Kyber Network (KNC)
$1.74 (5.70 %) View coin |
Pundi X (NPXS)
$0.000180 (-11.66 %) View coin |
Ravencoin (RVN)
$0.018078 (-1.53 %) View coin
Newsletter
30 September 2019

3 coins to keep an eye on | Issue #49

Hello everyone!

Bitcoin’s move that we’ve all been waiting for finally happened last week. After consolidating for nearly three months, Bitcoin dropped 23% over a few days before finding some stability in the weekly orderblock around $8,000. 

This drop may be a shakeout before another move up, but bears currently have the upper hand. Meanwhile, the altcoin marketcap has dropped to $69 billion as of Sunday - a $13 billion loss.

Bitcoin’s drop has begun inflating some of the stronger altcoins’ prices, but a marketwide altcoin rally is clearly not happening yet. While we wait, here are three coins with events on CoinMarketCal during the next week to keep an eye on.

@tradeprophet


Kyber Network (KNC)

Kyber Network (KNC)

Price
$0.183460 (3.41 %)
฿0.00002273 (3.51 %)

Market Cap
$30 814 874
฿3 817.48

Volume (24h)
$32 288 888
฿4 000.09

Exchange
Binance

Quarter three has been relatively stable for KNC. After June’s dump, the price has stabilized in a range from 0.0000228 to 0.000014. 

The price in this range rechallenging resistance at the daily orderblock around 0.000024 after a bullish TK cross on the Ichimoku cloud. This level marks the neckline of an inverse head and shoulders (with questionable volume) - a pattern that could indicate a reversal.

If this inverse head and shoulders pattern plays out, the next target could be at the overlap of the daily and weekly orderblocks near 0.000034. This level also marks the start of June’s drop, which makes it a likely candidate for a retest.

The decreasing volume as price challenges resistance suggests that the number of sellers is decreasing. Friday’s event, along with the upcoming conference events, could give more fuel to the bulls challenging the resistance.


Pundi X (NPXS)

Pundi X (NPXS)

Price
$0.000251 (-11.19 %)
฿0.00000003 (-9.63 %)

Market Cap
$59 301 925
฿7 346.59

Volume (24h)
$21 384 022
฿2 649.15

Exchange
Binance

NPXS is riding the bottom of a massive, year-long falling wedge. This pattern is often bullish, with an upside breakout target at approximately ⅔ of the wedge’s height - which coincides with a daily orderblock near 0.00000016.

Typically, the longer the price spends at one boundary of a wedge, the less likely it is to break that edge. With three months spent on the bottom of the wedge, the probability of a downward breakout seems less probable.

Bulls can find further confidence in the rising RSI as price oscillates in a tight range. This rising RSI is forming a series of bullish divergences. The incoming daily airdrops and AMA with the CEO this week could help begin propelling price upward to the top of the nearly closed wedge.


Ravencoin (RVN)

Ravencoin (RVN)

Price
$0.029817 (-0.85 %)
฿0.00000369 (-0.33 %)

Market Cap
$135 084 896
฿16 734.92

Volume (24h)
$29 723 892
฿3 682.33

Exchange
Binance

March 2019 marked the end of RVN’s euphoric bull run and resulted in a massive drop down to 0.00000286. This level might also mark the bottom of an Adam and Even pattern, which often signals a downtrend's end.

Currently, the price is trapped under a weekly level at 0.00000381, which also has confluence with a daily orderblock. This level may be weakening since this is the bulls’ third assault. The price has also entered the cloud after a bullish TK cross, which further supports the bulls’ case.

If the price does break this level, the next likely resistance lies at the daily orderblock around 0.00000480. The incoming update to the chain could increase the fundamentals behind RVN, giving bulls more reason to push through resistance.

Newsletter
29 June 2020
3 coins to keep an eye on | Issue #84
It's been another wild week in Bitcoin with the price covering a nearly 10% range - jumping up to short stops at $9,800 before plummeting down to near $8,800. The altcoin marketcap mirrored Bitcoin's movements with its value climbing from $94 to $98 billion, before ending the week near $90 billion. While we wait to see ...
This report is part of a weekly series where we will explore the mechanics behind major Open Finance protocols and evaluate them on a fundamental basis. You can view prior reports here. February proved to be a busy month for Kyber as it got listed on Coinbase and announced they will be implementing...
Newsletter
24 February 2020
3 coins to keep an eye on | Issue #70
After a violent struggle through a nearly 11% range, Bitcoin's weekly candle from last week closed a mere 0.6% above where it started. A 6.4% drop from its open has bulls arguing for a spring setup, while bears may be hoping for a retest before a decline. The altcoin marketcap enjoyed a small climb from its weekly start at...

3 coins to keep an eye on 👀