The most promising up and coming coins experienced fairly similar price action in recent weeks, even as the rallies were not perfectly synchronized. Digibyte, Stratis, and Bitshares are all in sideways consolidation patterns after the strong advance in early June, while Zcash and Golem are taking a slightly different route, while still being in long-term uptrends as well. The recent correction in Bitcoin dragged the smaller coins lower too, but some of them are already showing relative strength and could provide great trading opportunities in the coming days.
ZEC/BTC, 4-Hour Chart Analysis
ZEC has among the strongest coins recently, and although the BTC correction caused a 30% pull-back in the ZEC/USD pair, the coin recovered quickly and now it’s consolidating below the $400 level again. The BTC pair is looking bullish, trading in a narrow range near the crucial 0.15 level. The coin might need a few more days of sideways action before another move higher, but a break-out could set up a move towards the 0.18 and 0.20 targets on the BTC pair and towards the $430 and $515 levels against the USD.
ZEC/USD, 4-Hour Chart Analysis
BTS/BTC, 4-Hour Chart Analysis
BTS is also trading in a lengthy consolidation pattern after the strong rally, and it held up very strongly in the latest correction, with the BTC pair being stuck between 0.000115 and 0.00013. BTS has strong support at 0.0001 and we expect a re-test of the previous highs at 0.000175 in the coming weeks. Short-term traders should wait for a break above the 0.00013 level, as more consolidation is possible with choppy price action.
Stratis/BTC, 4-Hour Chart Analysis
Stratis remained above the 0.0025 level that we have been monitoring during the recent correction and it is now consolidating in a bullish fashion right at the 0.003 level on the BTC chart. The long-term picture is clearly bullish and we expect a break-out from the current pattern to test the 0.0046 in the coming weeks, although the sideways price could still last. Long-term targets are still found at 0.0055 and 0.0065.
GNT/BTC, 4-Hour Chart Analysis
Golem has been creeping higher last week against BTC and it now reached the previous high at 0.00026. The coin is on a short-term buy signal above the 0.00022 level, with targets at 0.00030 and at 0.00032. The long-term picture also remains although the MACD is already slightly overbought so long-term investors should wait for a correction before adding to their positions.
DGB/BTC, 4-Hour Chart Analysis
Digibyte entered a deep correction after the more than 1000% rally in late May, but now it found support at 0.000010 against Bitcoin, providing a good entry point for long-term investors. The coin is still stuck in a short-term range, without giving a clear short-term buy signal, but we expect a move in the coming days, as the pair got close to the long-term trendline. The resistance zone near 0.000016 would be the initial target for the move, as more consolidation is expected around that zone before a test of the 0.000026 high.
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