A recent video by a cryptocurrency analyst JB has discussed potential trading opportunities for five altcoins: Vechain, Cardano’s ADA, Algorand, Bone, and XRP.
Vechain (VET)
Vechain is showing a potential trading opportunity. JB believes that VET has moved up impulsively and is currently in wave four of a typical retracement range. The price is trading above the 1-hour 50 EMA and 200 EMA, and the Bollinger Bands are contracting, suggesting an imminent price move, possibly a pump. JB also points out that Vechain’s listing on Coinbase is considered bullish.
Cardano’s ADA
Cardano’s ADA also has a potential trading opportunity. JB expects ADA to move down into a B-wave retracement area, around 24.432 to 23.832. The price is currently trading between the 50 EMA and 200 EMA, and there is a possibility of a push up, testing the 200 DMA, followed by a retracement. JB is targeting around 25.6 for the C-wave.
Algorand (ALGO)
Algorand presents a potential shorting opportunity. JB expects ALGO to retrace to the range of 8.9 to 8.74. The price is currently trading between the 50 and 200 EMAs, and the analyst is anticipating a pullback due to overbought conditions. JB’s potential target for the C-wave is between 9.38 and 9.51.
Bone
Bone shows both long and short trading opportunities. JB believes that Bone is currently in the fourth wave with a typical retracement area between 87.96 and 90.99 cents. Once the fourth wave plays out, JB expects a long opportunity. There is also a potential short opportunity following the fourth wave, targeting 76 to 72 cents.
XRP
XRP presents a shorting opportunity. JB is anticipating a move down to 44.88 as a 1.618 impulsive trigger for the third wave. The price is currently trading below the 50 and 200 EMAs, and the Bollinger Bands are contracting, indicating a potential downward move. JB’s key area of interest is between the upper fifth wave and lower third wave trigger.
The analyst cautions that these are just potential trading opportunities and that investors should always do their own research before making any investment decisions. The cryptocurrency market is volatile and unpredictable, and there is no guarantee that any of these altcoins will be successful in the long term.
Here are some additional tips for trading altcoins:
- Use tight stop losses to limit your losses.
- Make informed decisions based on your own research and analysis.
- Don’t invest more than you can afford to lose.
- Be patient and don’t get emotional about your trades.
