8 Altcoins To Accumulate On This Massive Retrace
Welcome to a new analysis of the altcoins cryptocurrency market with the Nova Blocks trading strategy.
September has been a terrible month for alternative cryptocurrencies, and October doesn’t begin with any bullish sign.
In this article, we will go through a few altcoins that are good to accumulate on this massive retrace. We will share ideas and zone of accumulation, as well as fundamentals that may fuel up the price of those coins.
BTC Dominance
BTC Dominance can be useful during uncertainty periods. This chart represents the Dominance of Bitcoin’s marketcap compared to the total cryptocurrencies marketcap.
When altcoins are overperforming Bitcoin, BTC Dominance goes down. On the other hand, when altcoins are underperforming Bitcoin, BTC Dominance goes up.
Charting BTC Dominance allows you to forecast in the long term what could be the situation of the market.
On this chart, BTC Dominance is printing a Descending Broadening Wedge.
This pattern is bullish on the breakout. However, until proven otherwise, the main trend here is down.
We can sketch 3 scenarios. 2 of them are bearish (red) and are looking for new lows and the last one is bullish, in case of a breakout.
In conclusion, the future of altcoins doesn’t look bright for the end of 2020, but dips are for buying, unless the pattern breaks and becomes bearish for altcoins.
ZCash (ZEC)
With the Halving coming on the 17th November and a current uptrend on the daily chart , ZEC has the keys to be one of the most promising coins of Q4 2020.
NEO (NEO)
NEO 3.0 Mainnet will be coming before the end of the year, and you don’t want to miss the uptrend.
With a retrace to the 0.618, the recommended way to trade NEO is to wait for a bounce and identify a MACD reversal (turning green).
Be careful. The NEO release date is just a rumor yet. But as many know here, “Buy the rumors, sell the news.” 😉
ARPA Chain (ARPA)
With a nice uptrend in Q3 2020, ARPA was one of the top gainers. However, he fully retraced its pump and today, ARPA is sitting on the old resistance, now turned into a support.
Make sure to wait for a bounce and a green MACD to enter back.
Voyager (BQX)
After a nice uptrend in Q3 2020, BQX has exited its bearish trend. After retracing to the 0.618 fib level, it bounced quickly but instantly recovered, mostly due to BTC sharp moves.
Is it going to accumulate on the 0.618 range and continue its uptrend, or will it retrace to the support levels below?
Cosmos (ATOM)
Backed with strong fundamentals, such as a Public Testnet Release before the end of November, ATOM has a strong uptrend.
It is wise to start accumulating with tight stop-loss orders or buy aggressively once the MA (purple) is below the price.
DOCK (DOCK)
With the upcoming Token Swap, which we believe will be supported by all the exchanges, DOCK may have a massive FOMO.
This token swap is announced for the 15 November, or earlier.
Concerning the chart, we highlighted 3 levels of support and accumulation.
Fetch.AI (FET)
VeChain (VET)
VET has been pumping hard before the altseason but has been slowly retracing since. The retrace makes a daily falling wedge, which will turn bullish if we breakout from the resistance trendline.
We can expect this coin to overperform all the other altcoins while they are retracing.
