Crypto Price Analysis: 5 Altcoins to Watch This Week
All five of the coins included in last week’s list moved according to expectations. We were so right on the money that some of the picks hit our projected target prices in one week. Ethereum (ETH/USD) led the pack as it is now trading around $250. It is followed by Tezos (XTZ/USD), Stellar (XLM/USD), and Litecoin (LTC/USD). All of these altcoins tapped their respective target prices. Cosmos (ATOM/USD), the final altcoin on the list, is still positioning to take out its resistance.
For this week, we continue to look at coins in their USD pairs. Here are the five altcoins to watch this week.
Ripple has come to life when it breached resistance of $0.38 on May 14, 2019. It now must stay above this level to retain its bullish momentum.
Daily chart of XRP/USD
A look at the daily chart shows that bulls are struggling to defend $0.38. Failure to do so might send the market back down to range low of $0.30. Otherwise, the target for Ripple is $0.50.
EOS looks mighty strong. It appears to have breached resistance of $6 and in the process, triggered an inverse head and shoulders breakout on the daily chart.
Daily chart of EOS/USD
If bulls can cement this breakout, EOS would have completed a technical reversal. This means that the market is no longer in a downtrend. If that’s the case, the initial target is $10.
Cardano is another market where bulls are flexing their muscles. We have this view because Cardano has managed to convert resistance of $0.06 into support. After doing that, it is now in the process of flipping resistance of $0.07 into support.
Daily chart of ADA/USD
If Cardano can stay above $0.07, the initial target is $0.10. Above that, there’s no known resistance for Cardano on Kraken.
Ethereum Classic (ETC/USD)
Ethereum Classic may be in the latter stages of base-building. The market is now threatening to take out resistance of $8. If bulls succeed, the breach of the resistance will trigger the breakout from a large cup and handle pattern on the daily chart.
Daily chart of ETC/USD
If you’re looking to long this coin, buy on the breakout and retest of $8. The target price after the breakout is $12.
Our final pick for this week is Qtum. The market appears to be breaking out from an ascending triangle pattern as it works hard to finally breach resistance of $3.
Daily chart of QTUM/USD
We’re confident that Qtum will finally take out the resistance. That supply is already drained as bulls have tapped it more than five times in five months. If you plan to go long, buy after the retest of $3 as support. Target prices are $3.70 and $5.
We continue to monitor altcoins in their USD pairs that show strength. This week, our candidates are either in the process of breaking out or looking to sustain a previous breakout. We have mapped out key levels for you. All you have to do is execute.
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.
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