Cardano (ADA)
Cardano (ADA)
$0.529838 (-1.32 %) View coin |
Internet Computer (ICP)
Internet Computer (ICP)
$7.34 (-0.44 %) View coin |
MXC (MXC)
MXC (MXC)
$0.071956 (3.39 %) View coin
Newsletter
20 Jun 2022

3 coins to keep an eye on | Issue #186

Hello everyone!

Last week, Bitcoin covered a 34.6% range before closing the week near $20,550 - about 22.6% lower than the week's opening price.

The altcoin marketcap dropped with Bitcoin. It began the week near $595 billion before ending the week near $495 billion.

As bulls and bears battle at the 2017 cycle high near $20,000, here are three altcoins with events on CoinMarketCal next week to keep an eye on.

Follow on Twitter: @tradeprophet


Cardano (ADA)

Cardano (ADA)

Price
$0.494336 (7.18 %)
฿0.00002408 (1.08 %)

Market Cap
$16 714 510 801
฿815 333.20

Volume (24h)
$1 118 957 953
฿54 506.42

Supply
45 000 000 000 (Max)
33 820 262 544 (Available)

From its March high to early May, ADA dropped nearly 68% before finding support near $0.4549. The price has been consolidating since it set this low.

The price is currently testing support near $0.4549. This level has held as support despite the larger market’s sharp downturn since mid-June. 

It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4206 and $0.4019 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3972 could provide support.

If this region holds as support, bulls might find the first resistance near $0.5610. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range. 

A break of this resistance may retest resistance just above the June monthly open, near $0.6696. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.

A climb to this resistance would run bears’ stops above the most recent daily swing high. Anticipation for the upcoming Vasil Hardfork could encourage the price to reach this level.

However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.2288. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.


Internet Computer (ICP)

Internet Computer (ICP)

Price
$5.72 (8.75 %)
฿0.00027911 (2.92 %)

Market Cap
$1 377 947 205
฿67 107.97

Volume (24h)
$75 484 026
฿3 683.09

Supply
483 337 715 (Max)
240 056 860 (Available)

ICP has dropped 53% from its most recent June high as it continues its nine-month downtrend.

The edge of the recent swing’s low lower candle bodies could provide the closest support, near $5.15. This level overlaps with the 100% extension of June’s opening rally.

Currently, the price is testing possible resistance near $5.43. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bear’s stops at $6.06.

If the price breaks through this resistance, it may find its next resistance near $6.59. This level is near the midpoint of May 12th’s swing low and the midpoint of an inefficiently traded area on the weekly chart.

A rally this high might reach slightly higher, near $6.82. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.

Below, there is no historical price action to suggest possible support. The next downside targets might be near $4.00 and $2.80. These approximate levels are near the 150% and 200% extensions of June’s opening rally.


MXC (MXC)

MXC (MXC)

Price
$0.065975 (1.57 %)
฿0.00000322 (-3.93 %)

Market Cap
$160 924 124
฿7 850.48

Volume (24h)
$7 832 612
฿382.18

Supply
2 664 965 801 (Max)
2 437 203 515 (Available)

MXC bulls suffered a sharp 51.65% drop during the second week of May. Since then, the price has consolidated in the lower half of the range created by this drop.

A level near $0.06508 has been providing support on each recent retest. This level has confluence with the bottom of the candle bodies created in May’s significant swing low. It could continue to provide support for a run to or beyond the closest resistance. Tuesday’s BTC mining launch could help the price rise to this level.

Bulls might find their next resistance near $0.06938. Here, a recent swing high, an inefficiently traded area on the daily chart, and the 9 EMA could attract the price.

A break through this level may find its resistance in the upper half of the local range, near $0.07631. This level contains the 40 EMA and previously supported the price as it formed the base of late May and early June’s rally.

A significantly higher move could retest resistance near $0.09245. This level shows inefficient trading on the weekly and daily charts. It also provided support during March and April’s consolidation. A run to this level would sweep many bears’ stops above the swing high at $0.09245.

An eventual move below the 2022 yearly open into a zone from $0.05245 to $0.04329 is reasonable to expect. Moving to this zone would sweep bulls’ stops under two relatively equal major swing lows. This level also saw accumulation before December’s rally.

If the downtrend resumes, bears might next target possible support near $0.03428. This level is near the midpoint and lower half of 2021’s massive consolidation. It would also provide bears with a shot at bulls’ stops under the significant swing low at $0.03229. 

However, bulls should be cautious about aggressively bidding at this level. Relatively equal lows and prolonged bearish market conditions could draw the price below $0.01796.

No other news.
No upcoming event.

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