Which Altcoins To Buy This Week? (May 1st, 2016)

Last week many altcoins witnessed astonishing market gains, which was fueled by bitcoin’s bullish rally. Ethereum (ETH) price rose by amost 50%, Ethereum Classic (ETC) also rose by more than 60% and Golem (GNT) was the biggest gainer last week, as its price rose by more than 100% from around 8,000 satoshis to more than 16,000 staoshis at the time of writing of this update. Ripple (XPR) also managed to record more than 50% gains last week.

Many other coins witnessed bullish waves during last week’s trading sessions including Litecoin (LTC), Dash (DASH), Monero (XMR), ZCash (ZEC), NEM (XEM) Stella (STR) and a few others.

Note: Every week, I will provide you with a market update that includes the best coins to buy for profit.

So, which coins represent attractive choices to buy for profit this week?

Monero (XMR):

This year will definitely by the year of XMR. Also, XMR is a good altcoin to buy this week.  If we examine the 1 day XMRBTC chart from Poloniex, we can see that XMR price has been forming successive bullish candles for the past 4 days, closing on higher highs every day. The bullish wave started last week when the previous downwards price movement was resisted by support around the 0.016 BTC price level. This is confirmed by the bullish engulfing pattern formed on the 1 day chart (the 2 candlesticks highlighted by an ellipse on the below chart).

I recommend buying XMR around the 0.017 BTC price level and setting your sell order around 0.0185 BTC which corresponds to the 61.8% Fibonacci retracement level as shown on the above chart.

GameCredits (GAME):

GAME is a great coin to buy this week. Although GAME recorded its all time high last week at around 0.000866 BTC, the market’s bulls failed to keep price at this level. During the past week, price was swinging between 0.0006 BTC and 0.000866 BTC. If we take a look at the GAMEBTC 1 day chart from Poloniex (look at the below chart), we can notice how GAME price has been rising throughout the past week, yet the resistance around the 0.000866 BTC price level is now hindering further advancement.

I recommend buying GAME at around 0.00065 BTC, especially that this level seems to be supporting price quite well, as illustrated by the long candlestick downwards shadow that formed on the 27th of April. Also, since MobileGo’s tokens crowdsale has already started on April 25, GAME price is expected to go even higher, in my opinion. MobileGo is the first decentralized platform for mobile gaming and store purchases. MobileGo has partnered with GAME to take gaming to the blockchain.

You can set your sell orders for your GAME at around 0.00086 BTC.

MaidSafeCoin (MAID):

MAID is our third and last pick for the week.  If we examine the MAIDBTC 1 day chart from Poloniex (look at the below chart), we can notice that MAID has been following a bullish wave since the beginning of March. Last week, MAID price continued rising along the green upward trend line plotted on the below chart.

We can also notice significant resistance around the 0.00021405 BTC price level (the blue horizontal line on the above chart), so I recommend buying MAID at around 0.00019 BTC and then include your coins in a sell order at 0.00021 BTC.

These were our altcoin picks for this week. Note that cryptocurrency trading is extremely risky, so trade with caution and only with the amount you can afford to lose.

Charts from Poloniex, hosted on Tradingview.com

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