Crypto Price Analysis: 5 Altcoins to Watch This Week
Now that we’re more familiar the bullish pulse of the market, five out of the five altcoins on last week’s list traded within expectations. Cardano (ADA/BTC) led the way as it strongly breached a key resistance and broke out from an inverse head and shoulders pattern. It was followed by Zcash (ZEC/BTC) after reaching our initial price target.
In addition, Monero (XMR/BTC), Dash (DASH/BTC), and ICON (ICX/BTC) all managed to stay above key support areas while continuing to build a new higher low base. Pay attention to Monero and Dash. Due to similar technical setups it is likely that if one moves, the other will make a move as well.
This week, we focus on coins that show potential for a strong pump. Here are the five altcoins to watch this week.
Basic Attention Token (BAT/BTC)
Basic Attention Token has the potential to generate new all-time highs. It is close to taking out diagonal resistance of 0.0000516. This will trigger the breakout from a symmetrical triangle pattern on the weekly chart.
Weekly chart of BAT/BTC
The next level of resistance to break for BAT/BTC would be 0.00006. Breach that area and it’s blue skies for Basic Attention Token. In other words, there’s no resistance above 0.00006 so there’s no telling for sure how high the market can go.
Enjin Coin (ENJ/BTC)
On March 8, the market broke out of a rounding bottom pattern after breaching resistance of 0.000028. In the process, it climbed as high as 0.00006391 and impressed many crypto enthusiasts. Even though Enjin Coin has gained so much over the last few weeks, it appears that the market is not done with its rally.
Enjin Coin is painting a large bull pennant on the daily chart to suggest bullish continuation. Watch for the break of the diagonal resistance with heavy volume. When that happens, it is likely that Enjin Coin skyrockets to 0.000064.
Moeda Loyalty Points (MDA/BTC)
Moeda Loyalty Points has the potential to pull off a massive rally similar to the March 8 Enjin Coin surge. The market is printing a large inverse head and shoulders pattern on the weekly chart.
Daily chart of MDA/BTC
The key level to breach is 0.000338. Take that out and the immediate target is 0.000485. However, we believe that Moeda Loyalty Points can go higher than that once it breaks out.
Augur started the year with a bang. It broke out of a rounding bottom pattern on the daily chart when it breached resistance of 0.003 on January 16. This catapulted the market to as high as 0.005483 on January 20.
Since then, the market has been correcting. Nevertheless, it remains bullish as it constructs a large symmetrical triangle pattern while in consolidation.
Daily chart of REP/BTC
If you want to long the market, wait for it to break the diagonal resistance and flip it into support. This will signal that sellers are out of ammunition. Should that happen, the target is resistance of 0.0055.
Radio Network Token (RDN/BTC)
Our bottom-picking target for this week is Radio Network Token. Unlike most of the coins in this list, RDN/BTC has yet to break out of range accumulation. Nevertheless, bulls have recently managed to control the range midpoint of 0.000079.
Daily chart of RDN/BTC
Another thing working for Radio Network Token is the golden cross between the 50-day moving average and the 200-day moving average. This indicates that market has become bullish. If that read is correct, RDN/BTC should climb the top end of our range of 0.0001118.
A few months ago, altcoins that showed slight signs of bullishness were seen as dump opportunities. This time, you can feel the difference. Even though the breakout rallies were met with selling, people are buying the dip. As a result, we can see numerous continuation patterns. This affirms our bias of continuing to going long on certain altcoins, such as the ones on this week’s list.
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.