On the Radar: Coins to Watch This Week
This week saw gains in most assets, with a few standout performers. We’ll examine these high-performing assets more closely.
It’s important not to impulsively chase these assets, as doing so can often negatively impact portfolios. To help, let’s dive in and identify some potential technical entry points, assuming the current uptrend persists.
Celestia (+135% in the last 7 Days)
Celestia (TIA) has shown some serious strength since its recent launch last month across major exchanges. Assets like this can be hard to get a clear entry on, but below are two potential areas of interest where price may travel to find support.
Entry Area 1 is at the most recent order block on a 12-hourly time frame. These areas are often higher probability areas for price to find support. So what I want to see is price to enter this zone, hold and trend higher towards the targets labelled.
Entry Area 2 is if we were to see a deeper pullback and is a 12-hourly time frame order block again. Targets would still remain the same.
The targets in blue above are both Fibonacci extensions from these current ranges.
Should we break lower and hold below either of these entry areas, that would invalidate the potential setups.
Avalanche (+67% in the last 7 days)
Avalanche (AVAX) has also been a top performer the last seven days, which may be attributed to a recent news announcement that JP Morgan will be partnering with the AVA Labs team to build smart-contract solutions for their Onyx bank-led blockchain product using AVAX tech.
Entry area 1 is a 4-hourly order block and is approximately at the midpoint of the current pivot high and previous pivot low.
Entry area 2 is an order block again, if a deeper pull-back is seen across the markets.
Targets are again fib extensions from this developing range, and the setups would be invalid if we made a new low under US$ 15.50 (AU$ 23.96).
THORChain (+52% in the last 7 Days)
THORChain (RUNE) has been on an unstoppable run in the last four weeks, up over 250%. However, this week, we find prices hitting significant weekly resistance. Until we get a clean break of this level, below are two technical entry areas.
However, a break above this weekly resistance level will likely change potential entry areas.
Entry Area 1 is a breaker order block off a weekly area. It also is aligned with a significant range low level (horizontal blue line). In the past, this level had acted as support until broken in the bear market and then recently reclaimed. This could be a level traders and investors are interested in seeing defended.
Entry Area 2 is on the idea that a deeper pullback is coming, the last range lows before the most recent breakout.
Targets are key monthly highs from 2022. Previous monthly highs often are hot areas for traders to take profits and then look for re-entry if there is continued support.