HYCON (HYC)
$0.003156 (4.28 %) View coin |
OriginTrail (TRAC)
$0.196365 (-2.89 %) View coin |
Stellar (XLM)
$0.079567 (1.53 %) View coin
Newsletter
03 December 2018

3 coins to keep an eye on | Issue #19

Hello everyone!

This week saw a relatively less volatile Bitcoin holding a 20% range after its intense drop in the preceding week.

The chart shows few bullish signs, and it’s likely that more downside may present itself over the following week.

The altcoin market has held steady in correlation to Bitcoin - which suggests a bearish future if Bitcoin resumes its downtrend. A small ascending triangle is forming on the altcoin market cap's chart, but a significant marketwide rally is unlikely until Bitcoin bounces or holds steady.

Although long-term plays are risky here, CoinMarketCal’s hot events list shows us a few coins with events this week that might provide opportunities for traders looking for short-term trades.

@tradeprophet


HYCON (HYC)

HYCON (HYC)

Price
$0.025094 (-2.14 %)
฿0.00000625 (0.86 %)

Market Cap
N/A
N/A

Volume (24h)
$3 405 595
฿847.74

Trade
OKEx

After an intense impulse to the upside in early November, HYC’s advance halted as distribution took place and profits were taken.

This has formed a range holding strong at the .618 Fibonacci retracement. The approximate range top has held around the .786 Fibonacci retracement with a handful of attempted breakouts.

Currently, the price is holding a tiny spread near the bottom of the range with steady and consistent volume. Traders looking to play this range may look to take entries here targeting the upper bounds of the current range, which provides a favorable risk-reward ratio.

This Friday will see a hard fork with a number of updates. This may provide some justification for a bullish bias and expectation for the price to continue to hold and eventually move upward from the bottom of the range.


OriginTrail (TRAC)

OriginTrail (TRAC)

Price
$0.020826 (-1.75 %)
฿0.00000518 (1.22 %)

Market Cap
$5 944 635
฿1 479.77

Volume (24h)
$5 973
฿1.49

Trade
Kucoin

After a break of the bullish demand trendline in mid-November, TRAC’s price found a bottom just below the previous downtrend’s bottom.

Since then, the price has been climbing upward, finding a ceiling just below the bearish orderblock from which the downward impulse originated. This orderblock also has confluence with the broken bullish trendline, which has provided strong resistance for the last two touches.

Saturday saw a third tap and confirmation of a newer bullish demand trendline, which suggests a strong uptrend for the last month is forming. This trendline is forming an ascending triangle under the resistance, which is a bullish pattern that frequently breaks to the upside. RSI is also showing an ascending triangle, which shows some bullish strength.

This could also be seen as forming a bearish ascending wedge when the previously broken uptrend line is considered, so caution should be used. However, an ascending wedge typically signals a reversal of a previous uptrend, which the charts do not show in this case.

Friday brings us the Vostek mainnet launch, which may be the reason for the bullish signals on the daily chart. Traders anticipating a breakout may look to enter near the current level while targeting the weekly orderblock some distance above.


Stellar (XLM)

Stellar (XLM)

Price
$0.155518 (-4.77 %)
฿0.00003871 (-1.50 %)

Market Cap
$2 978 860 951
฿741 514.91

Volume (24h)
$73 072 309
฿18 189.57

Trade
Binance

For most of 2018, XLM has been forming a massive pennant. In early November, it broke the upward boundary of this pennant before dropping back to retest this line - or accumulate just under it, depending on how you choose to draw the line.

So far, the price has respected the bullish demand trendline which began in March. This level has confluence with a significant weekly level first established in January 2018.

Previously, this level was resistance. However, it currently seems to be being confirmed as a resistance flip to support.

Last week, price printed a TD9 inside this level, which often marks the end or a pause in a downtrend. These candles usually provide a new support or resistance level - in this case, support - which price action has respected during the last few days.

Traders looking to play bullish activity caused by the Stellar Activity Fork this Sunday may look to enter near the current levels while targeting the daily bearish orderblock above from which price began the last week’s downtrend.

Today Grayscale released its Q2 Digital Asset Investment report detailing activity around its cryptocurrency investment trust products. The firm reported a record $905.8 million in quarterly inflows across all products, nearly double the previous quarterly record of $503.7 million in 1Q20. This tran...
Newsletter
15 June 2020
3 coins to keep an eye on | Issue #82
Early June's breakout-buying bulls had a rough time this week as Bitcoin fell another 4.36% to its close after covering a nearly 10% range from top to bottom. The altcoin market cap dropped alongside Bitcoin from $97 billion to $93 billion - just as many altcoin charts began to look ready for a breakout. While we wait f...
The Stellar Development Foundation, a non-profit organization supporting the Stellar ecosystem, invested $5 million in Abra to help integrate Stellar into its back-end while also helping to build out additional financial services. Abra is available in hundreds of countries enabling access to numerou...

3 coins to keep an eye on 👀