Celo (CELO)
$2.52 (-0.17 %) View coin |
Synthetix Network Token (SNX)
$5.10 (11.54 %) View coin |
Waves (WAVES)
$2.50 (5.20 %) View coin
Newsletter
31 August 2020

3 coins to keep an eye on | Issue #93

Hello everyone!

The market’s mood may have been more volatile than Bitcoin’s price this week as it trapped bears near the bottom of its 6.48% range before climbing to $11,709, a mere $55 above the weekly open at $11,654.

The altcoin marketcap dipped alongside BTC, from $151 billion to as low as $145 billion before ending the week higher at $153 billion - and with 1% lower BTC dominance.

While we wait to see if this week brings more sideways action in Bitcoin, here are three coins with events this week on CoinMarketCal to keep an eye on.

@tradeprophet


Celo (CELO)

Celo (CELO)

Price
$4.00 (-2.58 %)
฿0.00034114 (-2.99 %)

Market Cap
$497 881 684
฿42 453.65

Volume (24h)
$11 319 087
฿965.16

Exchange
Huobi

CELO holders enjoyed an abrupt 114% spike in price earlier this week as the price broke resistance at the previous weekly high.

Currently, the price is consolidating in a range between 0.0004 and 0.00033055. It swept the range lows last weekend, which could mean that the price is getting ready to move up toward the range highs.

Bulls could build positions near the bottom of the range, wait for a dip to the last move’s EQ, or wait for the current resistance at the range EQ to flip to support. Targets at the range EQ are likely to be hit this week, with a potential break upward to price discovery.

Bears planning to the Coinbase listing news could wait for the range low to confirm as resistance, or enter more aggressive positions near the range EQ.


Synthetix Network Token (SNX)

Synthetix Network Token (SNX)

Price
$7.27 (5.88 %)
฿0.00061968 (4.62 %)

Market Cap
$692 559 956
฿59 053.59

Volume (24h)
$150 915 725
฿12 868.37

Exchange
Huobi

SNX continues to march upward, rewarding bulls with 154% returns during the last month alone. Now, the price may be getting ready to breakout for the next leg.

High spikes of volume during last week’s climb support the bullish case. Currently, previous intra-range highs at 0.00058336 are providing support as the price probes August 15th’s all-time high.

Bulls could continue to build positions as each lower support is tested, or opt to enter on the breakout and a confirmation of August 15th’s high as new support.

Bears could enter on signs of weakness near the current level, targeting support at 0.00053123 near the current consolidation range’s EQ or down to support at the previous monthly high at 0.00044878.


Waves (WAVES)

Waves (WAVES)

Price
$3.69 (7.41 %)
฿0.00031444 (6.00 %)

Market Cap
$379 390 558
฿32 350.09

Volume (24h)
$89 403 509
฿7 623.31

Exchange
Huobi

The week of August 10th rewards WAVES bulls with a 131% pump, but the move upward stalled at diagonal resistance at the Q4 2018 open at 0.0003305.

Last week, the price met with resistance at 0.0003124. Strong support is at the last move’s EQ at 0.00026581, but multiple retests suggest that it could break this week.

A quick break below this level could provide a high risk/reward ratio entry for aggressive bulls, while also providing a longer-term setup. Decreasing sell volume and increasing bullish volume at the current levels along with this week’s Asian exchange staking release could hint that this is re-accumulation.

Bears could wait for a stronger rejection at the weekly open at 0.00030178 before entering, while targeting as low as the accumulation range’s highs at 0.00020332.

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
17 August 2020
3 coins to keep an eye on | Issue #91
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, temporar...
News
13 August 2020
The Current State of YAM
Three days after the launch of YAM, a bug in the rebasing contract has minted far more YAM than intended and has permanently disrupted the governance module. This bug flooded the protocol reserve during the second scheduled rebase, and given Yam’s governance model, it has made it impossible to reach...

3 coins to keep an eye on 👀