Crypto Price Analysis: These 3 Cryptos Are Ripe for Bottom Picking
As Bitcoin struggles to stay above the psychological support of $10,000, many cryptos are now trading near their historical support levels. These coins have given up almost all of their gains from the previous bull market. For many, this is an ultra bearish sign because all hope for a bull market is lost. For bottom pickers, this is actually a good signal. These markets have hit the reset button and are in a great position to start a new cycle.
We are firm believers of the latter until historical lows have been breached. The altcoin markets are so depressed against bitcoin that many are at the point of maximum financial opportunity. With this in mind, here are three cryptocurrencies that are ripe for bottom picking.
Ark (ARK/BTC) Crypto Analysis
Ark’s crypto winter has persisted for almost two years now. After posting an all-time high of 0.001229 in September 2017, the market just went downhill. Recently, it dropped to as low as 0.00002896 on July 19, 2019. That’s a mind-blowing devaluation of 97.64%.
A look at the daily chart shows that ARK is trading close to an all-time low of 0.0000221. It is also oversold on the weekly timeframe. Therefore, if you want to bottom pick Ark, buy as close to 0.0000221 as possible. Alternatively, you can also buy once the market trades above 0.00004. We would rather see Ark show signs of strength as a posed to dropping to the all-time low.
If bulls can keep the cryptocurrency from printing a fresh low, Ark will likely target 0.0001.
Lisk (LSK/BTC) Crypto Analysis
Lisk is in the same boat as Ark. It is also in the worst part of its bear market. It is down by 95 percent from the all-time high of 0.003483 as it trades around 0.000161 now. If you’re new to trading, you probably won’t see the opportunity that Lisk presents at current levels.
A look at the weekly chart shows that the market is oversold. On top of that, Lisk appears to be respecting support of 0.00012. We have this view because the cryptocurrency immediately bounced after touching this support on July 16, 2019.
If you’re interested to accumulate Lisk near its bottom, buy as close to 0.00012 as possible with a tight stop. If the support continues to hold, the market will target immediate resistance of 0.00035.
Ardor (ARDR/BTC) Crypto Analysis
After printing an all-time high of 0.0002 on January 17th, 2018, Ardor just unraveled. It is now trading at 0.00000674 which is a massive plunge of 96.63 percent from the top.
Just like Ark and Lisk, Ardor appears to be respecting its historical support of 0.0000055. The good news is that the weekly and daily RSIs are flailing oversold readings. At the very least, we can expect a solid bounce from the coin especially after a devaluation of over 96%.
If you plan to long Ardor and accumulate at historic lows, buy as close to 0.0000055 as possible. If bulls can protect this level, it’s possible that the market will rally to 0.00002.
Bitcoin’s sluggishness should help these three coins carve a bottom and establish a new base. We’ve set high targets because Ark, Lisk, and Ardor have hit rock bottom. If they’re going to live, they will pump hard and leave everyone on the sidelines who were too afraid to catch the bottom. Protect your capital first and set tight stops. Even if only one of these coins bounces, you’ll be making huge profits.
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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