Altcoins watchlist: Which altcoins will break the bearish trend?

Pedro Febrero takes a look at some of the altcoins he believes have the best chance of making moves upwards over the coming weeks

Even though the altcoins market is currently facing one of the worst bear cycles ever, close to beating the current record of 463 days, there are nonetheless good investment opportunities.

I try my best to remain focused on fundamentals, like how a product is developing or how adoption is growing, as price rarely represents the actual value of a certain technology. In addition, social phenomena seems to have a greater impact on price, like FOMO or FUD, rather than actual developments or serious drawbacks (like the Constantinople update delay).

Having said that, let’s look into some of the altcoins I believe have the best chance of making moves upwards over the coming weeks.

ChainLink

From a long-term perspective, ChainLink is still extremely bullish. However, it appears that we have a short-term top as LINK/BTC hit record levels last week when it registered an all-time high close to 0.00016. Unfortunately, those who bought the hype got wrecked hard (as usual) as the market sharply pulled back.

Therefore, we can expect the market to consolidate for some time before resuming its ascent.

I believe that the market will consolidate between 0.0001 and 0.00009 in the next few weeks, remaining in between the 50-day and the 100-day EMA. I suspect LINK/BTC will likely build a new base before it can make another move up.

Ripple

Ripple appears to have started 2019 on the wrong foot.

The market has been correcting ever since XRP/BTC went below 0.0001 in December 2018. However, it appears that a bounce is on the horizon, as Ripple finds support close to the 1oo-day EMA, just below 0.0000085.

If Ripple bounces from these levels, 0.000092 is the target. Otherwise, a breach of this support might send the market down to the 200-day moving average. Depending on how Bitcoin moves within the next few days, a clear base will be drawn for XRP/BTC.

Stellar

At the time of writing, XLM/BTC seems to be on one of the worst, if not the worst, downward spirals ever seen. As Stellar Lumens broke support close to 0.00003 at the beginning of January 2019, sellers took control and the bearish trend remains.

However, as there are no fundamental changes with the project, and Stellar remains one of the cryptocurrencies with the most institutional adoption, I argue we could be reaching a bottom soon.

I expect XLM/BTC to rebound soon and to stabilise in between 0.000026 and 0.000028.

IOTA

MIOTA/BTC has been retracting ever since it touched the range high of 0.0001 in early January 2019. Almost four weeks later, the market looks ready to bounce after this consolidation period.

The market is currently trading around support of 0.000074. If the support holds, then this would enable MIOTA to flip 0.000073 resistance into support.

The expected selling relief due to bearish exhaustion should help IOTA/BTC stay above the support and possibly rally all the way up to the range high of 0.00009.

A breach of this support, however, would likely send the market down to the 0.00006 range.

Good trades!

Disclaimer: The views expressed in this article are solely that of the author and do not represent those of, nor should they be attributed to, Coin Rivet.

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