Ethereum (ETH)
$1 219.61 (-0.45 %) View coin |
TRON (TRX)
$0.029527 (-3.18 %) View coin |
Horizen (ZEN)
$24.77 (9.20 %) View coin
Newsletter
30 Nov 2020

3 coins to keep an eye on | Issue #106

Hello everyone!

Last week marked the first bearish weekly close in Bitcoin since the end of September after its 20% weekly range peaked just below the all-time high. 

Given the US Thanksgiving holiday last week, current price action is suspect due to fewer significant participants. As participants return this week, a clearer bullish or bearish direction will likely emerge.

Meanwhile, the altcoin marketcap saw an exceptionally volatile week, reaching $225 billion before crashing with Bitcoin to $182 billion. Ultimately, the week closed bullish at $206 billion - $12 billion higher than its opening price.

With the US dollar at a potential bullish turning point, Bitcoin's short-term future a toss-up, and holidays just around the corner, traders can expect unusually volatile conditions for hunting setups. 

Here are three altcoins with events listed during the next two weeks on CoinMarketCal to keep an eye on.

@tradeprophet


Ethereum (ETH)

Ethereum (ETH)

Price
$604.15 (9.40 %)
฿0.03135744 (2.50 %)

Market Cap
$68 660 150 708
฿3 563 080.32

Volume (24h)
$18 991 272 406
฿985 706.03

Exchange
Crypto.com

Mid-November saw a strong breakout in ETH's price, exploding upward from $488.84 before meeting resistance just below a previous monthly high near $625. Bitcoin's mid-week drop dragged ETH down with it, which retested and confirmed a flip of the last resistance to support.

Traders hoping to join a possible move upward could look for entries near $520, just above the most recent swing low. If resistance near $592 holds during the early part of the week, then a return to this area is likely.

Bulls could set the first target in resistance near $662, with a second target up to the previous highs and resistance near $775.

However, a more savage drop in Bitcoin's price will probably drag ETH down to the previous consolidation range, with $480 and $414 being the next strong supports.


TRON (TRX)

TRON (TRX)

Price
$0.031596 (3.14 %)
฿0.00000163 (-3.47 %)

Market Cap
$2 267 808 029
฿116 845.71

Volume (24h)
$866 295 290
฿44 772.49

Exchange
Crypto.com

November brought an impressive 70% rally in TRX's price before it encountered resistance below September's swing high, near $0.03966.

Last week's sweep of old highs could lead to a retest of support near the November monthly open, where equal lows make an appealing short-term target for bears. 

A drop into this zone, beginning at $0.02695, could provide an excellent entry for bulls anticipating more upside during a potential altseason. However, if this support fails - perhaps from a bearish turn in Bitcoin - the price could reach as low as the zone near $0.02153.

A first bullish target - made more probable by a reclaim of this week's opening price - is near the lower part of resistance near $0.03349. The next resistance at $0.03966 provides the last barrier before running the old highs near $0.0499.


Horizen (ZEN)

Horizen (ZEN)

Price
$15.37 (5.32 %)
฿0.00079045 (-2.56 %)

Market Cap
$866 295 290
฿8 082.71

Volume (24h)
$24 004 620
฿1 234.69

Exchange
Crypto.com

After blasting through August's significant swing high, it comes as no surprise that ZEN is consolidating at the end of its 330% move. The price is presently chopping through the level formed by February 2020's swing high.

However, bulls quickly bought each drop toward support at $10.72. Another test of this support level, which also shows an inefficient gap on the daily chart, could give bulls a reasonable entry.

More aggressive bulls could anticipate a bounce from the previous swing high at $11.63. However, the next support is far below and near the monthly open - making risk management especially important for recent entries.

Fresh or holding bulls could look for a first target near the current resistance at $18.54. A second target could be the old highs near $23.41, potentially reaching up to the next significant resistance at $28.94.

No other news.
No upcoming event.

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