Crypto Update: 5 Altcoins to Watch This Week
After two Mondays of crypto carnage, it feels awesome to start a fresh new week and see so many altcoins posting gains. This bounce may be the dead-cat type or it might be early stages of a total market reversal. Either way, we’ll take advantage of this opportunity to watch out for altcoins that might make big moves in the next few days.
In this article, we reveal the 5 altcoins to watch this week.
Moeda Loyalty Points (MDA/BTC)
MDA/BTC bulls began to flex their muscles on October 9, 2018 when they took out the weekly resistance of 0.0001425. The breakout was so strong that it catapulted the market to as high as 0.00043297 on October 14. That’s a meteoric rise of 203.84% in less than a week.
From that point, gravity did its job. Nevertheless, MDA/BTC deserved a spot in this week’s list because it successfully flipped 0.0001425 resistance into support (R/S).
Daily chart of MDA/BTC
The R/S flip brings MDA/BTC in a range between 0.0001425 (S2) and 0.00019246 (R1) with the midpoint at 0.00016775 (S1). Looks like the pair is already breaching R1. Once the breakout is validated, MDA/BTC has a green light to touch 0.00023533 (R2).
Moeda Loyalty Points remains bullish as long as it is above S2.
Bitcoin Gold (BTG/BTC)
Bitcoin Gold has turned bullish after it flipped 0.003854 resistance into support (S2). With S2 holding, bulls are now looking to conquer and hold 0.004698 (S1).
Daily chart of BTG/BTC
A quick look at the daily chart shows that Bitcoin Gold is in the early stages of what can be a strong bull run. It is currently consolidating after breaking out of an inverse head and shoulders reversal pattern. During this consolidation, it is best if the market stays above S1 from hereon.
If it does, Bitcoin Gold has a very good chance to climb as high as 0.0083 (R3).
Ark may have posted some serious gains last week. However, a look at the daily chart shows that the market is merely range trading between 0.0000812 (S1) and 0.000127 (R2). This is a good sign for long-term investors. The sideways trading is more likely the accumulation of smart money positions at these levels.
Daily chart of ARK/BTC
After the 0.00009 (S2) retest on November 25, Ark is poised to take out 0.0001071 (R1) in the next few days. Should the market close this week above R1, R2 and a bull run may be on the horizon.
Unfortunately for long-term investors of ChainLink, its parabolic run appears to have run its course. From a high of 0.0000999 on November 15, the market plummeted to 0.00006303 on November 25. It is hanging on for dear life.
Daily chart of LINK/BTC
The problem with parabolic runs is that they don’t take the time to establish a solid base with each leg up. That’s why when a run bursts, bears find it easy to take out key levels. This chart shows too many candles with vertical white space, which means there was not a lot of base building activity in this run.
With limited buyers holding positions at key levels, a breach of 0.00006417 (S1) can be disastrous for ChainLink. It might ignite a chain reaction that eventually takes the market back to 0.00004755 (S3) levels. Keep a close eye on S1 this week.
MIOTA has been in a bear market for the entire year of 2018. The downtrend has been so long that the market is now fighting for survival. If MIOTA wants to stay alive, it needs to hold 0.00007 (S1) at all costs. If it breaks, the last line of defense is 0.00004715 (S2).
Daily chart of IOTA/BTC
The chances of S1 holding looks slim as the bounce from this level gets weaker and weaker. Thus, the fight for existence may come in the next few days. Observers will be watching from the sidelines whether S2 holds. If it does, MIOTA may inspire a strong rally to 0.00009347 (R1).
Altcoins such as Moeda Loyalty Points, Bitcoin Gold, and Ark appear to be on the up and up while MIOTA and Chainlink look to be on the verge of collapse. Whatever happens, we have provided the key levels that you can take advantage of when the opportunity arises.
Featured image courtesy of Shutterstock.