3 coins to keep an eye on | Issue #251

CHZ plummeted 27% in mid-August and continues drifting lower.

Bulls attempted to reclaim a daily gap from $0.05732 to $0.05889, which contains the 9 EMA. This attempt failed as the price dropped down through the gap, which could create resistance.

However, the price is testing an area of accumulation immediately below the gap at $0.05732. So far, this level is showing signs of support. The proximity of this resistance and support might lead to consolidation. 

Investor sentiment from today's Twitter Spaces about perks from CHZ's Football at AlphaVerse (FAV) partnership may help this consolidation resolve into a more significant move in either direction.

If bulls break through the closest resistance, bears' stops above the $0.06034 and $0.06094 swing highs could continue drawing the price upward. Another daily gap exists from $0.06101 to $0.06245 and might provide resistance after a potential sweep of bears' stops.

Bulls' stops below the daily swing low at $0.05484 may be a target if investors see the Twitter spaces as a "sell the news" event. Under this low, the 50% extension of last week's rally could provide some support.

ELON retraced late August's 35% bullish spike, bounced from support, and is testing possible resistance.

Distribution at the top of August's spike, near $0.0000001349, could prevent bulls from pushing higher. This level also has confluence with a daily gap and is near the 9, 18, and 40 EMAs. Traders selling the news of Monday's release might help this resistance to hold.

If bears can maintain control at this resistance, they may aim for bulls' stops under the $0.0000001258 swing low. The weekly chart shows a gap from $0.0000001200 to $0.0000001300, which provided support through August and might continue supporting the price.

A drop through this support may reach lower into a weekly and daily gap near $0.0000001100. This price is the midpoint of the daily gap, holds bulls' stops under the October 8th, 2021 swing low, and could provide sensitivity.

The burn mechanic introduced with Monday's release might help push the price upward through the closest resistance. If so, bulls may target bears' stops over relatively equal highs near $0.0000001451.

Above these highs, bears rejected bulls on August 29th at $0.0000001510. This level could offer the next resistance.

XRD had a sharp 20% rally on August 8th and 9th, then retraced.

This rally created overlapping gaps on the daily chart. These gaps could provide resistance if the price reaches for bears' stops at the $0.05883 swing high inside this gap.

A move into this gap might begin at the current price, near $0.05495. Bulls accumulated at this level on September 6th and will likely continue finding support if another upward swing is coming - perhaps in anticipation of next week's Babylon upgrade.

If they lose this support, a daily gap at the origin of September's rally near $0.05283 may offer the next downside target. This level, where bulls rejected bears on the weekly chart during the week of July 31st, could provide support during a retest. It's better for bulls if this gap stays at least partially open.

A break through the resistance above might find fresh resistance near $0.06301. Bears rejected bulls at this level on September 9th and during the week of July 10th.