Algorand (ALGO)
$0.322906 (-4.49 %) View coin |
Bancor (BNT)
$0.867713 (-4.19 %) View coin |
ICON (ICX)
$0.466914 (-0.41 %) View coin
Newsletter
13 July 2020

3 coins to keep an eye on | Issue #86

Hello everyone!

During the last week, there’s been no relief for traders anxious to see a resolution to Bitcoin’s current range. The price ran the previous weekly highs, covering a 4.56% range from low to high before closing a few dollars above the monthly level at $9,294.

Meanwhile, the altcoin marketcap climbed a similar percentage from $95 billion, reaching as high as $103 billion before ending the week with a double top around $102 billion.

While we wait for Bitcoin’s breakout - which may invalidate many longer-term setups - here are three altcoins with events on CoinMarketCal this week to keep an eye on.

@tradeprophet


Algorand (ALGO)

Algorand (ALGO)

Price
$0.283528 (5.48 %)
฿0.00003054 (4.47 %)

Market Cap
$218 831 361
฿23 568.74

Volume (24h)
$53 829 480
฿5 797.58

Exchange
Huobi

Five weeks of bearish wicks on the weekly chart didn’t stop ALGO from pumping 34% last week. The price broke local resistance and ran the previous swing high before dropping down to close below the yearly open at 0.00003014.

A previous resistance from March around 0.00002885 could become support, but this needs to be proven this week. Aggressive bulls may want to buy any drops below 0.00002885, while more cautious bulls might wait for a retest of the previous resistance at 0.000027.

On the other hand, attention drawn to ALGO this week could help more significant players sell their shares before sending the price down. Bears could see the spike above last week’s highs and close below the yearly level as a setup to target the recently broken highs near 0.000027, and even as far as the lows near 0.0000221.


Bancor (BNT)

Bancor (BNT)

Price
$1.67 (11.33 %)
฿0.00018001 (9.73 %)

Market Cap
$115 572 155
฿12 447.44

Volume (24h)
$65 327 224
฿7 035.92

Exchange
Huobi

It’s been a wild ride for BNT holders, with the price rocketing up a mind-numbing 787% since the middle of May.

Despite how far the price has come, the near future might bring more upside. The price broke the 2019 yearly open and is currently deciding if it will hold as support.

Bulls can point at the highs at 0.00020928 as a target, which is still a reasonably attractive 28% from the current price region. The monthly level at 0.00015566 or last swing high at 0.00014085 could provide good bullish entries.

Bears could look for a spike and retracement under last week’s high at 0.00017888 as a sign that the bull run is over for the time being and that distribution has begun. Entries in the current area could target the monthly level near the .618 Fibonacci retracement around 0.00011433.


ICON (ICX)

ICON (ICX)

Price
$0.423085 (6.02 %)
฿0.00004557 (4.96 %)

Market Cap
$231 697 948
฿24 954.51

Volume (24h)
$42 347 480
฿4 560.94

Exchange
Huobi

ICX has spent most of 2020 range-bound after a 358% pump following New Year’s, but price action suggests that a shift might be incoming.

For most of the year, the price has been spiking up to create lower highs. The end of June brought a bullish move that ran these highs before beginning to consolidate under resistance near the last local high at 0.00004644.

A break of this high and the monthly level at 0.00004670 could send the price back up toward 2020’s high, with the monthly level and short stops at 0.00005699 being a possible target. Bulls could enter on each break of the prior highs.

Bears might see this as a move to load up shorts before pushing the price back down to the lows near the bottom of the range at 0.00003101. If Tuesday’s update causes traders to “sell the news” and markets become more bearish, this could create a scenario where the price completely retraces.

With the markets running hot, crypto exchange listings have seemingly become a catalyst for price movements. It’s almost 2017 all over again. The trend is readily apparent when looking at Coinbase’s most recent additions. Nearly every new listing has seen a substantial boost in price on the day Coi...
Newsletter
03 August 2020
3 coins to keep an eye on | Issue #89
Bitcoin continued rocketing upward after last week's break of the bearish trendline, despite the weekend producing a 12% drop. Overall, the price exploded nearly 22% upward to close at $11,071, over 11% higher than the week's open. Euphoria overwhelmed the altcoin market. The marketcap climbed from $116 billion to nearly $...
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 ...
No upcoming event.

3 coins to keep an eye on 👀