Bitcoin and altcoin prices started the second day of the week with a slight momentum. Meanwhile, FXStreet analysts announced 3 altcoin projects to watch this week. They also announced 3 altcoins that are expected to explode. Here are the details…
3 altcoins that should be on your watchlist
According to FXStreet analyst Akash Girimath, dYdX (DYDX) is at the top of the list of cryptocurrencies to watch this week. At the time of writing, dYdX is changing hands at $1.96, up 25 percent. The analyst points to a downtrend on the 6-month chart of dYdX. He points out that there is a separate downtrend in a shorter 2-month interval. He mentions that DYDX has been rising since July 2, but there is a resistance level of $1.6. On the other hand, there is an inverted “head and shoulders” pattern on the chart, according to the analyst. While technically above $2.5 is a target, this is somewhat delusional, according to the analyst. The analyst believes that for DYDX to experience such a rise, there must be a sharp rise in Bitcoin or an incredible announcement in the DYDX ecosystem.
Another coin that the analyst draws attention to is Synthetix (SNX). At the time of writing, SNX is changing hands at $2.74, up 8.37 percent. Just like dYdX, it looks like SNX had a breakout on July 2. Currently, he expects the $2.8 level to experience a support/resistance shift in SNX. Pointing to the “head and shoulders” pattern in this analysis, the analyst points out that a technical level of $3.7 can be seen.
Finally, the analyst points to the Near Protocol (NEAR). Saying that there has been a downtrend in NEAR since May 31, the analyst states that $ 3.1 is the support level in NEAR. He states that if NEAR enters an uptrend, a level of $ 4.6 can be seen. He states that for NEAR to rise, Bitcoin must gain value. NEAR is changing hands at $3.54, up 9.27 percent at the time of writing.
3 cryptocurrencies expected to break
On the other hand, Akash Girimath examines the coins with the highest trading volume on Santiment. First of all, again talking about dYdX, Girimath points out that the daily active addresses and social volume are decreasing. Reiterating his above expectations for DYDX, Girimath, on the other hand, points out that there is a chance for the price to drop to $1.08 in case of a downtrend.
Apart from that, the analyst states that he expects a breakout for NEXO (NEXO) and THORChain (RUNE), which stand out with their trading volumes. As we have also reported as Kriptokoin.com, THORChain is a liquidity-focused platform. NEXO is changing hands at $0.61, up 5.8 percent at the time of writing. RUNE, on the other hand, is at $2.18, up 9%.
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