Audius (AUDIO)
Audius (AUDIO)
$0.265661 (-6.32 %) View coin |
Optimism (OP)
Optimism (OP)
$2.93 (-4.15 %) View coin |
iExec RLC (RLC)
iExec RLC (RLC)
$2.10 (13.04 %) View coin
Newsletter
21 Nov 2022

3 coins to keep an eye on | Issue #208

Hello everyone!

Last week, Bitcoin covered an 8% range before closing the week near $16,250 - about 0.3% lower than the week's opening price.

The altcoin marketcap dropped with Bitcoin, falling from $515 billion to $505 billion.

Keep an eye on these three coins with upcoming events as bulls fight to reclaim the summer's range low.

Follow on Twitter: @tradeprophet


Audius (AUDIO)

Audius (AUDIO)

Price
$0.144130 (-4.64 %)
฿0.00000890 (-2.46 %)

Market Cap
$133 115 559
฿8 215.55

Volume (24h)
$5 410 672
฿333.95

Supply
1 126 504 216 (Max)
923 501 066 (Available)

AUDIO ran bears' stops on November 5th, then plunged 50% in line with its long-term bearish trend.

The drop ran bulls' stops under relatively equal weekly swing lows near $0.1385. This event triggered a consolidation that the price is struggling to leave.

If the price is ready to drop from its consolidation, $0.1450 may provide support. The daily chart shows distribution on the daily. This level also has confluence with the 9 EMA. Tuesday's Town Hall may reveal something of interest, helping the price spike up to this level.

If this level does break - likely the result of a possible Bitcoin rally - $0.1662 could offer the next resistance. This level, which is October's monthly low, is inside a large gap on the weekly.

A more substantial rally could reach resistance from $0.1790 to $0.2030. This zone is a weekly and daily gap and the lower half of weekly distribution. The 40 EMA and November monthly open add more confluences to this broad area.

Higher timeframes don't show any clear support. Bulls' stops under weekly swing lows at $0.0900 and $0.0770 provide targets for bears. Under these levels, all that remains is a large gap created by the token's listing.


Optimism (OP)

Optimism (OP)

Price
$0.845818 (-5.67 %)
฿0.00005221 (-3.58 %)

Market Cap
$182 058 572
฿11 232.24

Volume (24h)
$70 475 157
฿4 350.06

Supply
4 294 967 296 (Max)
214 748 365 (Available)

OP has been in a range from approximately $1.4778 to $0.6339 since early September. The price is currently grinding toward this range's low.

A now-filled weekly gap from $0.8240 to 0$.7713 offered support. It might provide support again. The price is currently testing this level. 

If the local downtrend continues, $0.8649 could offer the first resistance. The daily chart shows distribution here, just under the October monthly open. Tuesday's Resfinex listing could help this level hold as significant holders distribute to fresh buyers.

If this level does break, bears' stops above $0.9440, $0.9626, and $0.9852 may be the bulls' targets. 

Reaching these highs taps another resistance, from $0.9445 to $1.0847. Here, accumulation took place for November 4th's run on bears' stops. It also contains the 18 and 40 EMAs. Inside this zone, a filled weekly gap from $0.9912 to $1.0589 might offer more sensitivity.

Bulls' stops under the $0.7623 swing low are the likely target if the current support breaks. A break of this level might reach $0.7016, where bulls rejected bears on the weekly chart in mid-October. Falling this far could signal continuation through bulls' stops into a weekly gap under the weekly swing low at $0.6339.

Relative equal weekly swing lows near $0.3956 might offer a potential downtrend's primary target.


iExec RLC (RLC)

iExec RLC (RLC)

Price
$1.10 (-1.66 %)
฿0.00006768 (0.55 %)

Market Cap
$80 430 665
฿4 963.31

Volume (24h)
$79 936 511
฿4 934.31

Supply
86 999 785 (Max)
72 382 548 (Available)

RLC has been in a chaotic consolidation range since early Q3 2022. Yesterday, it ran stops above a swing high at $1.3480.

Resistance near this high, from $1.2643 to $1.3934, might offer resistance again. This zone is a gap on the monthly chart, which has pinned down the price for six months.

If this resistance does break, bulls may be aiming for bear's stops over the $1.4523 swing high. A stop run over this level could continue to $1.6882, where a filled weekly gap overlaps with another swing high. Potential excitement caused by any announcements in Thursday's roadmap and long-term strategy discussion may potentially catalyze a more significant rally.

However, since the price is in a consolidation range, it's reasonable to anticipate a move back toward the range's low. Bulls rejected bears on the monthly near $0.9818. This level also has a daily gap and contains the 9 and 18 EMAs. This gap could provide support during a potential drop.

Bears may be aiming for bulls' stops under the $0.7487 swing low if this support breaks. Continuation through this low could reach more bulls' stops under the $0.5618 swing low.

Under this low, some or all of the monthly gap from $0.5618 to $0.4741 might fill.

No other news.
No upcoming event.

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