Enjin Coin (ENJ)
$0.175665 (12.34 %) View coin |
ICON (ICX)
$0.407140 (-0.75 %) View coin |
Chainlink (LINK)
$10.29 (-4.18 %) View coin
Newsletter
03 August 2020

3 coins to keep an eye on | Issue #89

Hello everyone!

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 $139 billion by Saturday before stabilizing near $130 billion.

While some traders buy the dip, take profits, and load their shorts, here are three coins with events this week on CoinMarketCal to keep an eye on.

@tradeprophet


Enjin Coin (ENJ)

Enjin Coin (ENJ)

Price
$0.177890 (2.53 %)
฿0.00001582 (1.15 %)

Market Cap
$146 083 970
฿12 994.91

Volume (24h)
$7 991 229
฿710.86

Exchange
Huobi

After ending its bull run in late May, ENJ has quietly distributed while the rest of the altcoin market grabbed the spotlight. However, ENJ might give opportunities to both bulls and bears this week.

The price has just set a lower low after a lower high, which confirms a break in market structure and hints at more downside. However, ENJ has a pattern across multiple timeframes of dropping below a low before beginning the next wave up.

Bulls looking for a quick scalp or swing could enter near the monthly level at 0.0000145 while targeting the most recent highs near 0.00001695, monthly level at 0.00001832, and potentially further above.

Bears could wait for a spike or more substantial move up over the current resistance near 0.00001633, then target the long stops at 0.00001378 and as far as the yearly levels at 0.00001224.


ICON (ICX)

ICON (ICX)

Price
$0.375483 (1.87 %)
฿0.00003340 (0.56 %)

Market Cap
$209 697 724
฿18 653.67

Volume (24h)
$21 590 955
฿1 920.62

Exchange
Huobi

July saw a 50% climb and nearly equal drop as ICX bulls charged upwards with the rest of the altcoin market. However, this could give another entry if the bull market continues.

After running the short stops above a swing high near the monthly level at 0.0000467, the bears took a week to load the shorts before pushing back to the 2020 range EQ and base of the move near 0.00003174.

Bulls could enter in the current area and target the EQ of the entire last move up at 0.00003679. Claiming this level is likely to lead to an attempt at the macro range EQ at 0.0000394.

A move up to the macro range gives bears a possible entry in the .618 to .786 Fibonacci retracement zone, with the pivot at 0.00004075 likely to provide resistance. Alternatively, bears could enter near the current area's monthly resistances at 0.00003462 while targeting the Q2 2020 lows at 0.000027.


Chainlink (LINK)

Chainlink (LINK)

Price
$8.49 (1.29 %)
฿0.00075567 (0.03 %)

Market Cap
$2 973 246 743
฿264 485.32

Volume (24h)
$893 139 906
฿79 449.31

Exchange
Huobi

LINK has received a tremendous amount of activity during this altseason, with its BTC pair climbing over 50% and its USD pair garnering the most attention with new all-time highs.

LINK marines are anxious for continuation and more price discovery. Still, the price shows a dramatic battle playing out - especially when considering the weekend's massive drop.

Bears and bulls are currently battling it out in the ideal Fibonacci short entry zone just above a critical weekly level and pivot at 8.08745. If the bears win, the EQ at 7.85612 and pivot at 7.45946 make reasonable targets with potential further downside.

If the bulls manage to hold the current region, an attempt at the highs at 8.89999 is likely. If an attempt at the highs results in support around 8.64999, new all-time USD highs may be incoming.

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No upcoming event.

3 coins to keep an eye on 👀