Crypto Price Analysis: 5 Altcoins to Watch This Week
Five out of the five altcoins on last week’s list moved according to expectations. It was led by Crypto.com (CRO/BTC). This crypto token hit our initial target within one week and grew by over 42 percent.
Ravencoin (RVN/BTC) followed suit in terms of bullishness as it positioned to take out its range midpoint. Cardano (ADA/BTC) is next; the cryptocurrency bounced off its support and rallied over the last few days. Lastly, we have Litecoin and Tezos. Both continue to trade above their key support areas.
For this week, we continue looking at altcoins in their BTC pairs. Here are the five altcoins to watch this week.
Our first crypto pick for this week is Monero. The privacy coin appears to have finally bottomed out. We have this view because on June 26th, the market generated volume of over 287,000. Looking at the pair’s trading history, that’s the largest volume ever recorded on Binance. That can easily be interpreted as the capitulation volume.
In addition to the capitulation volume, Monero appears to have created a double bottom at 0.0075. So, if our read is correct, buy on strength when the market takes out resistance of 0.0094. The target is 0.0112.
Zilliqa is a market that deserves a relief rally. It has been trading within a descending channel for most of 2019. Due to this bearish pattern, the crypto is down by almost 80 percent year-to-date.
Nevertheless, the market is showing reversal signals. We can see large bullish divergence on the daily RSI. On top of that, volume has dramatically declined over the last few months. This tells us that people are no longer interested in dumping this coin at current price levels.
If you’re interested in bottom picking Zilliqa, buy as close to 0.000001 as possible with a tight stop. If the market bounces as we expect it to, the target is 0.000002.
Lambda is one of the few coins that are bullish against Bitcoin. On July 4th, the crypto took out resistance of 0.00002. This triggered the breakout from a large rounding bottom on the daily chart.
While the market pulled back below the neckline, the good news is that Lambda has managed to recover 0.00002 today. If you want to open a fresh long position, wait for Lambda to retest 0.00002 as support. If it does, the market will target resistance of 0.0000273.
Theta Token (THETA/BTC)
Theta Token is another solid bottom picking entry crypto because it just pulled off a clear bear trap. The market broke below support of 0.000011 on June 26th. However, bulls kept the market close to that price area. This enabled the bulls to recover the support on July 17th.
Now that the market is trading above 0.000011, we can easily interpret the false break as a spring. If that read is correct, wait for the retest of 0.000011 as support. If it holds, the target is the range high of 0.000022.
UNUS SED LEO (LEO/BTC)
LEO may be on the same boat as Theta Token. The crypto also broke below the crucial support of 0.00013 on July 9th. However, bulls eventually reclaimed that price area on July 27th. This could be another case of a Wyckoffian spring.
If you want to bottom pick the crypto token, buy as close to support of 0.00013 as possible. As long as the support holds, the target is resistance of 0.00017.
Many altcoins are starting to show signs of strength against bitcoin. This comes at a time when the king of cryptocurrencies is losing steam. Same as last week, keep your stops tight and follow the levels that we’ve mapped out for you.
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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