Crypto Price Analysis: 5 Altcoins to Watch This Week
Four out of the five altcoins on last week’s list traded within expectations. Ontology (ONT/BTC) and Enigma (ENG/BTC) led the pack as both managed to breach key resistance areas and flip them into support levels. They are closely followed by NEO (NEO/BTC) and Ripple (XRP/BTC) as both markets inch closer to take out their respective resistances.
The only altcoin that moved outside of expectations was Stellar (XLM/BTC). Stellar bulls flexed their muscles and continued to ascend regardless of overbought readings.
This week, we look at altcoins that flash considerable signs of strength. Here are the five altcoins to watch this week.
Cardano’s chart shows tremendous bullish potential. The market appears to be in the final stages of range accumulation as bulls strategically build higher lows en route to resistance of 0.0000135.
Daily chart of ADA/BTC
We expect Cardano to breach this resistance soon. A move above 0.0000135 will trigger the breakout from the massive inverse head and shoulders pattern on the daily chart. The initial target is 0.000017.
If you’re a bottom-picker or a long-term position trader, you should definitely consider Monero. The market has been in accumulation for about three months now and it looks ready to break out soon.
Daily chart of XMR/BTC
Just like Cardano, Monero is also building one higher low after another to stage an attack on resistance of 0.014. Currently, the market is flipping range midpoint of 0.013 into support. If Monero stays above this level, bulls will likely ignite a rally to 0.014. Take out 0.014 and 0.016 is next.
Another market that looks strong is Dash. Like Cardano and Monero, Dash is building one higher low on top of another to sustain its ascent. This level-to-level move will likely power the market to breach key resistance areas.
Daily chart of DASH/BTC
We expect Dash to continue its base building efforts in the coming weeks. However, position traders and bottom-pickers should consider going long now and build volume while Dash is relatively cheap. Once the market goes above 0.026, the volatility might make it difficult for you to find a good entry point.
Zcash has an interesting chart. It recently broke out of a large falling wedge on the daily chart. Unfortunately, the breakout volume was not really exciting. Thus, the rally that one can expect from a breakout of this magnitude is stalling.
Daily chart of ZEC/BTC
Nevertheless, as long as Zcash trades above 0.013, it will attract more bargain hunters and position traders. Our targets are 0.01524 and 0.017.
The last altcoin on our watchlist this week is ICON. The market recently broke out of a large rounding bottom pattern on the daily chart. Now, it is working hard to flip 0.000084 resistance into support.
Daily chart of ICX/BTC
If bulls manage to not fall too much below 0.000084 and stay above this level soon, it is very likely that they will continue their assault to 0.00014. Otherwise, ICON might correct to 0.000076.
For the past two weeks, altcoins that moved beyond our expectations did so in a bullish fashion. This is a strong signal that many coins are clawing their way out of the bear market. We expect the ones on this list to commit to that trend.
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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