Last week exhibited high levels of volatility across various altcoins’ markets. Ripple’s XRP price surged to 14,200 satoshis before dropping down to 10,000 satoshis earlier today. As we expected during our last week’s altcoin picks, MaidSafeCoin’s MAID price increased up to almost 20,000 satoshis on Poloniex earlier today. Ethereum ETH continued its bullish run recording a high of $261.8 as this article is being written. By far, DigiByte DGB was last week’s biggest gainer as it rose from around 700 satoshis to record a high of around 2,600 satoshis last Saturday.
If you have been following our altcoin picks for last week, then you have most probably managed to make some good profits trading STEEM, MaidSafeCoin and NEM.
So, what are the best altcoins to buy for profit this week?
Last week, XRP rose to around 14,200 satoshis before dropping down to 10,000 satoshis earlier today. By examining the 1 day XRPBTC chart from Poloniex and plotting a Fibonacci retracement extending between the low recorded on the 3rd of May, 2017 (3,570 satoshis) and the high recorded on the 17th of May, 2017 (24,364 satoshis), we can see that the upward trend that was in action last week was reversed by the 50% Fibonacci retracement level corresponding to 13,968 satoshis.
If XRP continue dropping, it will most probably receive support around the 76.4% Fibonacci retracement level around 8,478 satoshis.
I recommend buying XRP between 8,500 and 9,000 satoshis and setting a sell order for your bought coins near 14,000 satoshis.
DigiByte’s price surged last week to score a historical high of 2,670 satoshis on Poloniex, before dropping down again to 1,880 satoshis at the time of writing of this update. Let’s take a look at the DGBBTC 1 day chart from Poloniex, while plotting a Fibonacci retracement extending between the low recorded on the 2nd of May, 2017 (62 satoshis) and the high recorded on the 3rd of June, 2017 (2,670 satoshis). DGB will probably receive significant support around the 1,674 satoshi price level which corresponds to the 38.2% Fib retracement, so the downtrend will be mostly reversed when this level is approached.
I recommend buying DGB between 1,700 and 1,800 satoshis and setting a sell order for your bought coins at 2,055 or even up to 2,670 satoshis.
Golem was dropping throughout last week’s trading sessions recording a low of around 16,700 satoshis, after which it started rising slightly. It seems that the 16,700 satoshi level is supporting price quite well, so GNT will mostly continue rising again shortly.
I recommend buying GNT between 17,000 and 17,500 satoshis and then setting a sell order for your bought coins around 22,000 satoshis.
Charts from Poloniex, hosted on Tradingview.com