The additions of these 3 cryptocurrencies to our watchlist show well defined chart patterns that could possibly offer profits with the correct trade actions applied to your trading.
$THETA – Theta Network has introduced a decentralized peer-to-peer video delivery system…
$THETA – Theta Network has introduced a decentralized peer-to-peer video delivery system to users using their blockchain built by Theta.tv, an E-sports startup. Theta Network was co-founded by Mitch Liu and Jieyi Long in 2017.
On the weekly timeframe, the price chart has formed a Descending Triangle pattern since April of 2021, finding strong support at the $3.90 price level. The price has been in a downtrend since the All-time-high from April 2021. The current price is above Year-long EMA. A Descending Triangle is usually considered bearish, but it can also be considered a reversal pattern. I added the MACD indicator on the chart, which indicates a bullish signal; the MACD line is just crossing above the Signal line. A weekly close above $8.50 will confirm the breakout from the descending triangle as a reversal pattern with a possible price target of $19.00. Due to the current conditions of the current cryptocurrency markets, with Bitcoin hitting just another All-time-high, THETA will most likely get to higher prices. If the crypto markets take a hit to the downside, this Descending Triangle will probably turn to bearish, with a possible price target of around the $1.00 price level area.
$XLM – Stellar is a Blockchain open-source network for currencies and payments. Stellar makes it possible to create, send and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. It is an open network based on Blockchain technology for storing and moving money. The network launched in 2014.
The price chart has formed two different patterns on the daily timeframe, an Adam and Eve pattern and an inverse Head and Shoulders pattern. A daily close above $0.43 will confirm the breakout from both patterns. On the chart, I’ve added an RSI indicator, which shows bullish divergence. The Adam and Eve possible price target is $0.63, and the inverse Head and Shoulders possible price target is $0.58.
$ZIL – Zilliqa is the first public blockchain to implement sharding on its mainnet, delivering high performance and high security for enterprises and applications. Zilliqa was born at the National University of Singapore in 2017.
On the daily timeframe, the price chart has formed an Ascending Triangle since May of 2021. On the chart, I’ve added an RSI indicator, which shows bullish divergence. A daily close above $0.1380 will confirm the breakout from the pattern. The Ascending Triangle possible price target is $0.2340.
Charts drawn using TradingView
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