We started off the week seeing a huge collapse in the crypto markets, as Bitcoin took the plunge on Sunday. As we typically see, when Bitcoin tumbled, so too did the rest of the crypto market – bar a few exceptions. The freefall appears to have leveled out for the time being as we enter a consolidation phase that looks set to lead to a nice upward movement across the board.
This week brought a number of surprise winners, with Enjin being the standout performer. A video surfaced online showing what appeared to be the Enjin crypto wallet on the overhyped Samsung Galaxy S10 smartphone, sending its value soaring more than 200% in just a few hours.
Insolar Heading to the Moon: INSBTC
A number of altcoins have caught our eye this week, but Insolar (INS) looks poised to bring in the big bucks as we head into the weekend. INS is a fourth generation blockchain platform designed for businesses to interact with one another to unlock new opportunities for growth. We are starting to see a symmetrical triangle appearing on the 52-week chart with resistance flipped support
On top of this, with a 0.5 Fibonacci retracement and a lot of momentum trade, we can see INS heading towards 0.0000943 and even testing its resistance levels and pushing for 0.0001419 in around a month’s time. That’s a rise of roughly 109% should we see the upper limit reached.
Aion Turning Bullish: AIONBTC
Aion has largely remained hidden under the radar in the last few months, but it’s starting to show some real signs of positive movement. It’s a third generation blockchain network that allows private firms to send data between private blockchains, scale efficiently, and allow interoperability between other blockchain projects.
After a few weeks on the bearish side, Aion appears to have found support in its current trendline with a bullish RSI divergence. To back this up, it’s witnessing a daily bullish engulfing candle, which indicates that a trend reversal is likely in the coming weeks. The ideal price to buy in would be around 0.0000270 – 0.0000300 and we are expecting it to move towards 0.0000438 in the next few weeks.
XRP Remains Unchanged
This week saw Coinbase announce that XRP would finally get listed on its platform, with many expecting XRP to climb upwards dramatically. While there was a little bit of upwards movement, what looks like insider trading quickly quashed any gains. Current trend lines are still on par with our target of $0.90 by the end of the year, but we are going to see XRP continue to flounder in the mid $0.30 mark for a few more weeks yet.
Crypto markets are still very much following Bitcoin’s movements, but a few projects are breaking the trend and making their own fortune. Keep an eye out for INS and AION as they are set for meteoric rises in the coming weeks. Make sure you’re not the only one holding them as the crash back to earth though.
