Crypto Price Analysis: 5 Altcoins to Watch This Week

Crypto

Five out of the five coins included in last week’s crypto list moved according to expectations. It was led by Litecoin (LTC/BTC) as it rallied and it is now heading to our key support as predicted. Ethereum (ETH/BTC), Bitcoin Cash (BCH/BTC), NEM (XEM/BTC), and Cardano (ADA/BTC) are hanging on for dear life as they trade near key support areas.

The next 48 hours are crucial for four of the above coins. We are seeing toppish signals from bitcoin as it hits a key monthly resistance area. If bitcoin continues to retrace, these coins will likely make a strong push.

This week, we switch it up and look at altcoins and their USD pairs. There are a handful of cryptocurrencies that look mighty bullish against the dollar in spite of bitcoin’s short-term weakness. Here are the five cryptos to watch this week.

Ripple (XRP/USD)

Ripple has one of the most bullish charts in crypto from a macro perspective. The cryptocurrency has been in range accumulation for about 10 months now. However, it is starting to come to life.

XRP crypto chart
Weekly chart of XRP/USD

Although it’s still in accumulation, Ripple has cleared the first hurdle of $0.39. With that breach, it is now targeting range high of $0.62. If you want to long Ripple, consider buying as close to our new range low of $0.39.

TRON (TRX/USD)

Another chart that’s looking bullish is TRON. This crypto is flying under the radar because it has yet to make a big move. This is good for those who want to long the market.

Tron crypto chart
Weekly chart of TRX/USD

TRON has broken out of an inverse head-and-shoulders pattern on the weekly chart. This means that the market is in a strong uptrend on the longer timeframe. In other words, it is a strong buy on dips candidate.

Consider buying as close to support of $0.28 and selling the range high at $0.41.

Cardano (ADA/USD)

Cardano is following the footsteps of our first two selections. In Cardano’s case, we’ll use the USDT (Tether US) chart because its USD chart on Kraken is quite limited.

Cardano crypto chart
Weekly chart of ADA/USD

A quick look at the weekly chart shows that it has also broken out of an inverse head-and-shoulders pattern. As long as $0.086 support is intact, the targets to look for are $0.122 and $0.17.

Cosmos (ATOM/USD)

Another bullish altcoin is Cosmos. It is printing multiple bullish signals as it consolidates.

Cosmos crypto chart
Daily chart of ATOM/USD

The daily chart reveals a massive bull flag. On top of that, ATOM continues to respect its diagonal support or uptrend line. If you want to hop on this train, there are two ways to consider. You could buy the support of the flag at $5.50 or you could buy the breakout at $7.00.

The initial target is $8.90.

Basic Attention Token (BAT/USD)

As the last crypto on the list, we have Basic Attention Token. It is our bottom-picking target for the week as it approaches a key support level.

Basic Attention Token crypto chart
Weekly chart of BAT/USD

Basic Attention Token is painting a bull pennant on the weekly chart. This pattern suggests that the market will resume its uptrend once consolidation is over. Fortunately, the pennant is nearing key support of $0.30. That seems like a good price level to long the market. If it holds, the initial target is $0.50.

Bottom Line

Cryptocurrencies in their USD pairs are showing significant strength. These five are the cream of the crop. They present buying opportunities while flashing long-term bullish sentiment. 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.
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, InvestorAcademy.org 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.