Crypto Price Analysis: 5 Altcoins to Watch This Week

Last week, many altcoins in their BTC pairs continued to shed blood as bitcoin (BTC/USD) pulled off a massive disbelief rally. The king of cryptocurrencies rose to as high as $7,581.82 on Coinbase yesterday, May 12, 2019. As a result, many coins capitulated over the weekend.

So for this week, we look at altcoins in their USD pairs. Many show signs of stability. Some are even bullish as bitcoin’s rising tide managed to lift some boats. Here are the five altcoins to watch this week.

Ethereum (ETH/USD)

With all the attention on bitcoin, many people seem to miss that Ethereum is slowly creeping up. It is gradually positioning to take out resistance of $200. Take that out and we might see Ethereum pull off its own massive disbelief rally.

ETH chart
Weekly chart of ETH/USD

The weekly chart reveals that the market is painting an ascending triangle. The structure reminds me of bitcoin’s ascending triangle before it breached resistance of $4,250. You know what happened after BTC/USD took out the resistance.

If you want to open a fresh long position, wait for ETH/USD to breakout and retest $200 as support. Above $200, the target is $365.

Litecoin (LTCUSD)

We like Litecoin because it managed to retest weekly support of $65. In the process, it converted the former resistance into a support level.

Litecoin chart
Weekly chart of LTC/USD

With $65 now acting as support, Litecoin is positioning to take out resistance of $100. If you’re looking to open a fresh long position, buy as close to $65 as possible. Your target is range high of $100.

Stellar (XLM/USD)

Looks like Stellar is back from the dead. We have this view because the market managed to recover critical support of $0.0957. The recovery appears to have charged Stellar with bullish momentum as it also broke out of a large falling wedge on the 12-hour chart.

Stellar Chart
12-hour chart of XLM/USD

If you’re looking to long the market, buy as close to $0.0957 as possible. The target is the resistance of $0.1098.

Tezos (XTZ/USD)

Tezos is in a strong uptrend. In about a couple of months, it climbed from $0.40 to as high as $1.51 on April 23rd. While the market is correcting, we have the chance to buy the dip.

Tezos Chart
Daily chart of XTZ/USD

If you’re looking to long this coin, buy as close to $1.10 support as possible. The daily RSI is painting a large falling wedge. A breakout will likely lead to the resumption of the uptrend.

Our targets are $1.50 and $1.75.

Cosmos (ATOM/USD)

Our final entry for the week is Cosmos. We like the market because even though it is still in accumulation, it wants to get out of it very quickly. A look at the 4-hour chart shows that Cosmos is creating an ascending triangle.

Cosmos Chart
4-hour chart of ATOM/USD

If you want to long the market, the best move is to wait for Cosmos to take out $5.00 and retest it as a support area. Should that happen, the initial target is $7.00.

Bottom Line

This week, we look at altcoins in their USD pairs. Many have benefitted from bitcoin’s rise. Even if bitcoin corrects this week, we’re convinced that the coins on this list will continue to perform well.

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.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.