Crypto Price Analysis: 5 Large Cap Altcoins Still in Accumulation
Over the last few weeks, a good number of mid and large cap altcoins have broken out of range accumulation and entered bull territory. Names such as Cardano (ADA/BTC), EOS (EOS), and Bitcoin Cash (BCH/BTC) have generated massive gains. Most traders and investors are fixated on these coins and are waiting for the next breakout or are buying the dip.
While these strategies are valid, it might be difficult to catch your desired entry point or build your positions because buyers have become aggressive. This is why some traders prefer to look at altcoins that have yet to pump. They give you a lot of time to accumulate positions, plus you can get in for cheap.
Here are five large cap altcoins that are still in accumulation.
It’s baffling how the second largest altcoin in terms of market cap is still in accumulation while its peers have been flying high. Nevertheless, Ethereum is still in base-building mode as it trades in a wide range between 0.026 and 0.0417.
Daily chart of ETH/BTC
Fortunately, assets tend to pump harder the longer they accumulate. On top of that, Ethereum appears to have generated a higher low at 0.0305. If you want to accumulate positions, buy as close to the higher low as possible. Ethereum will likely blast off once it takes out range high of 0.0417.
Initial target is 0.054.
Stellar has plummeted so deep that it is just beginning to bottom out. Currently, the market is range trading between 0.000021 and 0.00002978. If you’re a fan of the altcoin, you have a lot of time to build your positions.
Stellar appears to be flipping resistance of 0.000024 into support. If bulls succeed, the market will once again tap range high of 0.00002978. Otherwise, it might drop to range low of 0.000021 where it will likely print a double bottom pattern.
Above 0.00002978, the target is 0.000035.
Those who want to accumulate Monero should get a move on because the market is very likely to leave range accumulation soon. The altcoin has touched its range high of 0.014 three times in four months. The next bull attempt should finally take it out for good.
Daily chart of XMR/BTC
A look at the daily chart shows that bulls are determined to defend support of 0.013. If you’re a bottom picker, buy as close to the support as possible.
Once 0.014 is breached, targets are 0.016 and 0.018.
Ethereum Classic (ETC/BTC)
Ethereum Classic is having a superb April. From lows of 0.001013 on April 2, the market came to life and rallied to as high as 0.001563 on April 7. That price action tells us that the market is in the latter stages of base building.
Daily chart of ETC/BTC
Currently, the market is pulling back from that large April 7 green candle. Those who want to buy the dip can place bids as close to 0.00126 as possible. The market has already tapped range high of 0.001563 twice so it’s only a matter of time before bulls take it out.
Once the resistance is out of the way, the targets to watch for are 0.00172 and 0.0021.
Just like Monero and Ethereum Classic, ZCash may not linger in range accumulation for long. It has tapped range resistance of 0.01524 three times already. The supply area is most likely drained. Thus, the next advance might be the one that takes the market into bull territory.
A quick look at the daily chart shows that now would be a good time to accumulate Zcash. The market is trading close to support of 0.0134. If bulls hold this level again, they will target resistance of 0.01524. Once that level is breached, targets are 0.017 and 0.021.
While many large cap coins have already pumped, there are a handful still trapped in range accumulation. These large cap altcoins offer you the opportunity to accumulate positions while buying at steeply discounted prices.
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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