Crypto Update: 5 Altcoins to Watch This Week
The holiday season is in full swing and with the recent pumps in altcoins, it seems that Santa is in town. Except for Counterparty (XCP/BTC), all of the altcoins on last week’s list made interesting moves. AION (AION/BTC) led the crew as it pumped by over 35% in one week, while both SingularityNET (AGI/BTC) and NAV Coin (NAV/BTC) breached their range midpoints. On the other hand, PolyMath (POLY/BTC) appears to be creating a bullish higher low at our range midpoint.
For this week, we have an exciting bunch that includes four large-cap altcoins. Here are the five altcoins to watch this week.
While many large-cap altcoins like TRON (TRX/BTC) and EOS (EOS/BTC) have pumped, Ripple stayed in consolidation. Its brief climb to just over 0.0001 on December 19 was met by heavy selling. As a result, the market is now trading around 0.00009.
No worries though, because Ripple seems to be in great shape. A look at the daily chart shows that the market may be primed for an explosion.
Daily chart of XRP/BTC
It appears that Ripple is forming a large bullish pennant. It may not be the prettiest pennant, but with a strong bullish trend, it seems that the market may break out of consolidation in the next few days.
EOS has been consolidating after a strong two-week run that saw the market climb to the top end of our range of 0.000697. Even though bears defended the resistance, it seems that bulls are just biding their time.
4H chart of EOS/BTC
A look at 4-hour chart shows that EOS is trading within a falling wedge. If the market respects the 100 MA; that may be enough to ignite a pattern breakout. Otherwise, you can look at the range midpoint of 0.0005825 as a possible staging ground of another strong rally.
Believe it or not, we now consider Litecoin as a crypto frontrunner. After Litecoin pumped on December 16, 2018, many of the large-cap cryptos including Bitcoin followed suit. Now, we’re closely following Litecoin’s price action to get a feel of where other large-caps are headed.
Technical analysis of the 4H chart reveals that LTC/BTC is in consolidation while trading inside a falling wedge. We’re looking at 0.007355 as the potential higher low and bounce area. However, we have a feeling that it might break out of the pattern before hitting our target. If that’s the case, consider scooping positions once Litecoin breaks out of the falling wedge.
4H chart of LTC/BTC
Stellar Lumens (XLM/BTC)
Just like Ripple, Stellar Lumens stayed in consolidation while many of its large-cap peers mooned. This is good news for those who got left behind because it seems that Stellar Lumens is likely to explode soon.
4H chart of XLM/BTC
An examination of the 4H chart shows that XLM/BTC is forming a symmetrical triangle. The market tried breaching the resistance on December 21 as it climbed as high as 0.00003299. However, bottom fishers took the rally as an opportunity to take quick profits.
The good news is that Stellar Lumens appears en route to create another higher low at 0.0000304. Another bullish higher low setup should give the market the bullish momentum it needs to break out of the triangle and take out range resistance of 0.000031.
CyberMiles is one of those altcoins that looked dead a few a days ago. On December 8, 2018, it breached our line in the sand of 0.00000802. At that point, we were convinced that CyberMiles was no longer worth our attention. However, it managed to recapture our interest on December 21 when it broke out of a falling wedge and pumped by almost 25% in one day.
Daily chart of CMT/BTC
CyberMiles appear to be creating a short-term bottom. We’ll be interested to take on a trade only after it reclaims and retests support of 0.00000802. When it does, CMT/BTC will be a very interesting bottom picking candidate.
With the holiday season in full swing, it looks like Santa came to print big green candles. We have an exciting week ahead of us as four large-cap altcoins and one promising bottom picking candidate appear ready to make big moves.
Featured image courtesy of Shutterstock.