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On the Radar: Coins to Watch This Week
- Bitcoin marks 6 consecutive green weeks marking the longest duration of upward price movement in the last 12 months.
- SEI is a new layer-1 network that has been outperforming most other infrastructure tokens in the last few weeks.
- IOTA price launches,breaking multi-month resistance level, potentially due to IOTA 2.0 AMA community event.
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.
Bitcoin – Make or Break
As we come into the monthly close, Bitcoin is in a critical technical area. Overnight the bulls failed to crack through the previous yearly highs, and currently, we find Bitcoin at a support range (blue box) that needs to hold if we want to see a reattempt towards the next resistance area of US$40,000 (AU$60,200).
Important to note that if we do see failure here on Bitcoin, it would be prudent to expect a massive correction across altcoin markets. We’ve seen historically how a 5-10% pullback on Bitcoin can result in a 30%+ correction across altcoins. So be prepared!
SEI (+36% in the last 7 Days)
Sei (SEI) has been on an absolute run this month, price accelerated once we had broken and retested the upward trending channel in mid-November, as shown below.
From here, pending on Bitcoin’s health, we see SEI at a key level. Holding and rallying higher here would suggest that price advance towards a new all time high for the recently launched project.
SEI boasts to be the new advancement in the Layer 1 space. Higher throughput speeds (transactions per minute) and consumer-focused features like bot front-running protection for decentralised traders.
The project is also backed by some big names, such as Cirlce (issuers of USDC) and Coinbase Ventures.
IOTA (+48% in the last 7 Days)
IOTA has had a huge jump this week; this may have something to do with an announcement from the team, an AMA on IOTA 2.0, which dived into community questions on the new updates and plans for the project.
Technically IOTA has broken out of a multi-month downtrend and retested the breakout. From here, if price were to continue to rally, the new two key fib and price structure levels in grey could be areas of interest.
Author
Pav Hundal
Pav Hundal, is a trader at heart. Making the transition from the FX markets to the dynamic world of cryptocurrency in 2017. With a keen eye for both technical and fundamental analysis, Pav places special emphasis on tracking macroeconomic conditions to build narratives around current trends. Currently, he lends his expertise as the Lead Market Analyst at Swyftx.
