Crypto Price Analysis: 5 Altcoins to Watch This Week

Crypto

Last week’s correction has driven many altcoins to breach their key support areas. This weakness was led by none other than Bitcoin as the leading crypto has begun to lose steam. It printed a lower high of $13,200 on July 10th and that started the downward spiral for many cryptocurrencies against USD.

Thus, for this week, we’ll look at crypto tokens in their BTC pairs. Here are the five altcoins to watch this week.

Binance Coin (BNB/BTC)

Binance Coin is a market that’s showing signs of reversal. First, the crypto token is respecting support of 0.0025. It should be noted that this is only the second time that the market is touching this support. Therefore, the demand area is far from drained. In addition, the cryptocurrency is flashing a bullish divergence on the daily RSI.

BNB crypto chart
Daily chart of BNB/BTC

If you’re interested in opening a fresh long, buy as close to 0.0025 as possible. The target for the bounce is 0.00345.

Stellar (XLM/BTC)

Stellar is at the point where it either resurges or it dies. It is trading close to historic lows of 0.00000732. Breach that level and the crypto should be in a price discovery mode and not in a good way.

XLM chart
Daily chart of XLM/BTC

Fortunately, Stellar appears to be respecting support of 0.00000732. In addition to that, the altcoin is trading in oversold territory on the weekly RSI. A bounce is likely to happen soon.

If you’re interested in bottom picking Stellar, buy as close to 0.00000730 as possible with super tight stops. The target for the bounce is 0.00001245.

Bitcoin Gold (BTG/BTC)

Bitcoin Gold is a market that’s starting to show signs of life. On June 26th, it broke below support of 0.0025. The crypto traded below the support for over two weeks. Recently, however, bulls have fought back.

BTG crypto chart
Daily chart of BTG/BTC

A look at the daily chart shows that Bitcoin Gold has reclaimed support of 0.0025. This tells us that the breach below the support was nothing but a good old fashioned shakeout. Now that weak hands have been shaken out, we expect the cryptocurrency to rally.

Buy as close to support of 0.0025 as possible. The quick target is resistance of 0.0036.

Basic Attention Token (BAT/BTC)

Another market that’s looking good for bottom picking is Basic Attention Token. The market is trading very close to weekly support of 0.000023. This is a support area that has never been breached since December 2017.

BAT crypto chart
Daily chart of BAT/BTC

If you’re looking to long this crypto, consider buying as close to 0.000023 as possible. The target for the bounce is 0.000033.

MonaCoin (MONA/BTC)

Our final pick for the week is MonaCoin. The crypto is trading near oversold conditions. On top of that, it is hovering at support of 0.00017 where the 200-day moving average is also crawling and acting as support.

MONA crypto chart
Daily chart of MONA/BTC

So far, support of 0.00017 is holding so this tells us that bulls are making their presence felt. If you’re interested in bottom picking the market, buy as close to 0.00017 as possible with a tight stop. The target is 0.000245.

Bottom Line

Bitcoin is starting to show signs of weakness which gives many altcoins the opportunity to bounce, especially those who have been badly beaten. We have provided five altcoins that are showing signs of reversal. Keep your stops tight and all will be well.

 

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.