Three Altcoins To Watch Out For The Weekend

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Bitcoin hitting the $40,000 psychological barrier has been in the headlines for a week. As correlation always exists between Bitcoin and altcoins, most altcoins have made a move to the upside. As the buyers are trying to hold around significant levels in Bitcoin, altcoins are facing hardship.

It is no surprise that the past bull runs have always been in favor of altcoins. But the same holds true with respect to downturns as well. While Bitcoin crypto was consolidating in a range, maintaining the highs and lows equally, altcoins went into a downtrend, making lower highs and lower lows.

Despite the milestones hit by altcoins in regard to its technology, the price has not been in sync the majority of the time. Some analysts even say that the fundamentals are no longer a serious factor to consider while investing in altcoins. The technical analysis stands as the primary factor follows by the price action of Bitcoin.

Altcoin Technical Analysis Overview

The past seven days were filled with green in the entire altcoin market. Most altcoins bouncing off from the Support levels continuously headed north and made new highs on the smaller timeframes. However, not all altcoins had a similar technical trajectory. Few altcoins that were in a strong downtrend only made it to the Support Equals Resistance in the recent up move. And speaking of the current price action, the sellers seem to have stepped in yet again, driving the market down with decent momentum.

Lately, the weekends crypto market has been as active as it is during the five business days. And not to mentioned, the major push north that came in a week ago occurred in the weekend.

Now that we are in the last weekend of July, it would be interesting to watch how the altcoin market pans out in the next two days. Following are three altcoins we have picked that technically look attractive for the weekend.

Ethereum (ETH)

First up on the radar is the smart contract leader, Ethereum cryptocurrency. Ethereum is perhaps the only crypto that is going heads-on with Bitcoin. As mentioned above, where most altcoins are in a downtrend, ETH, on the other hand, is maintaining a sideways trajectory.

Ether crypto had found Support at $1,900. There were a couple of attempts to breach below it, but the buyers shot it right back up with considerable pressure.

Similarly to the market finding support at $1,900, it also formed a Resistance at $2,344. Till date, there has been one instance of the price reacting off strong from the Resistance. But the move failed to make a lower low – as shown.

The buyers on the second attempt from the Support came in strong but got weaker every step of the way as they were getting close to the mini S&R.

As of writing, the market has made a slightly higher high from the previous high, but the sellers seem to be stepping into the market.

Solana (SOL)

Solana cryptocurrency was one of the few cryptos that faced the least damage in the recent market crash. The fundamentally strong crypto has left the price action to be equally strong.

That being said, SOL crypto is still in a downtrend in the short-term timeframe. In fact, latest push south is quite strong in both speed and length.

Like a usual market, the price headed up to the S&R, where the sellers reacted but failed to make a lower low sequence. And the fake-out clearly shows that the buyers are attempting to hold grounds.

Now, if we were to focus only on the recent data, Solana (SOL) is in a strong uptrend making higher highs and higher lows. As the market is approaching the inner S&R (dotted red line), it is expected that the market shoots up the next S&R at $35 over the weekend.

Algorand (ALGO)

The millennial altcoin Algorand token has its game still in the hands of the buyers. Both on the higher and the lower timeframes, the market is ranging. What makes ALGO interesting is that the north pushes are extremely strong and volatile – indicating that there is an activity from the institutional players.

Though a range is simply a sideways movement in the market, there is meaning and logic within that helps predicting on the direction it is going to break out. The current  range has two reactions from both Support and Resistance. But a point worth noting is that the recent move from the Support all the way to the Resistance at $0.92, the buyers took only three days, showing the immense interest from the buyers. But a setback for the buyers is that the Resistance too is hitting back strong.

The market is on a test – if the buyers go long from the demand zone, we could anticipate the price to head back to the resistance, else it could gradually retrace back to the Support.

Now you can buy your favourite altcoin from this weekend from our list of certified and reputable cryptocurrency exchanges within few minutes.

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