ICON (ICX)
$0.216918 (0.87 %) View coin |
Chainlink (LINK)
$2.20 (1.69 %) View coin |
TRON (TRX)
$0.011613 (-0.12 %) View coin
Newsletter
20 May 2019

3 coins to keep an eye on | Issue #33

Hello everyone!

During the last two weeks, Bitcoin has continued to go parabolic through resistance. It’s unclear how long this bull run can continue without a pullback, although probable resistances are around 8,500 and 10,000.

The altcoin marketcap has also risen, although the influx of new money has favored Bitcoin.

Traders looking for opportunities in the altcoin market may want to keep their eyes on these three coins with events during the upcoming two weeks while waiting for Bitcoin to consolidate.

@tradeprophet


ICON (ICX)

ICON (ICX)

Price
$0.371410 (-3.42 %)
฿0.00004765 (-1.60 %)

Market Cap
$175 828 072
฿22 555.73

Volume (24h)
$12 466 134
฿1 599.19

Trade
Binance

ICX has been on a massive plunge since the beginning of April, with price breaking the previous lows of 2019. A potential bottom has been found between 0.0004 and 0.0005, with some increase in volume as buyers stepped in.

As price holds under the weekly level that marked the previous low, a c-clamp setup is forming on the Ichimoku indicator. This can signify that price has dropped too rapidly and result in a bounce back toward the kijun line.

The kijun has confluence with an orderblock around 0.0000580 that makes it likely to provide resistance on the first bounce. If the tenkan-sen near 0.0000470 continues to hold as support, this could give an entry for traders looking to play the c-clamp and any resulting range.

This bounce becomes more likely if the monthly roadmap update at the end of May contains any exciting news for bulls.


Chainlink (LINK)

Chainlink (LINK)

Price
$0.987153 (-2.63 %)
฿0.00012663 (-0.89 %)

Market Cap
$345 503 623
฿44 322.20

Volume (24h)
$22 630 585
฿2 903.12

Trade
Binance

LINK has been in a long-term uptrend. The confluence of this bullish trendline and a weekly orderblock from late 2019 prompted a strong bounce during the last week.

The price recently surged upward into another weekly orderblock around 0.00012, where the bullish impulse is finding resistance. Directly under this orderblock is a daily orderblock around 0.0001125, which may provide support as price explores the top of the range.

This potential support may provide bulls with a great entry if they are looking to capitalize on moves at the top of the range and take advantage of a possible breakout. Otherwise, the weekly orderblock that spawned the bullish impulse provides another opportunity to trade the range.

However, holding near the top of the range seems more likely since LINK launches its mainnet next week.


TRON (TRX)

TRON (TRX)

Price
$0.027757 (-3.36 %)
฿0.00000356 (-1.54 %)

Market Cap
$1 850 905 348
฿237 439.47

Volume (24h)
$673 993 879
฿86 461.88

Trade
Binance

TRX had a euphoric surge in price during early 2019, followed by an equally dismal decline for the rest of the year. Price has now reached the level from which the bull run began inside a giant weekly orderblock.

While an instant market cycle shift into another massive bull run is unlikely, the consolidation at the bottom of this range may provide opportunities.

A daily orderblock near 0.00000310 has provided support, and a nearby overlying orderblock around 0.00000410 has provided resistance. Playing the range inside the weekly orderblock and between the daily orderblocks could prove lucrative.

The Sun Network provides some bullish catalyst for an attempt at the top of the range during the next two weeks.

Over the weekend, Tron founder Justin Sun announced a loan platform called Djed that is nearly identical to MakerDAO but built on Tron. Similar to its predecessor, Djed will be creating a crypto-backed stablecoin through the opening of a Collateralized Debt Position (CDP). The protocol will also foc...
Members of the Steem community have planned to launch a new network, called Hive, this Friday to act as an alternative to the embattled Steem blockchain. As a fork of its Steem predecessor, Hive will airdrop its native HIVE tokens (as well as Hive Dollars) to all existing Steem accounts; all except ...
Newsletter
02 March 2020
3 coins to keep an eye on | Issue #71
The move we've been waiting for finally happened last week, as BTC plunged to close 14.48% below its open. The trendline through the consolidation zone around $8475 provided a temporary bottom, but will it hold? The altcoin marketcap crashed alongside BTC, losing 18% from $106 to $87 billion during the week. While we wa...

3 coins to keep an eye on 👀