New NFT Collections
Arweave (AR)
Arweave (AR)
$24.24 (-8.62 %) View coin |
Mina Protocol (MINA)
Mina Protocol (MINA)
$0.525185 (-13.65 %) View coin |
OriginTrail (TRAC)
OriginTrail (TRAC)
$0.649214 (-5.89 %) View coin
Newsletter
03 Jun 2024

3 coins to keep an eye on | Issue #288

Hello everyone!

Last week, Bitcoin traded in a 5.7% range before closing near $67,725—about 1.1% lower than the week's opening price.

The altcoin marketcap dropped with Bitcoin, falling from $1.21 trillion to $1.19 trillion. 

Keep an eye on these three coins with upcoming events as BTC bulls struggle to create new all-time highs.

Follow on Twitter: @tpcharts


Arweave (AR)

Arweave (AR)

Price
$42.38 (-2.24 %)
฿0.00061408 (-4.40 %)

Market Cap
$2 774 266 531
฿40 187.47

Volume (24h)
$72 567 685
฿1 051.42

Supply
65 454 186 (Max)
65 454 186 (Available)

AR rallied 123% from its April 13th low in February's bullish monthly gap to run bears' stops above March 9th's swing high.

The price retraced from April 13th's high, approaching the midpoint of the current consolidation range. If the price is ready to break upward from this range, it could find support near $42.5405. This level is the high of May 30th's bullish daily gap that followed accumulation from May 26th to May 29th.

However, resistance exists near $45.6373, where bears distributed on May 20th after running March 9th's swing high. Near this level, June 1st's swing high marks the location of recent bears' stops and might draw the price upward.

Traders can watch for signs of a strong move through support or resistance as Thursday's upgrade approaches to get hints on the direction of the next significant move.

Bulls' stops under relatively equal daily swing lows near $36.1391 could be the target if the price breaks the nearest support. Under these lows, an accumulation that began on April 30th might offer support near $36.0812. It's reasonable for the price to dig deeper into this accumulation to $33.5941, which is the high of May 2nd's bullish daily gap that overlaps with April 30th's bearish daily gap.

Bullish continuation through nearby resistance may find its next resistance near $56.9773, at the low of the bearish daily gap formed on January 5th, 2021. Bears rejected bulls near this level during November 2021 and the week of December 20th, 2021.


Mina Protocol (MINA)

Mina Protocol (MINA)

Price
$0.872634 (5.72 %)
฿0.00001263 (3.27 %)

Market Cap
$970 142 703
฿14 053.29

Volume (24h)
$31 317 972
฿453.25

Supply
1 165 676 573 (Max)
1 115 108 914 (Available)

MINA plummeted 65% from its high on March 12th before creating the current consolidation range's low on April 13th.

The price is testing possible support near $0.8372 ahead of Tuesday's upgrade. This level saw accumulation on May 22nd. However, bulls could trust this support less since there is no bullish daily gap following the accumulation.

Tuesday's upgrade might create volatility that helps the price rally at least slightly from this level. The first resistance exists at the low of December's bullish gap near $0.8789, which the price is currently trading under. However, it's reasonable for a spike in volatility to attack bears' stops above May 27th's swing high at $0.8978.

Continuation through this resistance may target bears' stops above May 6th's weekly swing high at $0.9172. Resistance could exist above this high in the unfilled part of April 12th's bearish daily gap. The price might find stronger resistance inside this gap at the overlap with April 10th's swing low at $0.9952. 

However, if bulls fail to hold the current support - perhaps due to traders "selling the news" of Tuesday's upgrade - a move to the current range's lows may happen. 

Support could exist near $0.7280. This price is near the middle of April's monthly candle tail, April 8th's weekly candle tail, and bullish daily rejections on April 13th and May 14th. If this drop happens, there are higher odds that the price will sweep bulls' stops under May 15th's swing low at $0.7189.


OriginTrail (TRAC)

OriginTrail (TRAC)

Price
$0.852401 (-1.63 %)
฿0.00001234 (-3.87 %)

Market Cap
$346 492 622
฿5 018.11

Volume (24h)
$2 481 135
฿35.92

Supply
500 000 000 (Max)
406 404 040 (Available)

TRAC is consolidating after a 59% retracement from March 9th to May 1st. The daily chart recently suggested a bullish market structure break.

The price is testing possible support near the origin of this market structure break near $0.8306. This level is at the high of May 14th's bullish accumulation. If bulls plan to hold this level, the price should show a strong unwillingness to spend time below this accumulation's high since the price already tested this level twice.

Monday's roadmap discussion could create interest that helps the price travel from this nearby support to the nearest resistance at approximately $0.9124. Bears distributed here on May 25th and 26th before sending the price toward the current range's lows. This level is confluent with the 40 EMA.

A break through this resistance might attack bears' stops above May 23rd's swing high at $1.0410. Above this high, April 11th's bearish daily gap and April 8th's bearish distribution may create resistance near $1.0643.

If Monday's discussion creates volatility that drops the price, bulls' stops under May 14th's swing low at $0.7461 could offer a target. Near this low, support might exist. During the month of April, bulls rejected bears near this price, which is inside January's monthly accumulation. This possible support confluences with the tail of April 29th's weekly candle and bullish daily rejections on April 30th and May 14th.

No other news.
No upcoming event.

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