Last week, the bulls slowed down across various altcoin markets that have been witnessing enormous gains since the beginning of May. By far, Ripple (XRP) was the biggest gainer during last week’s trading sessions, as it reached a high of around 14,400 satoshis. Next (NXT) rose from around 2,200 satoshis to record a high of 4,362 satoshis on Poloniex, recording around 100% rise in market capitalization in one week. GameCredits GAME rose from 53,000 satoshis to record a high of 79,500 satoshis during yesterday’s trading sessions.
If you have followed our altcoin picks for last week, then you have probably managed to make some good profits through trading Bitshares BTS and Stellar STR, which both rose during last week’s trading sessions as per our expectations.
So, what are the best altcoins to buy this week for profit?
Next (NXT):
Next is our first pick for this week. It managed to record a high 4,260 satoshis on Poloniex a few hours ago, before dropping down to 3,860 satoshis at the time of writing of this update. Let’s take a look at the NXTBTC 1 day chart from Poloniex (look at the below chart).
We will plot a Fibonacci retracement between the high recorded on the 3rd of August, 2016 (5,984 satoshis) and the low recorded on the 4th of January, 2017 (499 satoshis). Note that the bullish wave was hindered by the 61.8% Fib retracement around 3,886 satoshis, yet it managed to overcome its resistance, so there is good chance to see price rise towards the next resistance around the 76.4% Fib retracement (4,689 satoshis).
I recommend buying NXT somewhere between 4,000 and 4,500 satoshis and then putting the bought coins in a sell order at 5,500 satoshis.
Synero AMP (AMP):
Synero AMP recorded a high of 14,461 satoshis during yesterday’s trading sessions, yet it dropped down again to 10,460 within the next 12 hours. As shown on the below AMPBTC 15 minute chart from Poloniex, a Fibonacci retracement can be extended between the low recorded on the 13th of May (9,200 satoshis) and the high recorded on the 14th of May (14,461 satoshis). As shown by the “doji” formed at the right end of the chart and the long downwards shadows of candlesticks that were plotted during the trading sessions of the 13th of May, the 23.6% Fib retracement level (10,460 satoshis) seems to be supporting price quite well preventing further drop.
Accordingly, I recommend buying AMP between 10,400 and 11,000 satoshis and then putting your bought coins in a sell order at 13,000 satoshis or even higher at 14,400 satoshis.
NEM (XEM):
Last week, NEM scored a high of around 7,800 satoshis on Poloniex. As shown on the below XEMBTC 1 day chart from Poloniex, since the beginning of March, XEM has been witnessing a strong bullish wave that took its price from 500 satoshis to 7,100 satoshis at the time of writing of this article. The candlesticks are currently below the upper Bollinger band, nearer to the middle Bollinger band, so chances are good that we can see price continue rising.
I recommend buying XEM at 7,100-7,500 satoshis and then setting up a sell order for your bought coins at 9,000 satoshis
Charts from Poloniex, hosted on Tradingview.com
