Golem (GNT)
$0.094587 (-2.35 %) View coin |
Holo (HOT)
$0.000533 (-1.40 %) View coin |
Ontology (ONT)
$0.553487 (-1.56 %) View coin
Newsletter
09 September 2019

3 coins to keep an eye on | Issue #46

Hello everyone!

Bitcoin continues to trudge along in a relatively small ~12% range as it paints a descending triangle on the daily. When the price rises into this pattern (as it did), the odds of an upward breakout increase.

However, the triangle does not close for a few more weeks, which means that the market may continue to stagnate while waiting for a more significant move. The altcoin marketcap is no exception, with total valuation holding steady near 78 billions.

While we wait for Bitcoin’s next move or an altseason, here are three coins with events this week on CoinMarketCal to keep an eye on.

@tradeprophet


Golem (GNT)

Golem (GNT)

Price
$0.060203 (2.85 %)
฿0.00000578 (2.86 %)

Market Cap
$58 062 867
฿5 576.57

Volume (24h)
$2 105 954
฿202.26

Exchange
Binance

After a massive drop in August of 2018, GNT has continued to drift downward for the last year. However, a short-term reversal may be impending.

The price is currently ranging around a weekly orderblock near 0.0000062. This ranging has formed the first part of a possible inverse head and shoulders pattern, which could indicate a reversal is coming.

If this pattern does play out, resistance lies above at a daily orderblock around 0.0000082 - although this pattern’s target typically reaches higher. Wednesday's AMA may reveal information that could help this pattern complete and make the current level an optimal entry point.


Holo (HOT)

Holo (HOT)

Price
$0.000816 (0.93 %)
฿0.00000008 (1.14 %)

Market Cap
$108 655 818
฿10 435.71

Volume (24h)
$5 819 521
฿558.93

Exchange
Binance

A promising start to the year propelled by hype fizzled out, with HOT returning to its all-time low levels at 0.00000007.

It remains to be seen whether the price will break its previous lows, but so far they have held for the last month. This strength could indicate accumulation for the next bull run.

While traders can play the current range, the Chaikin Oscillator is approaching the zero level. Crossing this level would further support the bullish case. 

If Thursday’s surprise announcement creates enough excitement, this could help propel price out the current zone and through the pivot zone around 0.00000011.


Ontology (ONT)

Ontology (ONT)

Price
$0.757070 (4.99 %)
฿0.00007271 (4.79 %)

Market Cap
$403 808 938
฿38 783.32

Volume (24h)
$90 646 080
฿8 705.99

Exchange
Binance

Q2 and Q3 have been soul-crushing for ONT holders, with the six-month-long drop showing little sign of reversal.

Bulls may have another blow incoming, depending on how the current price action setup plays out. Price consolidated under a large weekly orderblock with a lower boundary near 0.00008 before breaking the range’s lower border.

Currently, the price is retesting this lower boundary as oversold conditions indicated by the c-clamp pattern on the Ichimoku indicator balance. This retest could create an excellent short setup for bears, who may wish to sell near the bearish daily orderblock around 0.000074. 

“Selling the news” after the hype for ONT’s exposure at the Shanghai Art Fair this Friday make the weekend a likely time for this retest to fail.

No other news.
No upcoming event.

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