Altcoin Trading Speculation: Recovery on the Horizon?

Altcoin Trading Speculation: Recovery on the Horizon?

SHARE

The altcoin markets are finally showing hints of a recovery thanks to the failed hard fork attempt by Bitcoin Gold. On Tuesday the 24th, most cryptocurrencies climbed 15 to 20 percent against Bitcoin and are showing stronger support than the last few weeks. Several cryptocurrencies had bottomed-out to lows not seen since this spring, yet investors took comfort in the fiat equivalent and merit of their investments. ETH, LTC, and XMR have maintained good prices against the USD but Litecoin traded below 0.01฿ and ETH suffered lows of 0.046฿ against Bitcoin. It’s not easy to keep buying more of these cryptocurrencies when Bitcoin is constantly pushing all-time highs. Just as Bitcoin had to endure, these altcoins and tokens will have to be tested, traded, and utilized before they stand on their own as a store of value and a means of exchange.

Trading for profit is different than buying and holding for the long term. Some cryptocurrencies like Monero and Litecoin aren’t big profit makers in day trading but are great investments over the long term. Neo, on the other hand, is a great investment but also experiences considerable swings. A trader can take advantage of these swings and accumulate both Bitcoin and more Neo for long term investment.

Stratis is one of those currencies that trading swing can yield considerable profit and is also a good long term investment. Stratis can be compared to Ethereum but with a more commonly used programming language; C#. Stratis makes it easy to deploy smart contract applications on their blockchain and has a multitude of resources available for doing so.

Price Speculation: The post Bitcoin Gold rally pushed quite a few cryptocurrencies upward but Strat seemed to have pushed a bit further. Currently sitting in the 0.0007฿ range, I doubt it will drop below 0.00058฿ and will continue onward from there. Some resistance is to be expected at 0.0088฿ and again at 0.0011฿. These are good targets to sell a portion and keep the rest for long term investment. Strat under 0.0005฿ is still a good buy in the event that there is a sell-off period (and Bitcoin isn’t reaching a new all-time high.)

Neo has been an interesting ride for crypto traders. Just as Neo was gaining momentum, China announced their bi-annual ban on something crypto related and the support started falling. Neo is still a very good option for smart contract applications due to its flexibility, but western adoption will take time and more exposure to businesses seeking to enter the market will be needed for Neo to regain some spotlight.

Price Speculation: Neo has held strong against the US Dollar but is struggling to push through 0.0061฿. 0.005฿ is a good buy as Bitcoin corrects; I anticipate an upswing to reach upwards of 0.00725฿. The next stable floor for Neo seems to be around 0.00635฿, A good buy-in if you managed to sell the peak between 0.0072฿ and 0.008฿.

GameCredits continues to make headway in the crypto community as news of GNation partnering with Unity reaches the public. Unity is a giant in the game development industry and partnerships such as these serve to establish GameCredits as a cryptocurrency on its own, not just an altcoin among thousands.

Price Speculation: Game prices seem to have bottomed out at 0.00033฿ and has been climbing nicely for a few days. With more exposure driving the popularity of this crypto, Game could easily reach upwards of 0.00083฿.  Resistance is to be expected around 0.00056฿, however, the road is clear for 0.00087฿ and beyond.

 


 

Trading markets can be volatile. These are my own trading opinions and should not be construed as investment advice. Always do your own research and chart analysis.