5 Altcoins/Memecoins That Could Take Off Soon!
#turbo #wif #tao #blz #axl #altcoins #alts #memecoins #memes #cryptocurrency #trader
Trading Fam,
In my chat, we have a good discussion going and have generated enough content that I figured I’d turn it into a post and share it all with you. Paid subs, you all have access to this. Please don’t feel intimidated. We’re a freindly group and your participation is welcome.
The focus today has been on what my overall synopsis will be now that we have nailed the analysis up until this point. I was also asked to pick out a few coins that I thought might stand the best chance of moving up again soon. I thought it was worth sharing with you a short snippet of this conversation.
First, my current bias.
Honestly, I am still leaning bullish. The hotter-than-expected PPI numbers that came in this morning threw a little bit of a curve at the market, and we’re currently suffering from that today and maybe for a few more days. Overall, though, traders are still banking on a rate cut in September and are working on baking that into the price of equities. Trump continues to wage war with the Iron Bank (the Fed), but so far, he has lost every battle. I really don’t know that I would ever see this changing. If it ever looks like he has won, it’s probably just an act in the big show.
Throughout history, the Fed has always won. And they will win regardless of any future rate decisions. The only question that remains is how much they will win. Indeed, that is always the only question. He who owns the most gold makes the rules. The Fed will always be in this position. They write the script. Our U.S. presidents are simply actors in this play. The show continues, and we, the citizens, watch, doing our best to predict what might play out in the coming scenes. As of now, the audience appears confident in a coming rate cut, even with the higher than expected PPI numbers. That being said, we should eventually see the market continue its upward trend.
As far as cryptocurrency goes, our market here tends to follow and is often more tightly correlated than many traders want to admit. But the fact remains, what happens in the broader markets trickles on over into crypto, Bitcoin first, then Ethereum, then larger-cap altcoins like Solana, and then down into medium and finally smaller-cap alts and memecoins.
A significant price level has been met and exceeded by Ethereum recently. That was my price level and target of $4100.
I’ll make this simple: as long as Ethereum remains above that $4100 price level, I think alts remain safely above strong supports and should not break their most recent pivot lows.
Now, here are 5 of the most likely altcoins from my list that I think are in a proper position to take off soon, maybe, before the weekend ends and the U.S. stock market opens back up on Monday morning?
Keep in mind, I have not actually received a buy signal from my indicator on any of these coins. I am simply offering them up as an option to look into for anyone considering entry into a new position. Still risky at this point, but worthy of your consideration.
Again, all of these pending Ethereum remaining above $4100.
#1 - Turbo
Turbo looks to be sitting on support. If I were entering here, I’d set my stops just below that 200-day SMA and target at least a 1:2 rrr, pending the length of the position term.
#2 - WIF
WIF has essentially the same chart and, therefore, recommendations as Turbo above.
#3 - TAO
Tao looks good here because it has that 200-day SMA intersecting an uptrend support, making for a beautiful and strong area of confluence. But there will be resistance overhead at that point of control (yellow line) from the VRVP.
#4 - BLZ
BLZ has been in a consolidation/accumulation phase for quite some time now. It’s got good support on the underside, though; the gap down to that white uptrend is larger than others. I’d set my SL just under that trendline somewhere and, depending on the term of your position, adjust my RRR accordingly, having a larger ratio for a longer-term position.
#5 - AXL
AXL looks ok. The downside here is that both the 50-day and 200-day SMA are now overhead. But again, as long as that $4100 price support for Ethereum holds, then so should that uptrend (white line).
Let me know in the comments or chat should you choose to enter any of these trades. Maybe you have other suggestions. Join our chat, and I’ll look them over as I have time.
✌️Stew