Elrond (EGLD)
$6.93 (-6.79 %) View coin |
Monero (XMR)
$120.78 (-5.63 %) View coin |
UMA (UMA)
$8.30 (-3.34 %) View coin
Newsletter
12 October 2020

3 coins to keep an eye on | Issue #99

Hello everyone!

Aggressive Bitcoin bears found themselves liquidated during this week's 9.23% climb while late bulls pile in at the top of the weekend pump. The weakening USD suggests a risk-on environment, creating an overall bullish tone for most markets.

The altcoin marketcap climbed alongside Bitcoin from $144 billion to nearly $150 billion. Many altcoins have formed potential reversal patterns after late Q3 declines - although some traders suspect this bounce could lead to further downside.

While we wait to see if this week brings the long-anticipated massive candle in Bitcoin, here are three coins with events on CoinMarketCal this week to keep an eye on.

@tradeprophet


Elrond (EGLD)

Elrond (EGLD)

Price
$8.05 (3.24 %)
฿0.00069831 (1.83 %)

Market Cap
$110 322 947
฿9 574.24

Volume (24h)
$4 738 298
฿411.21

Exchange
Crypto.com

The past two months have seen a savage 80% plunge in the price of EGLD, but a reversal could be in the works.

Last Wednesday, bulls stepped in near $6.46, creating a 25% bounce to the previous weekly low at $8.15. Since then, the price has been forming lower highs as it consolidates under the weekly low's resistance.

The equal highs above are likely to draw price at some point during this week, offering bulls at least a short-term trade. If this resistance flips to support, the next probable resistance is at a previous weekly high near $9.12.

Bears expecting further downside could look for signs of weakness near the current resistance or enter on a stop run above the highs. Bearish targets include the ascending previous day's lows down to the weekly low at $6.47.


Monero (XMR)

Monero (XMR)

Price
$132.99 (7.77 %)
฿0.01154128 (5.90 %)

Market Cap
$2 357 321 060
฿204 577.21

Volume (24h)
$1 815 979 859
฿157 597.58

Exchange
Crypto.com

After forming a low in early 2019, XMR has oscillated in a massive range between $36.28 and $132.41. 

The price swept the 2018 and 2019 yearly lows before launching into a strong bullish trend in March. Bulls plowed through the equal highs near $99.80, claiming this resistance as support, then continued their ascent toward the range's upper bound.

The previous yearly high near $132.42 and monthly high at $142.87 provide probable targets for bulls, who could enter on a retracement to support near $109.32 or $99.78.

Bears could look for signs of weakness from the current region up to the bullish targets while targeting the resistance-turned-support at $99.78.


UMA (UMA)

UMA (UMA)

Price
$9.09 (-1.89 %)
฿0.00078866 (-2.79 %)

Market Cap
$501 703 742
฿43 539.74

Volume (24h)
$33 350 117
฿2 894.25

Exchange
Crypto.com

UMA's chart tells a similar story to EGLD, with the 70% drop shaking out many weak hands before last weekend's 119% bounce at 5.83100000.

The long upper wick reaching past a previous weekly high at $10.57 shows intense selling pressure, but the price then found support near an earlier weekly open at $8.47.

The consolidation forming on lower timeframes could give short-term bulls an entry to target resistance around $10.20. This move would also set the stage for a larger move toward last week's high near $12.76.

Bears could enter on a breakdown of the current structure while targeting probable supports near $7.82 and $7.13203328.

No other news.
No upcoming event.

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