Crypto Price Analysis: 5 Altcoins to Watch This Week
Five out of the five cryptos included in last week’s list moved as expected. TRON (TRX/USD) was leading the crypto list as it rallied and it is now close to hitting our price target. It was followed by Ripple (XRP/USD) after clearing the first hurdle and gradually working its way to our target price. Cosmos (ATOM/USD) is closely following suit as it threatens to breach a key resistance area. Lastly, Cardano (ADA/USD) and Basic Attention Token (BAT/USD) have managed to keep crucial support areas intact.
This week, we switch it up and look at altcoins in their BTC pairs. Bitcoin’s impressive breach of the $10,000 resistance over the weekend has driven many crypto tokens to the point of capitulation. Here are the five altcoins to watch this week.
We’ve been watching Cardano for some time now, waiting for clear reversal signals. We’re getting strong signs that it is currently carving a bottom.
A look at the daily chart shows that Cardano respects our line in the sand of 0.0000085. Bulls responded to the call when the market dropped to this level. The significant volume uptick tells us that buyers are showing up. Also, we can see a bullish divergence on the daily RSI.
If you want to open a fresh long position, consider buying as close to 0.0000085 as possible. Targets are 0.00001 and 0.000012.
Litecoin may look short-term bearish but the long-term outlook remains bullish. This view remains valid as long as the 200-day moving average (MA) is respected as a support level.
The daily chart shows that Litecoin appears to be forming a large triangle. This pattern is a continuation structure which suggests consolidation. The view remains valid as long as the diagonal support is defended. Also, notice that the diagonal support is aligned with the 200-day MA.
Consider buying as close to 0.0123 as possible and selling at 0.0165 for the possible swing high.
Ripple is an obvious bottom picking target. The crypto is headed for strong support of 0.00004.
If you want to open a fresh long position, it may be a good idea to buy as close to 0.00004 support as possible. From the short-term perspective, we expect the crypto token to create an Adam and Eve double bottom pattern. If our read is correct, targets are 0.00005 and 0.00006.
EOS has nosedived over the last few days. However, recent signals tell us that this crypto will stabilize soon.
The daily chart reveals that EOS wants to hold support of 0.00065. Bulls emerged when the market dropped to that level on June 22, 2019. While the bounce was short-lived, we can see a bullish divergence forming. This tells us that bulls are gaining momentum and preparing to establish a bottom at current levels.
Should bulls hold the support, the initial target is 0.000736.
Bitcoin SV (BSV/BTC)
Bitcoin SV is our final selection for the week. It is the only bullish coin on our list.
The market is in an uptrend after it took out resistance of 0.02 on May 29th. This triggered the breakout from a rounding bottom pattern on the daily chart. The breakout ignited a rally that saw the pair climb as high as 0.030276 on June 5th.
Currently, BSV/BTC is consolidating as it paints a bull pennant. Thus, buy at the apex of the structure at 0.02. If it breaks out of the pattern, the target is 0.03.
Cryptocurrencies in their BTC pairs are showing major capitulation signals. Many look as if they’re ready to die but it is this sentiment that tells us that the bottom might be in. Thus, consider buying the cryptos listed here with very tight stops. Keep in mind, altcoins have the tendency to erase losses in a matter of weeks. If you buy the bottom, your portfolio might look different in the next month or so.
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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