New NFT Collections
dYdX (ETHDYDX)
dYdX (ETHDYDX)
$3.77 (2.40 %) View coin |
Reserve Rights (RSR)
Reserve Rights (RSR)
$0.004363 (8.23 %) View coin |
Tezos (XTZ)
Tezos (XTZ)
$1.45 (5.37 %) View coin
Newsletter
13 Sep 2021

3 coins to keep an eye on | Issue #147

Hello everyone!

Last week, Bitcoin covered a 19.1% range before closing the week near $46,025 - about 11.1% lower than the week's opening price.

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The altcoin marketcap dropped with Bitcoin, beginning the week near $1.347 trillion before ending the week near $1.215 trillion.

While we wait to see if this is weekly retracement or the start of a longer-term reversal, here are three altcoins selected by the community with events on CoinMarketCal next week to keep an eye on.

@tradeprophet


dYdX (ETHDYDX)

dYdX (ETHDYDX)

Price
$9.77 (-17.64 %)
฿0.00022144 (-14.14 %)

Market Cap
$568 263 298
฿12 685.56

Volume (24h)
$274 345 900
฿6 216.93

Exchange
KuCoin

Note: due to limited price action, this is a 4h-timeframe chart instead of our normal daily-timeframe chart.

DYDX consolidates between $16.422 and $9.821 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $12.166. A stop run and swift rejection above $12.759 could provide a more favorable risk-to-reward entry for bears. An old 4h gap around $13.497 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $9.821. Little exists below the current range to identify precise support levels. However, the area between $7 and $8 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $14.500 provides a reasonable target. The highs and daily resistance level between $15.798 and $16.422 may provide a second target.

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Reserve Rights (RSR)

Reserve Rights (RSR)

Price
$0.034011 (-10.04 %)
฿0.00000077 (-6.21 %)

Market Cap
$446 009 155
฿10 121.51

Volume (24h)
$57 341 370
฿1 300.69

Exchange
KuCoin

RSR's late-August rally has retraced approximately 42% as the price hovers over possible support beginning near $0.03476.

The significant number of lows in this area will likely see a stop run before any potential move higher. The gap at $0.03476 could provide support for a shallow stop run. 

However, lows near $0.02900 also provide a tempting downside target if Bitcoin begins a bearish trend. Under these lows, bulls might find support near $0.02686 - or as low as $0.01188 if the market sees a sustained bearish move.

The confluence of levels near $0.04245 that surround the September monthly open may provide some resistance, particularly if reached before a run of the lows near $0.03476. 

Should the bullish trend resume, $0.05127 may provide some resistance before running the swing highs at $0.05400 and $0.06100. Looking higher, $0.06800 and $0.08970 may also provide resistance in the future.

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Tezos (XTZ)

Tezos (XTZ)

Price
$6.78 (1.86 %)
฿0.00015379 (6.26 %)

Market Cap
$5 700 807 650
฿129 371.26

Volume (24h)
$1 793 716 955
฿40 681.21

Exchange
KuCoin

XTZ's 255% rally since mid-July saw a second leg after last Tuesday's market-wide drop ran the previous consolidation's stops.

The level near $7.575 is providing some resistance. However, continuation through the all-time high at $8.420 is not out of the question. Aggressive bulls might bid in the current region near $6.954. 

If the price runs the recent swing low, bulls might bid in the gap near $5.901. A deeper retracement could reach near the September monthly open and gap near $5.188. The region near $3.894 and $3.582 may also provide some support during a deeper retracement.

Beyond the May highs, little exists to frame probable bullish targets. Extensions suggest that the areas near $9.500, $10.500, and $11.800 could provide some resistance.

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