5 More Altcoins To Watch Right Now
More Compelling Technical Patterns In The Altcoin Space
IN TODAY’S REPORT
What we cover: ALTCOIN Edition. Past featured Alts now all higher. New Altcoin watch list. As always, do your own due diligence.
Further Down The Crypto Food Chain
We recently featured 5 altcoins (LINK, INJ, HNT, SUPER, RIO) with compelling technical patterns — bases in particular — and each one of them is higher today, some substantially higher. "5 Altcoin Bases To Watch Right Now" (1/31/24)
So today we bring you more ideas. But first, some market thoughts.
While Bitcoin and Ether continue to have substantial upside momentum, Bitcoin remains in a short-term bayonet fight in the area of its 2021 all-time high. Sure, it just closed at a new high and traded above 70,000 earlier this morning, but the area has not been convincingly cleared on a closing basis — at least not yet. Meanwhile, Ether appears poised to attack the 4000 level soon, and perhaps even challenge its own all-time high in the coming days to weeks. If it does so within days, we’d expect a pushback and pause.
With this in mind, it’s an interesting and arguably challenging time to consider trading or investing in crypto assets much further down the market capitalization food chain. While we believe that altcoin season may now have moved from Spring to Summer — and further upside eventually awaits the altcoin cryptoverse — we may also see some violent Summer storms ahead.
So take note: these are compelling patterns, but if the twin engines of Bitcoin and Ether fail to continue powering the crypto market higher, upside momentum could be challenging for many alts.
Arbitrum (ARB). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #47Arbitrum’s two-month long basing pattern now forms above its rising 100-day moving average (100ma) — a common technical feature of today’s altcoin ideas. While we’d love to see ARB base longer and eventually test the 100ma, the pattern remains compelling even in its current state.
MINA (MINA). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #78Mina’s multi-week base just successfully tested its rising 100ma and now sits right in the middle of this bullish sideways consolidation. This appears to be a mature base with serious breakout potential in our view.
METIS (METIS). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #154Metis’s current daily base is arguably an ascending triangle pattern which has held above its rising 100-day moving average. Note the extreme percentage range of this base, with a high around 135 and a low around 70, a nearly 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.
DECENTRALIZED SOCIAL (DESO). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #198Decentalized Social could be considered a symmetrical triangle pattern now coiling tightly above its rising 100-day moving average. We’d love to see a successful test of the 100ma in the coming days prior to the eventual upside breakout we anticipate.
GOLDFINCH (GFI). Daily Chart with 100-Day Moving Average.
MARKET CAP RANK: #716Far outside of the top 100 coins and tokens by market cap, Goldfinch’s basing pattern occurs slightly off of its late 2023 high but nevertheless appears compelling as it repeatedly holds the general area of its rising 100ma. We’ll look for an upside breakout in time.
Until next time…
peace_love_crypto-DB
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