The post Top Altcoins to Watch This Week—TRX, AVAX, XLM, EOS & LTC appeared first on Coinpedia Fintech News
The crypto markets seem to be at the edge of a massive explosion, as the majority of them are accumulating gains around the pivotal resistance. A small move with the BTC price is strengthening the altcoins, as some of them are attracting massive liquidity. The top cryptos, Bitcoin, Ethereum & XRP are the top choices of the investors. However, here are some of them with a notable rise in the trading activity and hence, could eventually trigger a massive breakout once Bitcoin revives a strong upswing.
Avalanche (AVAX)
Regardless of the current market volatility, the Avalanche price is trading strongly above the pivotal resistance-turned-support at $22.67. The AVAX price is in a decisive phase, and the upcoming breakout could help it break through the barrier and reach $50.
As seen in the above chart, the AVAX price is heading towards the apex of the rising wedge that may result in a pullback, but for a short time frame. The price is stuck between the 200 & 50-day MAs while CMF displays a declining trend. Hence, a rise above the MA will further trigger a strong Golden Cross, helping the price to reach $50.
Tron (TRX)
Being diverse from the other cryptos, the Tron price has maintained a strong ascending trend since the start of the year. Although the bears tried hard to restrict the rally, the bulls managed to reclaim the lost positions in no time. Currently, the TRX price is stabilizing around the gains; hence, a breakout could eventually result in recovering the local highs close to $0.5.
The above chart shows the TRX price trading strongly within a rising parallel channel and struggling to enter the upper bands. Although the bulls are displaying weakness, as long as the token remains within the channel, bullish probabilities may prevail. Besides, RSI is showing a bullish divergence while MACD remains neutral. Therefore, the token is believed to maintain an ascending consolidation within the pattern and reach the psychological barrier at $0.5.
Stellar (XLM)
After the mammoth rise of 120% in July, the Stellar price has been maintaining a strong descending trend. The price formed consecutive lower highs and lows, eventually exhausting the selling pressure. Once done, a trend reversal, followed by a breakout, could trigger a strong bullish wave.
The TRX price is stuck within a descending parallel channel, while in the larger perspective, the token remains within a bull flag. Besides, the rally is sustained within the Ichimoku cloud while the levels are heading for a bullish crossover. As RSI is declining, the correction may continue, followed by a reversal and a breakout towards new yearly highs.
EOS (EOS)
Ever since the May rejection, the EOS price has been failing to reclaim the resistance as the bears have held a strong grip over the rally. Despite this, the token continues to trade within a bullish pattern. Therefore, after squashing the selling pressure, the EOS price is set to revive a strong upswing and reclaim lost resistance.
The price is trading within a falling wedge, and after the rejection from the resistance, the token could head to the support. However, the CMF has risen above 0 and is trying to hold, suggesting enough influx of liquidity. Hence, the EOS price is expected to drop below $0.45 and squeeze the selling pressure, followed by a rebound and breakout above the wedge to reach $0.55.
Litecoin (LTC)
Although Litecoin does not make it to the list of tokens with huge trading volumes, the rally is slowly approaching a crucial juncture. The price is trading within a rising parallel channel; it is stuck around the average bands. However, the current chart patterns and technicals suggest the price is due for a 10% pullback.
As seen in the above chart, the LTC price is trading within a rising parallel channel, while the MACD shows a drop in the buying pressure. Moreover, a potential bearish crossover may drag the levels to the support, just below $100. On the other hand, the levels are sustained within the Ichimoku cloud, hinting towards an extended consolidation. Therefore, it would be interesting to watch how the next price action will unfold.
