Crypto Price Analysis: 5 Altcoins to Watch This Week
All five out of the five altcoins on our last week’s list moved according to expectations. EOS (EOS/USD), Bitcoin Cash (BCH/USD), and Dash (DASH/USD) led the charge as these coins not only hit targets, but also exceeded them. It is followed by Monero (XMR/USD) after blowing past a key resistance level and it is enroute to our target. Even IOTA (IOTA/USD) moved, and it is now threatening to take out its range resistance.
This week, we continue to look at altcoins and their USD base pair. In addition, we’ll give bottom picking and breakout trading entries. Here are the five altcoins to watch this week.
We like TRON because it is not getting the attention it deserves. Last week, it did not pump as hard as Bitcoin (BTC/USD) and other coins but it has been slowly positioning to take out its immediate resistance of $0.03.
Daily chart of TRX/USD
A look at the daily chart shows that TRON is painting a large inverse head and shoulders pattern. Resistance of $0.03 has been tapped three times this year. We think it will collapse in the next rally.
Buy at the breakout and retest of $0.03. Targets are $0.0358 and $0.0435.
Cardano is having a monster 2019. It looks like the market is not yet done dropping jaws.
Daily chart of ADA/USD
While it is threatening to take out resistance of $0.095, it is currently in overbought territory. Thus, Cardano can do one or the other. It might continue consolidating and retreat to support of $0.08. At that point, a possible inverse and head shoulders pattern will be in play.
On the other hand, Cardano can simply ignore overbought readings and continue its parabolic ascent. In this case, buy the breakout and retest of $0.095 with the initial target being $0.109. Above that, it is blue skies for Cardano.
From a technical perspective, Stellar is in the same boat as Cardano. The market is also positioning to take out immediate resistance of $0.147.
Daily chart of XLM/USD
Unlike Cardano, Stellar has only tapped its range resistance once. Therefore, it is very likely that bears will repel the next bullish advance. This gives you the chance to buy the possible pullback at $0.115. Otherwise, buy the breakout and retest of $0.147.
Targets are $0.18 and $0.24.
NEO is another market that’s positioning to take out its immediate resistance of $13.70. However, it is currently flashing overbought readings. On top of that, resistance of $13.70 has only been tapped once. This makes us think that NEO will correct at least one more time before it can break out from range resistance.
Daily chart of NEO/USD
If our read is correct, you can pick up NEO at support of $10.50. On the other hand, you can buy the breakout and retest of $13.70.
Once the resistance is taken out, the target to watch for is $25.30.
The last altcoin to join this week’s list is VeChain. It is also positioning to take out its immediate resistance of $0.0085. However, the market is already in overbought territory and it is still a few laps away from the resistance. Thus, a retracement might be in the corner.
Daily chart of VET/USD
Should VeChain correct as expected, you can pick up positions at support of $0.0068. If it continues to move bullishly, buy the breakout and retest of $0.0085.
Initial target is $0.01. Take that out and the next target is $0.012
While the crypto market looks bullish, many altcoins are massively overbought. This is why we can expect some form of correction in the coming days. Thus, be ready to buy on dips when this happens.
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.