MVL (MVL)
$0.001784 (61.89 %) View coin |
NAGA (NGC)
$0.079960 (8.15 %) View coin |
Tokenomy (TEN)
$0.037578 (-3.30 %) View coin
Newsletter
17 September 2018

3 coins to keep an eye on | Issue #8

Hello everyone!

The cryptocurrency market’s downtrend continues as Bitcoin consolidates for its next move.

Bitcoin consolidated around these levels for approximately two weeks before its last several moves. If it repeats this pattern then this week should bring more consolidation.

This consolidation would give altcoins some time to rise and fall naturally in accordance with their charts and events. When Bitcoin is highly volatile, this tends to cause altcoin prices to suddenly drop, often catching traders by surprise who are relying on fundamental and technical analysis.

The market is still in a downtrend, so carefully picking coins with bullish hints on the charts and significant upcoming events in the near future is one way to increase your chances of making a profit. Here are a few of those coins with hot CoinMarketCal events this week.

@tradeprophet


MVL (MVL)

MVL (MVL)

Price
0.002453 USD (-3.50 %)
0.00000038 BTC (-3.29 %)

Market Cap
11 922 750 USD
1 836.00 BTC

Volume (24h)
24 731 USD
3.81 BTC

Trade
IDEX

MVL has a relatively limited chart history and exchange exposure, with IDEX and CoinBene charts only showing history back to the beginning of August. Without a significant history, many possibilities - both bullish and bearish - exist for this coin.

CoinMarketCal shows us that a series of exchange listings are planned for MVL during last week and this week.

Last week the first listing occurred and was preceded by a significant rise in price, then followed by an intense several-day sell off. This sell-off bounced off a weekly support zone once sellers became exhausted, as evidenced by the rising volume spikes.

This bounce could possibly be a higher low in a bullish trend. If so, it could provide a good risk-reward entry for bulls.

Short-term, we may see another rise this week since another listing should be occurring - although an exact date has not been given. On a longer timeframe, being listed on more exchanges also makes it more likely that price will continue to rise as more investors and traders will have easier access to this coin.


NAGA (NGC)

NAGA (NGC)

Price
0.310365 USD (8.41 %)
0.00004780 BTC (7.43 %)

Market Cap
18 234 762 USD
2 809.00 BTC

Volume (24h)
64 742 USD
9.97 BTC

Trade
OKEx

Another hot event on CoinMarketCal expected in this upcoming week is the NAGA debit card release. NAGA did not give an exact date for this event, instead specifying “mid-September”. This week is a probable time for the release.

This is the first in a series of significant events for NGC in Q4 as we can see on the CoinMarketCal event list with October bringing us not only the NAGA exchange launch but also the NAGA PAY launch.

Unsurprisingly, the NGC chart is showing interest from buyers, making it a promising option in the coming weeks.

The faster “trader” guppy EMAs are crossing over the slower “investor” EMAs, suggesting that the most recent climb in price may be more than just a bounce.

Last week, an aggressive rise in price on extremely high volume was harshly rejected at the daily resistance marking the top of the current range, with a close and swing high just under the EMA100.

This was followed by a retrace to the .382 fib, which is also the center of the downtrend’s weekly order block at this same level in August - providing a reasonable entry opportunity for aggressive traders. This level also has confluence with the investor and trader EMAs, and may be indicating that a previous resistance is now turning into support.

Price appears to be finding support at this level and marking a swing low, which may provide a good risk-reward entry opportunity for traders looking to capitalize on the excitement for the debit card launch and/or secure positions in anticipation of Q4’s bullish events.


Tokenomy (TEN)

Tokenomy (TEN)

Price
0.188083 USD (0.23 %)
0.00002900 BTC (0.06 %)

Market Cap
37 616 615 USD
5 799.00 BTC

Volume (24h)
715 373 USD
110.28 BTC

Trade
IDEX

Today, Tokenomy’s full exchange launch. This upgrade includes an enhanced user interface and Chinese language support.

The past two weeks already saw some dramatic bullish action, as the entire downwards movement from August was bullishly retraced in three days.

After this aggressive climb in price, the chart shows us that some profit taking is occurring. A drop in price from the recent high to the VWMA(20), which was also the low of the consolidation zone in late July and early August, saw a quick reaction from buyers eager to join the action. These buyers then pushed the price up again to set a new local high.

This created a William’s fractal pattern which often suggests a bullish reversal. Additionally, the bearish daily order block from early August, from which the last leg of the downtrend originated, seems to now be confirming as support. Price is currently encountering significant supply, but the upcoming week will show whether buyers can absorb this supply and push the price even higher.

Short-term traders looking to capitalize on today’s event could target the significant weekly level above at approximately 0.00003 - 0.0000315. On a longer timeframe, investors could speculate that Chinese language support could potentially help Tokenomy capture a larger share of the Chinese market - subsequently bringing more value to its token.

No other news.
No upcoming event.

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