Crypto Price Analysis: 5 Altcoins to Watch This Week
All five of the coins included in last week’s crypto list moved according to expectations. EOS (EOS/USD) led the pack as it breached a key resistance and is currently enjoying a strong breakout rally. It is followed by Ripple (XRP/BTC) and Cardano (ADA/USD). Those two coins are moving bullishly as of this writing. Lastly, Qtum (QTUM/USD) and (ETC/USD) are still threatening to break out of consolidation.
For this week, we continue to look at coins in their USD pairs. Here are the five altcoins to watch this week.
Litecoin is giving us exciting price action. A look at the weekly chart shows that this crypto has broken out of an inverse head and shoulders pattern when it breached resistance of $96 on May 24, 2019. This is a reliable signal that the market is no longer in bear territory from the macro perspective.
Currently, Litecoin is experiencing a solid breakout rally. While the market is long-term bullish, we suggest that you wait for the rally to fade before entering fresh long positions. Litecoin is overbought on the daily and weekly charts.
As long as the crypto is above $96, the target is $200.
Ethereum looks strong. Bulls are flexing their muscles after breaking out of a rounding bottom pattern on the weekly chart when the altcoin breached resistance of $230 on May 15th. Just like Litecoin, the breakout marks a trend reversal on the longer timeframe.
Currently, Ethereum is consolidating above $230. If bulls can stay above this level, the target is $385.
Monero is following the footsteps of Ethereum. The cryptocurrency also looks bullish from the macro perspective. It broke out of a rounding bottom pattern on the weekly chart when it breached resistance of $85.
If you like Monero, buy as close to $85 as possible. The target is $130.
Stellar is a market that’s looking to break out from a five-month-long accumulation. It might do so this week as the cryptocurrency positions to take out resistance of $0.135. A move above that level enables Stellar to break out from an inverse head and shoulders pattern on the daily chart.
If you want to buy this crypto, do so on the breakout and retest of $0.135. The target is $0.182.
Last on our list this week is NEO. Just like Stellar, NEO is threatening to break out of range accumulation. It is in a very good position to do so after recovering the diagonal support. The uptrend line tells us that NEO might break out of an ascending triangle pattern this week.
If you’re a buyer, wait for the market to retest $13.50 as support. A convincing breakout should send NEO to $21.
We continue to look at altcoins with their USD pairs. For this week, we looked at coins that have either reversed their trend on the longer timeframe or are almost ready to explode. Have fun trading!
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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