Crypto Price Analysis: 5 Altcoins to Watch This Week
All five of the coins included in last week’s list moved according to expectations. Litecoin (LTC/USD) led the charge as it breached a key resistance level and it is now in the midst of a breakout rally. It is followed by Monero (XMR/USD) as the crypto is slowing inching towards our target. Up next are NEO (NEO/USD) and Stellar (XLM/USD). Both are still positioning to break out of range accumulation.
Finally, we warned last week that Ethereum (ETH/USD) will likely correct. It is now pulling back as expected.
This week, we continue to look at altcoins in their USD pair. Here are the five cryptos to watch this week.
Dash appears to be preparing for a monster move up. It is positioning to take out resistance of $180 on Kraken. We expect the market to go ballistic if it breaches that level.
The crypto is painting a large inverse head-and-shoulders pattern on the weekly chart. If you’re interested to buy Dash, you might have better luck if you do so on the breakout and retest of $180 as support. The target is the resistance level of $290.
Zcash is one step ahead of Dash. The market has broken out of a large inverse head-and-shoulders pattern on the daily chart. The breakout pushed the market to as high as $97.95 on May 30, 2019.
Those who want to buy should wait for the retest of $74 as support. Zcash is currently overbought so a retracement may be on the horizon. The target for this crypto is the resistance level of $120.
Bitcoin Gold (BTG/USD)
Bitcoin Gold is a crypto that’s threatening to break out of range accumulation after a stellar performance over the last few weeks. However, we think that the market is not yet ready to go interstellar. We believe that it needs to pull back first before it can skyrocket.
There are two ways to approach this trade. If Bitcoin Gold corrects, as we expect it to, pick up positions as close to $22 as possible. Otherwise, buy on the breakout and retest of $30 as support. Either way, the long-term target is $70.
Qtum is a market that has just escaped a long accumulation period. The crypto broke out of a large Adam and Eve double bottom pattern on the daily chart on April 2, 2019, when the market breached resistance of $3.
While bears were able to drive the price below $3, bulls eventually recovered it. Thus, the strategy now is to buy as close to support of $3 as possible. The initial target is the resistance level of $4.
Our last pick for this week is OmiseGo. The market looks primed to take out resistance of $2.50. If it does, we expect people to buy due to the fear of missing out (FOMO).
The crypto appears to be creating a large ascending triangle on the daily chart. If you want to open a fresh long position, wait for the breakout and retest of $2.50. Above that level, the target is $4.50.
Cryptocurrencies in their USD pairs continue to look bullish. For this week, we looked at midcap cryptos as they appear to be next boats to be lifted by the rising tide. Good luck trading this week.
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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