Even though last week witnessed a huge drop in the price of a large number of altcoins, many have started the week by recovering last week’s losses. Ethereum’s ETH price dropped last week to a low of $115 before rising back again to $200 as this update is being written. Ripple XRP was by far last week’s biggest loser as it dropped down from 14,400 satoshis to around 9,500 satoshis earlier today. GameCredits GAME exhibited also a major swing as its price dropped to around 77,000 satoshis before rising up to around 122,000 satoshis today. On the other hand, Ethereum Classic ETC was last week’s biggest gainer recording an all time high of over 0.0093 BTC on Poloniex.
If you followed our altcoin picks for last week and stuck with Ripple XRP, Stellar STR and/or BitShares BTS, don’t sell them. Instead, hold them for another week. The altcoin market was thrown off balance following bitcoin’s recent nosedive and many altcoins have already started to recover, so just hold on.
So, what are the best altcoins one can buy for profit this week?
STEEM’s price has been dropping throughout the past few days recording a week low of 33,287 satoshis last Saturday. However, price began to receive significant support around the 33,000 satoshi level and the downtrend was reversed pushing price towards higher levels as it recorded 42,300 satoshis at the time of writing of this update. The below 1 day STEEMBTC chart from Poloniex shows a bullish engulfing pattern which, during a downtrend, signals reversal of the bearish wave. Also, as shown on the below chart, candlesticks are currently moving tangentially to the lower Bollinger band, so chances are high we see price rise to higher levels moving the candlesticks closer to the middle Bollinger band.
I recommend buying STEEM around the 43,000 satoshi price level and setting a sell order for the bought coins around 54,000-55,000 satoshis
NEM’s price has also been dropping during the past few days, recording a low of around 5,700 satoshis last Saturday. However, the bearish wave was reversed and price started rising reaching 8,800 satoshis as this update is being written. As shown on the below 1 day XEMBTC chart from Poloniex, a bullish engulfing pattern has been formed, signaling reversal of the downwards price movement. Moreover, as shown on the below chart, the long downwards shadows of the candlesticks reflect the strong support price received around the 5,700 satoshi level, so chances are high that XEM will continue rising.
I recommend buying XEM between 8,800 and 9,000 satoshis and setting a sell order for your bought coins around 12,000 satoshis.
MaidSafeCoin has also been falling during the past few days recording a low of 15,100 satoshis last Saturday. MAID is receiving significant support around the 15,000 satoshi price level as shown by the long downwards shadows of the candlesticks near this area on the 1 day MAIDBTC chart from Poloniex.
I recommend buying MAID between 16,200 and 16,400 satoshis then tying the bought coins in a sell order around 18,000-19,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com