Ocean Protocol (OCEAN)
$0.339110 (-8.44 %) View coin |
NEM (XEM)
$0.110328 (-2.39 %) View coin |
Waves (WAVES)
$2.87 (-3.77 %) View coin
Newsletter
17 August 2020

3 coins to keep an eye on | Issue #91

Hello everyone!

Bitcoin continued sweeping higher, passing through an 8.45% range from the lows near $11,200 up to the weekly close at $11,914. This 2% higher weekly close led to an explosive bullish move today as bulls broke critical resistance at early August’s highs near $12,120.

Will the BTC breakout hold for the next leg up, temporarily suppressing altcoins? Another possible scenario is that the price quickly drops back into the range early this week, leading to more consolidation and altseason pumps.

It's hard to keep track of so many altcoin dips, pumps, opportunities across the market - so here are three specific altcoins with events on CoinMarketCal this week to keep an eye on.

@tradeprophet


Ocean Protocol (OCEAN)

Ocean Protocol (OCEAN)

Price
$0.643105 (42.92 %)
฿0.00005231 (35.25 %)

Market Cap
$226 975 707
฿18 461.26

Volume (24h)
$49 497 661
฿4 025.93

Exchange
Huobi

OCEAN surged alongside other high-performing alts during this summer altseason, providing over 500% gains during this move.

It's impossible to predict how far this may go, but another re-entry opportunity may be coming this week. The price is printing lower highs while following a downward-sloping trendline, but daily candle bodies have continued printing higher highs - indicating bullish energy.

Support exists at the 0.00003545 region. The macro .236 Fibonacci retracement and this range's .702 retracement are holding price up against the range mid and trendline, making it a potentially rewarding buying opportunity for bulls to build a position for a breakout.

Bears may want to wait for the downward sloping trendline to form a fuller descending triangle, then wait for a downwards breakout while targeting probable support near 0.00002704.


NEM (XEM)

NEM (XEM)

Price
$0.070004 (7.40 %)
฿0.00000569 (3.28 %)

Market Cap
$630 040 263
฿51 244.84

Volume (24h)
$22 080 937
฿1 795.97

Exchange
Huobi

The first half of 2020 may have marked a massive reversal in XEM's price as a double bottom formed near the 2020 yearly open at 0.00000445.

Since then, the end of July saw a sharp move down, which bulls immediately bought up. These stop runs often precede more significant moves in the opposite direction - in this case, upwards.

This week, the price is approaching a downwards-sloping trendline, which held since February. If this breaks, it could signal that the previous highs and current resistance zone around 0.000006 are now support.

The monthly level at 0.00000654 provides a reasonable first target for bulls waiting for a breakthrough, while the higher timeframe pivot around 0.00000726 is likely to provide strong resistance. 

Bears could wait for confirmation that the downwards trendline will hold, then target the overlapping orderblock support zones around 0.000005.


Waves (WAVES)

Waves (WAVES)

Price
$4.44 (12.74 %)
฿0.00036076 (8.08 %)

Market Cap
$455 797 368
฿37 072.65

Volume (24h)
$309 756 801
฿25 194.32

Exchange
Huobi

It's been a quiet last year for WAVES as it ranged up to 0.0001894, but last week's breakout suggests that accumulation may be over.

Two monthly levels frame the area around 0.00031113 and provided resistance for the first bullish burst. Now, the bulls appear to have soaked up the sellers at the .298 fib retracement support and are ready to push the price higher.

Bulls could target the area around the next monthly level at 0.00042862 this week, with the price potentially running much further.

Bears could look for reversal signs near the next monthly level, or wait for the price to re-enter the current support and show signs of dropping - potentially to the breakout level at 0.00019398.

No other news.
No upcoming event.

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