Avalanche (AVAX)
Avalanche (AVAX)
$24.93 (0.11 %) View coin |
Polygon (MATIC)
Polygon (MATIC)
$0.319190 (-1.75 %) View coin |
MultiversX (EGLD)
MultiversX (EGLD)
$22.60 (0.81 %) View coin
Newsletter
27 Mar 2023

3 coins to keep an eye on | Issue #226

Hello everyone!

Last week, Bitcoin covered a 13.4% range before closing the week near $22,225 - about 0.9% lower than the week's opening price.

The altcoin marketcap dropped with Bitcoin, falling from $594 billion to $564 billion.

Keep an eye on these three coins, selected by the community, with upcoming events as BTC tests possible resistance near $22,650.

Follow on Twitter: @tradeprophet


Avalanche (AVAX)

Avalanche (AVAX)

Price
$16.82 (-1.96 %)
฿0.00060384 (-2.52 %)

Market Cap
$5 479 804 183
฿196 720.29

Volume (24h)
$146 436 289
฿5 256.46

Supply
421 849 043 (Max)
325 786 379 (Available)

AVAX dropped 39% from February's high, then bounced to the middle of its local range.

Resistance at $17.78 and support at $17.15 are trapping the price in a tight consolidation around the March monthly open. The 9, 18, and 40 EMAs have also converged in this zone.

Since the price is in the middle of its range, there are equal odds for a move in either direction. Thursday's upgrade could be the catalyst for the price to break out of this range and create a significant expansion.

Bears' stops above the weekly swing high at $18.25 might encourage a small rally into the $17.78 to $18.49 resistance zone. If this resistance breaks, $19.80 may be next. 

This level, near the February monthly open, saw bears reject bulls during the week of January 23rd. It's also the origin of the most recent drop.

Should bears decisively break support at $17.15, bulls' stops under $13.88 could be the target. An unfilled part of a weekly gap from $13.88 to $12.30 rests under this low. 

Inside this weekly gap, a daily gap down to $12.95 might offer more sensitivity. This gap also has confluence with late November's consolidation before a run on bulls' stops and the Q1 rally.


Polygon (MATIC)

Polygon (MATIC)

Price
$42.25 (-0.49 %)
฿0.00151715 (-1.04 %)

Market Cap
$1 064 854 083
฿38 243.48

Volume (24h)
$19 865 544
฿713.27

Supply
25 192 438 (Max)
25 187 286 (Available)

EGLD retraced Q1's rally by 34% before bouncing into the origin of this decline.

The price is consolidating between resistance at $43.71 and possible support at $40.75. Bears rejected bulls at this resistance, which overlaps a large now-filled weekly gap. Bulls rejected bears at this support inside an area of monthly accumulation and the midpoint of March 6th's weekly wick.

The 9, 18, and 40 EMAs are compressing in this area. This week's xWorld's reveal and mid-April's xMoney release may help this consolidation breakout into a new trend.

If the price rallies through resistance, bears' stops above the $49.93 swing high and resistance near $51.00 could be the target. This resistance is near the midpoint of February's monthly wick. Bears also rejected bulls at this level on the weekly chart in mid-February.

A drop deep into support between $40.75 and $38.24 might signal an incoming run on bulls' stops under the $36.00 swing low. There is a weekly gap from this low down to $35.13. It also overlaps with a now-filled weekly gap from December 19th.

If this level struggles to provide support, odds increase for a sweep of bulls' stops under the $32.31 swing low near the January monthly open.


MultiversX (EGLD)

MultiversX (EGLD)

Price
$1.09 (-0.45 %)
฿0.00003900 (-0.97 %)

Market Cap
$9 848 867 213
฿354 058.53

Volume (24h)
$364 455 574
฿13 099.11

Supply
10 000 000 000 (Max)
9 080 469 069 (Available)

MATIC retraced 40% from its February high before bouncing to the middle of its local range.

The price is hovering above possible support at $1.0507. This level is near the high of a monthly gap and the midpoint of March 6th's weekly wick. 

On the daily chart, it served as the origin of March's bounce. The upcoming zkEVM mainnet beta could help the price to drop into this level and test it as possible support.

The price might find its closest resistance near $1.1662. Bears rejected bulls at this level on the weekly chart. 

They also rejected bulls on the monthly chart near this level, at $1.1963. This zone served as the origin of the most recent bearish daily market structure break. 

If bulls break through this level, they'll need to contend with nearby resistance from $1.2360 to $1.3573. The weekly chart shows distribution in this area. 

This resistance also contains bears' stops above the $1.2499 swing high. A run above these stops into this zone's nested daily gap from $1.3000 to $1.3331 is reasonable to expect.

Should bears break through the closest support, bulls' stops under the $0.9426 swing low and nearby relatively equal lows offer a tempting target. Under these lows, an unfilled weekly gap from $0.9167 to $0.8450 might begin a consolidation or provide support.

No other news.
No upcoming event.

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