4 Altcoins to Watch This Week: Explosion Expected!

We are entering a new week. We are wondering what will happen in the Bitcoin and altcoin market this week. We will include four cryptocurrencies.
 4 Altcoins to Watch This Week: Explosion Expected!
READING NOW 4 Altcoins to Watch This Week: Explosion Expected!

We are entering a new week. We are wondering what will happen in the Bitcoin and altcoin market this week. That’s why we’re going to feature four cryptocurrencies to watch.

Altcoin Dogecoin

Altcoin Dogecoin is facing resistance just above the $0.08 level. But a positive sign is that the bulls haven’t left much ground.

The bulls bought the July 28 dip. Accordingly, this indicates that sentiment remains positive and traders are buying the dips. Altcoin DOGE/USDT will gain momentum if the bulls push the price above the intraday high of July 25. The pair will later rally to $0.10 and then to $0.11. Conversely, if the price retraces from the current level and dips below the 20-day EMA, it will indicate that the bears are selling in rallies. The pair will then slide towards the $0.07 breakout level.

The four-hour chart shows that the pair is in an uptrend. The price broke below the 20-EMA. However, the bulls bought the dip. Accordingly, it pushed the price back above $0.08. If the bulls break the overall hurdle, the pair will continue its upward move. Important support to watch on the downside is the 20-day EMA. Then it is the 50-day SMA. Sellers will need to push the price below the 50-day SMA to gain the upper hand. The pair will then fall to the breakout level of $0.07 for the altcoin.

Maker faces significant resistance

Altcoin Maker has been stuck below $1,200 for the past few months. The bulls finally broke through this general hurdle on July 29.

Usually, once the price breaks above a firm overhead resistance, the price drops. It also retests the breakout level. In this case, the price could decline to the $1,200 breakout level. If the price turns up sharply from this level, it will show that the bulls have turned the $1,200 support. The altcoin MKR/USDT pair could then start a new uptrend towards $1,600 and then $1,900. Conversely, if the bears sink and sustain the price below $1,200, it will indicate that the recent breakout could be a bull trap. The pair will then slide to the 20-day EMA ($1,079). A break and close below this level will indicate that the bears are back in the game.

The upwards sloping moving averages and the RSI above 66 on the four-hour chart indicate that the pair is in an uptrend. The price dropped from $1,361. However, the bulls are likely to buy the dip to the 20-day EMA. If they do, the pair will again attempt to climb above the overhead resistance of $1,361. If this happens, the pair will rally as high as $1,600. Conversely, a drop below the moving averages will indicate that the bears are taking control. The pair will later drop to $1,000 for the altcoin.

Optimism

After being in a downtrend for several days, altcoin Optimism (OP) is showing the first signs of starting a new uptrend.

The 20-day EMA ($1.46) has started to rise. Also, the RSI is in the positive zone. This shows that the bulls have the upper hand. A minor resistance is at $1.66. However, if this level is passed, the altcoin OP/USDT rate will rise to $1.88 and then $2. Contrary to this assumption, if the price turns below $1.66, it will indicate that the bears are selling in rallies. The pair will then fall to the 20-day EMA, which is an important level to consider. If this support is broken, the pair will descend to the 50-day SMA ($1.33).

The four-hour chart shows that the price has been stuck between $1.66 and $1.40 for some time. The 20-day EMA has started to rise. Also, the RSI is just below the overbought zone. Accordingly, this indicates that the bulls have a slight advantage. If the bulls push the price above $1.66, the pair will resume its upward move. The first target on the upside is the $1.92 level. If the price reverses below $1.66, it will signal that the pair may extend its range-bound action for a while. The bears will need to push the price below $1.40 and stay at those levels to top out. This will pave the way for a potential drop to $1.15.

Altcoin XDC Network price analysis

Altcoin XDC Network (XDC) rose from $0.03 on July 11 to $0.06 on July 25, indicating a strong uptrend.

The price will correct first to the 38.2% Fibonacci retracement level at $0.05 and then to the 20-day EMA ($0.05). This is an important area to pay attention to. Because a strong bounce will indicate that sentiment remains bullish. If the price turns up from this zone, the bulls will try to continue the uptrend. A rally above the intraday high on July 27 will open the doors for a rally to $0.10. This positive sentiment will be negated on a break and close below the 20-day EMA.

The bulls are trying to stop the pullback from the 50-day SMA on the four-hour chart. This is a positive sign. However, the flattening 20-day EMA and RSI near the midpoint suggest that the positive momentum may be weakening. If the price turns below the current level or the overhead resistance at $0.06 and breaks below the 50-day SMA, it will mark the beginning of a deeper correction. The XDC/USDT pair will then slide to the 50% Fibonacci retracement level at $0.05.

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