentraland cooled off after the pump. Nevertheless, it is painting a large bull pennant, which suggests continuation. If the market breaches the diagonal resistance, 0.0000148 and 0.0000175 are the targets.
If you want to long a coin that recently pump, take a step back and wait for the correction. In most cases, those who bought the bottom will take profits. When they do, the market will likely show signs of continuation by creating bullish patterns coupled with declining volume. When you see these signals, consider going long at the support area in anticipation of the next breakout.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.