New NFT Collections
Aragon (ANT)
Aragon (ANT)
$8.97 (-1.27 %) View coin |
ICON (ICX)
ICON (ICX)
$0.349499 (-2.06 %) View coin |
OMG Network (OMG)
OMG Network (OMG)
$1.10 (0.10 %) View coin
Newsletter
26 Oct 2020

3 coins to keep an eye on | Issue #101

Hello everyone!

Last week provided a monumental landmark for Bitcoin bulls. The weekly candle closed at $13,045 - the first time a week has closed over $13,000 since early 2018.

The altcoin marketcap also climbed modestly alongside Bitcoin, ending the week just under $154 billion after starting last week at $147 billion.

However, despite the recent euphoria, many longer-term investors choose to sit on the sidelines. Uncertainty pervades the markets as US elections loom just over a week away in growing COVID-19 fears.

While we wait for a more conclusive market bias, here are three coins with events on CoinMarketCal during the upcoming week to keep an eye on.

@tradeprophet


Aragon (ANT)

Aragon (ANT)

Price
$3.12 (-1.47 %)
฿0.00023652 (-2.97 %)

Market Cap
$107 848 239
฿8 185.33

Volume (24h)
$14 460 003
฿1 096.39

Exchange
Crypto.com

ANT ranged between roughly $2.90 and $3.80 since last September - but could be setting up to move toward the range highs.

Bulls quickly bought up last week's sweep of the lows near $2.94. A subsequent sweep of the local highs near $3.39 may have paved the way for larger players to fill orders near the 70.5% retracement level of last week's bullish move.

If this support near $3.00 holds, bulls could target the most recent highs near $3.42, spurred on by this week's ANTv2 upgrade and merger proposal vote outcome.

Should lower timeframes form a continuation pattern at this first target, the resistance and 50% extension near $3.72 provide a reasonable second target.


ICON (ICX)

ICON (ICX)

Price
$0.369731 (0.30 %)
฿0.00002807 (-1.11 %)

Market Cap
$211 895 801
฿16 046.63

Volume (24h)
$14 039 314
฿1 065.92

Exchange
Crypto.com

Despite being in a downtrend since September, ICX could be preparing for a quick move upward this week that could turn into a longer-term reversal. Sluggish selling last week suggests that larger players may be absorbing sellers before a bullish move.

Additionally, lower timeframes may be forming an inverse head and shoulders - a high-probability reversal pattern. This pattern is still unconfirmed until the price breaks out from the potential neckline near $0.39.

If support holds between the 62-79% retracement of the last move upward holds, it seems likely that this inverse head and shoulders could finish forming, especially with the Gangnam Testnet expected to release this week. Short stops above the daily high, the 50% extension, and the descending parallel channel's upper boundary around $0.41 provides a probable target.

If the current support near $0.36 breaks, bulls could also look for an entry just under the relatively equal lows between $0.33 and $0.35. This region provides an attractive target for a stop run and longer-term reversal.


OMG Network (OMG)

OMG Network (OMG)

Price
$3.30 (-1.41 %)
฿0.00025076 (-2.80 %)

Market Cap
$466 283 548
฿35 311.12

Volume (24h)
$123 540 335
฿9 379.64

Exchange
Crypto.com

An explosive Q3 sent OMG into a parabolic move, which has since retraced nearly 75% - making the current region an attractive one for bullish continuation.

Relatively equal highs near $3.92 and the 50% extension provide a highly probable target for bulls. 

Bulls could find aggressive entries near the current support at $3.25. This level also has confluence with a potential (but untested) bullish trendline.

A dip below this level toward $3.00 - perhaps from bears "selling the news" after Tuesday - could provide an even better entry for bulls. This move would sweep stop orders into probable support from several bullish consolidation areas and the 127% retracement.

No other news.
No upcoming event.

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