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3 Explosive Cryptos Setting Up For Potential Buy Entries
www.investing.com/analysis/3-explosive-cryptos-setting-up-for-potential-buy-entries-200599767
3 Explosive Cryptos Setting Up For Potential Buy Entries
By Deron Wagner | Aug 24, 2021 12:25AM ET The following crypto trading commentary was originally published in the Aug. 23 issue of Morpheus Crypto Report.
We start with a quick chart walk-through showing three top swing trade setups to add to your watchlist now, then share a quick update on our current positions in the Model Portfolio.
1. Quant
Quant (QNT), the largest position and biggest gainer currently in our Model Portfolio, remains one of the best-looking charts in the market:
Notice how cleanly QNT has been trending higher for the past several months. QNT recently rallied to new all-time highs after the 10- and 20-day moving averages converged to provide support on Aug. 17.
Now, QNT is consolidating near its highs, holding above new support of the prior breakout level.
In addition to a great-looking chart, we are also quite bullish on the fundamental, long-term growth story of Quant. Do a bit of your own research on the project and you too may come to the same conclusion that QNT deserves a spot in your long-term portfolio.
Is it time for DeFi to shine again?
The DeFi (decentralized finance) sector has been consolidating for the past several weeks, but is starting to show signs of relative strength.
We are anticipating a rotation back into DeFi in the next phase of the bull run, and are now targeting both Compound (COMP) and Melon (MLN) for potential buy entry.
2. Melon/Enyzme Finance
Melon/Enyzme Finance has been forming a long consolidation pattern after pulling back from the highs of a big rally a few weeks ago.
MLN has broken out above short-term resistance of its downtrend line, and we are now stalking it for potential buy entry above the high of its recent range:
3. Loopring
Loopring (LRC) was a huge mover last week, exploding more than 40% higher on Aug. 2. With such a strong move, LRC may need a bit of time to digest its recent gains.
However, Loopring is already on a pullback, as the 10-MA on the 4-hour chart rising up to provide short-term support.
Rather than listing a pre-set buy price in the Watchlist, we prefer to monitor the price action in the coming days to wait for a low-risk buy entry based on the price action.
As always, we will post an Intraday Trade Alert in the chatroom for subscribers with exact entry and stop prices if LRC meets our criteria for buy entry:
Crypto Commentary
Ethereum now poised for a potential breakout above the highs of its range
Bitcoin (BTC) and Ethereum (ETH), as proxies for the overall health of the market, continue to exhibit healthy price action.
Ethereum led the way higher on the initial rally off the July lows, then momentum shifted to a bit of relative strength in Bitcoin during the multi-week consolidation.
However, as of the past two days, ETH is again starting to show signs of leadership and relative strength.
While Bitcoin faded back below the 50k level yesterday (Aug. 23), Ethereum held in a range near its recent highs.
On the daily chart below, notice that ETH is now poised for a breakout above the high of its 2-week consolidation and resumption of its uptrend:
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3 Explosive Cryptos Setting Up For Potential Buy Entries
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