Crypto Price Analysis: 5 Altcoins to Watch This Week
Four out of the five altcoins on last week’s list traded according to our expectations. Basic Attention Token (BAT/BTC) led the pack as it breached multiple resistances to generate all-time highs on Binance. Augur (REP/BTC) followed, as it broke out of a symmetrical triangle. On the other hand, Moeda Loyalty Points (MDA/BTC) and Radio Network Token (RDN/BTC) continued to range higher while threatening to take out their respective resistances.
The only pick that disappointed was Enjin Coin (ENJ/BTC). The market broke down from the possible bull pennant and may be headed for a deeper drop.
This week, we switch things up a bit and look at large cap names and their US Dollar denomination. Here are the five altcoins to watch this week.
It looks like the EOS rampage is not done yet. While it is struggling to go above resistance of $4.50, it is creating a cup and handle pattern on the daily chart. This pattern is a strong indication that the market is very likely to resume its uptrend soon.
Daily chart of EOS/USD
A break of $4.50 resistance is likely to drive EOS up to $5.80. We believe that the market will consolidate at that level for some time before making another move.
Bitcoin Cash (BCH/USD)
Bitcoin Cash started to show bullish signals on the second week of March when it breached multiple resistances. It first took out the diagonal resistance of the symmetrical triangle on the daily chart on March 15, 2019. It then proceeded to breach the horizontal resistance of $153 on March 16 and flipped it into support on March 17.
With no huge rally after the breakouts, it may seem that price is not reflecting the strong bullish action. However, you can clearly see the large volume upticks in the last couple of weeks. This tells us that demand is back for Bitcoin Cash. If our read is correct, the market may be headed to $222.
We’ve been waiting for Monero to give us some exciting action for a while now. Looks like we’re about to get it. The market is in the process of taking out resistance of $57. Once the breach is confirmed, it will trigger the breakout from the large ascending triangle on the daily chart. It will also push the market out of range accumulation and into bull territory.
Daily chart of XMR/USD
When $57 is confirmed to be breached, $76 is likely to be an easy target for Monero. So if you’re a breakout trader or a trend follower, wait for the market to retest support of $57 before placing buy orders.
Dash has a similar market structure to that of Monero, but it is a few steps ahead. On March 30, it took out resistance of $95. This triggered the breakout from the ascending triangle pattern on the daily chart.
Daily chart of DASH/USD
Now, the market is looking extremely bullish as it has been posting green candles in the last six days. However, it may be best to have a contrarian stance here and wait for the pullback. Our buy zone is between $95 and $100.
IOTA is our bottom-picking selection for this week. While it is not as bullish as the other four coins on this list, it actually presents a unique opportunity to buy and build your IOTA stash before the market becomes bullish. Currently, the market is still in range accumulation. However, it appears that bulls are laying the foundation of an uptrend.
Daily chart of IOTA/USD
If you want to build your IOTA positions, buy as close to $0.28 as possible. No rush though because it looks like the market will not break out of $0.40 resistance soon.
With the overall sentiment leaning bullish, it’s a good idea to start buying altcoins using the US Dollar. EOS and Monero offer quick gains as they threaten to take out key resistance levels. On the other hand, Bitcoin Cash and Dash might need to go through some consolidation so you can afford to wait here. Lastly, IOTA is not yet going anywhere but it gives you the chance to build your positions.
It looks like we’re most likely going to have another week dominated by the bulls.
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.