Genesis Vision (GVT)
Genesis Vision (GVT)
$8.24 (-10.21 %) View coin |
Uniswap (UNI)
Uniswap (UNI)
$39.13 (-0.56 %) View coin |
Verge (XVG)
Verge (XVG)
$0.051924 (-2.55 %) View coin
Newsletter
03 May 2021

3 coins to keep an eye on | Issue #128

Hello everyone!

Last week, Bitcoin covered a nearly 20% range before closing near $56,625 - approximately 15% higher than the week's opening.

The altcoin marketcap climbed with Bitcoin, beginning the week near $937 billion and ending the week near $1.153 trillion.

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Bitcoin's price is currently struggling with high timeframe resistance. If this level flips, a bullish month to create new all-time highs is likely. However, rejection from this level could signal that high timeframe support near $35,000 and $40,000 is the next area to visit.

While we wait to see if May's trend will favor bears or bulls, here are three altcoins selected by the community with events on CoinMarketCal next week to keep an eye on.

@tradeprophet


Genesis Vision (GVT)

Genesis Vision (GVT)

Price
$11.90 (21.52 %)
฿0.00020322 (17.89 %)

Market Cap
$52 806 403
฿901.60

Volume (24h)
$8 544 627
฿145.89

Exchange
Crypto.com

GVT's 71% decline during April created relatively equal lows near $4.983 before bouncing over the local range's midpoint near $11.091. A bullish altcoin market could help GVT bulls regain a stronger bullish trend, especially with May's upcoming events.

Aggressive bulls could look for entries in the daily gap starting near $11.203. The May monthly open aligns with more probable support near $10.169. 

A stop run below the monthly open near $8.592 might give a more favorable entry. A more substantial bearish move - perhaps from a sharp drop in Bitcoin's price - could challenge support near $6.671, just above the equal lows.

Resistance rests just above, with the zone from $12.976 to $14.248 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near $16.853. 

Beyond these highs, resistance near $19.461 provides a final challenge before attacking an old daily swing high near $20.851.

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Uniswap (UNI)

Uniswap (UNI)

Price
$40.64 (-0.03 %)
฿0.00071453 (-6.95 %)

Market Cap
$21 076 003 456
฿371 222.95

Volume (24h)
$1 293 118 366
฿22 733.37

Exchange
Crypto.com

UNI continues to set new all-time highs in its chaotic upwards trend.

Support might be found in the daily gap above the May monthly open near $42.072. A deeper retracement is likely to target the relatively equal lows into support near $39.200. 

The daily gap near $36.800 could also provide support. However, another gap inside the down candles, around $33.800, provides the highest chances of solid support while offering a high risk-reward entry.

There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $52.221 and $63.247 as reasonable take-profit zones.

Claim your free DOGE on KuCoin


Verge (XVG)

Verge (XVG)

Price
$0.050668 (9.01 %)
฿0.00000089 (1.46 %)

Market Cap
$833 302 363
฿14 651.86

Volume (24h)
$46 434 332
฿816.24

Exchange
Crypto.com

XVG holders endured a wild April as the price rallied over 116% before running the month's lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement. 

Bulls might find support around the current price near $0.0552. The next high probability support rests near $0.0383, below the last two swing lows. A move this deep could sweep April's low into an area near $0.0348.

The price is currently struggling with resistance near $0.0572 at the May monthly open. A strong move into this resistance is likely to target the swing high near $0.0693. 

Above this swing high, April's monthly high at $0.0801 is the next likely target, which also marks another wide resistance zone. Volatility inside this resistance could tag an old monthly high at $0.0882.

Claim your free DOGE on KuCoin

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