The altcoin market took a big hit last week, as many coins witnessed a major nosedive losing millions of dollars of market capital. Ethereum ETH price dropped to record a low of around $170 on Poloniex last Tuesday; a price level that hasn’t been reached since late May. GameCredits GAME also witnessed a strong bearish wave which took price all the way down from 112,000 satoshis to 65,000 satoshis during the past 7 days. STEEM also dropped down from 72,000 satoshis to record a low of around 36,000 satoshis last Tuesday, before rising again to 45,910 satoshis at the time of writing of this article. Even though Monero XMR price rose in the beginning of the week to more than 0.01840 BTC, the market’s bears took the upper hand after recording this high pulling price down to record a week low of 0.01509 BTC on Poloniex.
Disclaimer: During such periods of universal downtrends across most altcoin markets, the volatility rises sharply and trading becomes very risky. The coin picks and trade recommendations presented throughout this article are nothing more than the mere opinions of the author, so your discretion is advised when following through what is presented here. Always remember that altcoin flipping and cryptocurrency trading in general is considerably risky, so always invest what you can only afford to lose.
So, what are the best altcoins to buy this week?
Monero price declined by around 18% during the past week. To determine basic resistance and support levels, we can draw a Fibonacci retracement on the 4 hour XMRBTC chart from Poloniex that extends from the low recorded on the 7th of May (0.014315 BTC) and the high recorded on the 23rd of May (0.02530 BTC) (look at the below chart). As we can note on the chart, Monero price failed to break through the 76.4% Fib retracement level when tested yesterday. We can also note that the current price level hasn’t been reached since last May. Most probably, Monero price will continue dropping down to the 0.015 BTC level, before rising again, especially that Williams Alligator indicator is exhibiting a bearish signal.
I recommend setting a buy limit order for Monero at 0.01512 BTC and then setting a sell order for the bought coins at around 0.0169 BTC which corresponds to the 76.4% Fib retracement
Factom FCT price dropped during the past week from around 0.01030 BTC to record a week low of 0.00532 BTC on Poloniex last Tuesday. By examining the 4 hour FCTBTC chart from Poloniex and drawing a Fibonacci retracement that extends between the low recorded on the 9th of May (0.0039874 BTC) and the high recorded on the 19th of June (0.014644 BTC), we can identify key resistance and support levels. As shown on the below chart, the 76.4% Fibonacci retracement level is currently being tested and it seems that it will resist further price drop, even though price overshot below this critical support level last Tuesday. The long downwards shadow of the candlestick (highlighted by an ellipse on the below chart) reflects the strength of support of this level.
I recommend buying FCT at 0.006502 BTC and then setting a sell order for the bought coins near 0.007715 BTC.
Charts from Poloniex, hosted on Tradingview.com