5 Altcoin Bases To Watch Right Now
Compelling Technical Patterns In The Altcoin Space
IN TODAY’S REPORT
What we cover: TECHNICAL VIEW Edition. FOMC. Altcoin base pattern watch list.
FOMC Could Wreck Or Ignite
As the FOMC interest rate announcement and subsequent press conference looms, there are several altcoin patterns with extremely compelling patterns. While none of them are recommendations — do your own due diligence like an enlightened human — they all look to have upside breakout potential based on their various sideways consolidations, i.e. bases.
While today’s FOMC announcement and/or its aftermath over the next few days could potentially wreck or ignite these patterns, I believe they’re worth sharing for your own research and consideration.
Charts and comments below, in order of market capitalization.
CHAINLINK (LINKUSD). Daily Chart with Long-term Moving Averages.
MARKET CAP RANK: #12Chainlink’s three-month long basing pattern has found support at its rising 100-day moving average (100ma) where it has bounced in recent days as it moves closer to the highs of its consolidation. This high base is mature in our view, having already tested key support.
INJECTIVE PROTOCOL (INJUSD). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #27Injective Protocol’s multi-week base signals a pause in its fierce and long-standing uptrend. While INJ gained over +2700% last year, its current basing pattern remains bullish in our view. Ideally this will continue to consolidate sideways to test the rising 100ma prior to attempting a breakout.
HELIUM (HNTUSDT). Daily Chart with 50-Day Moving Average.
MARKET CAP RANK: #57Helium’s current daily base is arguably an ascending triangle pattern which has held above its rising 50-day moving average (50ma). Note the extreme percentage range of this base, with a high around 9.50 and a low around 4.75, a roughly 50% distance from top to bottom. The pattern is compelling, however it also demands that any trader looking to capitalize on a potential continuation move to the upside exercises supremely deft risk management.
SUPERVERSE (SUPERUSD). Daily Chart with 50-Day Moving Average.
MARKET CAP RANK: #158SuperVerse (formerly SuperFarm) continues in its base which began forming in early December, essentially holding above its rising 50-day moving average (50ma). The preceding sharp move up suggests that an even longer base would be beneficial prior to any breakout attempt.
REALIO NETWORK (RIOUSDT). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #1204Far outside of the top 100 coins and tokens by market cap, Realio Network’s basing pattern is technically lovely, forming for several weeks on generally subsiding volume, often a positive during a consolidation. This is both highly speculative in our view, and brewing with potential.
Until next time…
peace_love_crypto-DB
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