Crypto Update: 5 Altcoins to Watch This Week
Last week’s crypto carnage has driven many altcoins below their yearly lows. However, there are some coins that managed to hold their ground. Even amidst massive selloffs, these coins are surviving the storm. Thus, they deserve your attention.
In this article, we reveal the 5 altcoins to watch this week.
While the rest of the big caps showed further weakness after the crypto carnage, Ripple dusted it off and surged ahead. Yesterday, November 18, the market took out resistance of 0.000087
and rallied to 0.00009357. While Ripple is currently retracing from the rally, its bullish sentiment cannot be denied at this point.
Daily chart of XRP/BTC
We expect Ripple to considerably pullback in the next few days. This might be a good chance to prepare for position entry. After that, we can see it taking out resistance one and resistance two (R1 and R2). The true test is R3. Breach that and Ripple might skyrocket significantly.
Decentraland has been flexing its muscles since it took out resistance of 0.0000123 and broke out from the inverse head and shoulders pattern on the 4-hour chart. Last week, it climbed as high as 0.00001745 on November 13 before succumbing to the crypto carnage and dropping to 0.00001346 on November 14.
4H chart of MANA/BTC
Fortunately, the market reclaimed support number one (S1) before the day closed. However, it is worth noting that MANA/BTC appears to be creating a bearish descending triangle pattern. If it breaches the resistance, we can expect the market to touch R1. Otherwise, a break below support number one (S1) will likely take the market down to S2.
Decentraland’s bull run starts once it takes out R1.
Zcash amazingly stood its ground during last week’s crypto carnage. It managed to bounce off S1 and it is now looking to create a double bottom structure at this level.
4H chart of ZEC/BTC
As of this writing, all cryptos are going through the second round of a massive carnage. Nevertheless, Zcash remains steadfast. If it holds S1 under these bearish conditions, ZEC/BTC will likely take back R1 when the capitulation is over.
EOS appears to be in the same boat as Zcash. Even in the midst of a waterfall event, EOS is holding S1.
4H chart of EOS/BTC
A quick look at the 4H chart reveals that EOS is en route to creating double bottom patterns in both price and RSI. If these expectations come to pass, then we might see the market rally to R1 in the next few days.
Another altcoin that’s holding relatively steady is Lunyr. The market has significantly retraced from its recent high of 0.0008428 but it seems that the worst is over.
4H chart of LUN/BTC
Just like EOS, Lunyr appears to be creating a double bottom pattern at S1. On top of that, a bullish divergence can be seen on the 4H RSI. If bulls hold S1, we expect the market to bounce to R1 and consolidate for some time before making another bullish move.
Cryptos may be experiencing crypto carnage round two but the coins on this list remain steady. Altcoins such as Decentraland, Zcash, EOS, and Lunyr appear to be weathering the strong while Ripple continues to lead. Watch out for these cryptos for possible moves this week.