Chiliz (CHZ)
$0.006460 (0.21 %) View coin |
OKB (OKB)
$4.36 (5.46 %) View coin |
Tezos (XTZ)
$1.59 (0.56 %) View coin
Newsletter
04 November 2019

3 coins to keep an eye on | Issue #54

Hello everyone!

Bitcoin’s surprise volatility in late October failed to continue over the last week as the price drifted in a paltry 9.7% range. So far, it looks like it may be a failed retest of previous support. The altcoin marketcap shows little signs of life and hold relatively steady around $80 billion.

The price is forming a descending triangle - which can break to the upside after a move up. However, the last descending triangle after 2019’s pump failed to break to the upside. Will this one follow in the same footsteps?

Meanwhile, here are three coins with events on CoinMarketCal during the upcoming week to keep an eye on.

@tradeprophet


Chiliz (CHZ)

Chiliz (CHZ)

Price
$0.017900 (9.57 %)
฿0.00000193 (7.74 %)

Market Cap
$67 355 237
฿7 251.95

Volume (24h)
$19 958 015
฿2 148.82

Exchange
Binance

With a relatively short chart history, CHZ is currently in price discovery mode. So far, it is following the pattern of many new coins - a bullish parabolic beginning before an eternal bleed.

Fortunately for bulls, we are still at the parabolic beginning. Traders who missed the start of the pump in mid-October may be hesitant to buy at current levels, since buying directly into a pump has been the birthplace of many unfortunate holders.

However, the RSI is reaching oversold levels. Last time it reached oversold, price entered a consolidation period - offering a more favorable entry. 

If this happens again, the overlap of the weekly and daily orderblocks near the source of the most recent leg up could give optimistic bulls the entry for which they are looking. Wednesday’s Socios App Launch, as well as the upcoming fiat to CHZ exchanges, could continue to provide fuel for this pump.


OKB (OKB)

OKB (OKB)

Price
$3.19 (2.38 %)
฿0.00034358 (1.27 %)

Market Cap
$63 822 198
฿6 871.55

Volume (24h)
$73 432 552
฿7 906.27

Exchange
Binance

OKB has been on a wild ride during the past year. An early-year pump ended in a return to almost all-time lows, then lifted off again in July for another market cycle.

Currently, the price is attempting to break out of a consolidation period that has lasted since August. The top boundary of the range broke last week, and the price is currently testing whether this will turn to support. 

If this level does turn to support, the next target may be the weekly level around 0.0004431. Otherwise, support may be at the overlap of the weekly and daily orderblocks around 0.00027 - giving an excellent risk-reward entry to the bulls. 

The release of simulation USDT futures, along with two AMAs and the Ukraine talks, might provide bulls with the strength to hold this level and continue their march upward.


Tezos (XTZ)

Tezos (XTZ)

Price
$0.893724 (4.35 %)
฿0.00009622 (3.04 %)

Market Cap
$590 191 621
฿63 544.25

Volume (24h)
$15 878 339
฿1 709.58

Exchange
Binance

After a fair amount of initial hype, XTZ has been a significant disappointment to long-term investors. Two highs - one in November 2018, and one in April 2019 - led to a brief plummet before all-time lows before the price reclaimed this critical level.

After this disaster, the price has set a double bottom on the daily orderblock created by June’s plunge. The first move up from this level was defeated, but the price continues to consolidate in this region. 

A weekly orderblock rests at the top of this range and currently pins price down. The daily orderblock that overlaps the bottom of this level is now providing resistance. 

Thursday’s listing on OKEx could help bulls push into this critical level. If not, a range is likely to form in the current area - giving both bears and bulls an opportunity for profit.

Yesterday, we spotted an anomaly in the supply curve of Tezos. On Jan. 29, almost 9 million new XTZ (about 1.3% of the reported supply at the time) entered into the circulating supply. Since the annual issuance rate of Tezos sits around 5.5% (with small variations in either direction), this signific...
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3 coins to keep an eye on 👀