Crypto Price Analysis: 5 Altcoins to Watch This Week
Five of the five altcoins from last week’s crypto list moved according to expectations. Dogecoin (DOGE/BTC) led the pack as it rallied from our bottom-picking target of 0.00000027 to our initial target price of 0.00000035. Next in line is ChainLink (LINK/BTC) as it continues to correct towards our bottom-picking target of 0.000228.
The rest have managed to keep key support areas intact. Ethereum (ETH/BTC) is starting to show signs of bullishness. It is now trading above 0.025 support. In addition, NEM’s (XEM/BTC) double bottom structure appears to be holding. The same is true for Bitcoin Gold (BTG/BTC).
This week, we look at altcoins in their USD pairs. Here are the five altcoins to watch this week.
We start our list with Ripple. “The Standard” continues to consolidate within a bull flag with a wide range. On July 7th, the crypto token dropped to our current range low of $0.38. Fortunately, bulls respected the support. This tells us that the market is very likely to bounce.
Since bulls held their ground, we expect Ripple to target our current range midpoint of $0.4275. Take that out and the range high of $0.475 is next.
Ethereum bulls managed to keep control of the market by converting resistance of $275 into support. Bears tried to breach this level last week but buyers bought the dip. With the support holding, we can see Ethereum targeting this year’s high.
As long as the number two crypto is above $275, it will target $360. Take that out and the next resistance is $420.
Even with the recent correction, Litecoin’s uptrend remains strong. Bulls are working hard to stay above $110. Fortunately for them, the diagonal support is working in their favor.
A look at the daily chart shows that this crypto is likely to consolidate around $110 for the next several days. We expect the coin to touch the diagonal support before resuming its uptrend.
Above $110, the targets are $145 and $180.
TRON has been correcting for over a month after posting the 2019 high of $0.040839 on June 2nd. The good news is that market participants have bought the dip. This tells us that the crypto is likely to print a fresh 2019 high soon.
The daily chart tells us that TRON has successfully retested support of $0.030. With this price action, bulls are now targeting resistance of $0.038. Above that level, the next target is $0.050.
The final selection for the week is Stellar. Just like TRON, Stellar has been correcting after printing the 2019 high of $0.16175778 on May 16th. Nevertheless, it appears that the retracement is over.
Stellar appears to have backtested support of $0.098. On top of that, the market respected the diagonal support. These are clear bullish signals.
The strategy here is to consider buying as close to $0.098 as possible. The target is the current range high of $0.136.
Large-cap cryptos have corrected over the last few weeks but the retracement has enabled many to cement new support levels. So for this week, we expect these coins to continue trading above their new-found support areas before rallying to our targets. Have fun trading and always stay safe by placing stop losses.
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.