Bitcoin has had a strong opening to the week, with a decisive move beyond the 52k resistance. In turn, the entire crypto market is looking poised for some upside movement in the week to follow.
If we're looking for coins that are yet to pump but look more than ready, then there are a couple of strong options. These are my top two cryptocurrencies to watch this week:
1. The Graph
The Graph (GRT) is a coin hot on my watchlist this week.
Since its project launch and token airdrop in December last year, it’s rallied over 11,000% and made its current all-time high at $2.88. However, for the past month, it has been moving sideways and seen a correction of 120%.
Because of this choppy price action, it’s a coin that’s flown under many people’s radars while others have outperformed. However, the chart looks like it’s again ready to make a big move.
GRT/USDT 4hr chart. Source: TradingView
As you can see on the 4hr chart, the price just recently had its first 4hr close above the downward trendline, which has now been retested and is currently acting as support.
This could very easily turn into a textbook symmetrical triangle breakout if we rally beyond $1.94 and flip the gray box. If this is valid, I’d look for a continuation towards $3 and further price discovery.
Invalidation would come if we see the price drop through the symmetrical triangle and close below the support at $1.80.
Swipe (SXP) has been impoverishing breakout buyers since it topped out at $5 in August last year, where any rally has been turned down quickly.
However, with the launch of SwipeSwap quickly approaching, it doesn't look like it would be long until the trend is broken and SXP is made great again.
SXP/USD daily chart. Source: TradingView
As you’ll see on the daily chart, a potential head and shoulders was forming. However, the bulls stepped in and pumped it off the neckline. This shows a significant buyer demand, and hints at an upcoming bullish rally.
The 4hr Chart is also saying the same. The price has recently broken out of a descending triangle, and looks to be on it’s way to the range high at $3.83. If this level is reached, a continuation could push us up to the all-time highs at $5 and beyond.
These views would be invalidated if the price dumps and a 4hr close is seen below the support at $1.81.
SXP/USD 4hr chart. Source: TradingView
As always, this article is intended for informative purposes only, and should not be used as financial advice. Before making any financial investments, please do your own research.