Enigma (ENG)
$0.135899 (5.02 %) View coin |
Loopring (LRC)
$0.029130 (-2.91 %) View coin |
TRON (TRX)
$0.013224 (-3.22 %) View coin
Newsletter
23 September 2019

3 coins to keep an eye on | Issue #48

Hello everyone!

Bitcoin’s volume continues to taper off as the consolidation period continues. The descending triangle still has weeks to close, during which time we can expect to see traders continue to be chopped up in the consolidation.

Meanwhile, the altcoin marketcap saw a brief rally this past week, rising from approximately 80 billion to nearly 90 billion before dropping back down to 83 billion.

While Bitcoin’s current stability is helping many altcoins begin to form bottoming patterns, all it takes is for one dramatic move to shatter these charts. While we wait, here are three coins to keep an eye on with events on CoinMarketCal this week.

@tradeprophet


Enigma (ENG)

Enigma (ENG)

Price
$0.374479 (-3.68 %)
฿0.00003756 (-2.75 %)

Market Cap
$28 024 541
฿2 810.65

Volume (24h)
$323 385
฿32.43

Exchange
Binance

ENG has been anything but bullish since March. The 85% drop from the high may have discouraged holders, but the dump may be ending.

A falling wedge has been forming for the last four months. This pattern typically breaks upward, with an approximate target at about two-thirds of the wedge height. This level coincides with a daily orderblock from which the last drop began.

However, several failed wedge breakouts have been appearing in different coins over the past week. Additionally, bears can take some comfort in the borderline overbought RSI, meaning that the bulls may need to cool off soon. 

With the ENG snapshot ending on Tuesday, we may see a quick drop as traders sell their previously held tokens. Probable support lies around 0.00003, which could give bulls a good entry. Bears entering in the current region might see this as confirmation of a failed wedge breakout and support for a continued downtrend.


Loopring (LRC)

Loopring (LRC)

Price
$0.036254 (0.15 %)
฿0.00000364 (0.69 %)

Market Cap
$32 702 995
฿3 279.86

Volume (24h)
$4 096 838
฿410.88

Exchange
Binance

LRC’s local downtrend since June may also be coming to a close. After reaching lows at 0.00000294, price began to rally into an ascending triangle - often a bullish reversal pattern.

Bulls can take comfort in the recent tenkan-kijun cross on the Ichimoku cloud, which is the first one to occur since late July. Price is still trapped under a pivot level formed by the lower wick of a weekly level. However, if the current bullish trendline from September holds, this level could soon break.

A breakout of this level could have bulls targeting the daily orderblock between 0.000004 and 0.0000042. The DEX launch today is likely to contribute to the bullish momentum, and possibly make the current region a longer-term bottom.


TRON (TRX)

TRON (TRX)

Price
$0.016812 (-5.98 %)
฿0.00000169 (-4.83 %)

Market Cap
$1 121 058 075
฿112 433.68

Volume (24h)
$616 959 298
฿61 876.37

Exchange
Binance

As one of the few altcoins to maintain a significant market share during the 2018 and 2019 bear markets, TRX continues to tease investors with the hope of recovery.

Some short-term recovery may be coming soon. Lows at 0.00000135 held, and bulls kicked off a several week uptrend. Currently, the price is struggling with the EQ of an old daily orderblock from December 2017. This profit-taking period is forming a compressed megaphone pattern, which can break either up or down.

If the price does break down, a target lies at the daily orderblock around 0.00000155 - which also provides bulls with an excellent risk-reward entry. If price breaks the current EQ level, the first probable resistance is at the overlap of daily orderblocks around 0.000002, with another likely resistance above at 0.00000235. News or announcements during Tuesday’s live stream could encourage bulls to push through this EQ.

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 ...
Today the SEC announced a settlement with token issuer Enigma MPC over its $45 million ICO. As part of the settlement, Enigma has agreed to return funds to harmed investors via a claims process and register the tokens as securities. Enigma will also be required to file periodic reports with the SEC ...

3 coins to keep an eye on 👀