Altcoins are preparing for a definite move towards the end of the week. Some altcoins have had big rallies this week and are now consolidating above support levels. At the same time, others are approaching a steep decline.
Therefore, BeInCrypto has analyzed three altcoins that traders should watch for the weekend.
Memecore (M)
Memecore entered the week near $ 1.60 and rose to $ 2.53 on March 25 before a sharp recovery to $ 1.74 on March 26. The symbol has returned to $ 2.09, sitting above the 0.618 Fibonacci level at $ 2.02, the green horizontal line on the chart. That standard has been there has been tested twice since its inception and he caught both times.
The correlation that Memecore shares with Bitcoin is at 0.00, down from a peak near 0.50 earlier in the week. This path is pointing to a bad partition. Bad connections mean that Bitcoin forums will no longer support Memecore – and it can fight it. But if the price of Bitcoin ends up falling, it will gain the value of M.
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The bullish case is long M closing the daily session above the level of 0.618 at $2.02. A move of $2.29 would touch 1.236 at $2.45 and then an additional 1.5 at $2.63. The bearish invalidation is closing the day below $ 2.00 and then the level of 0.5 at $ 1.94, which will open the way back to the level of 0.236 at $ 1.76.
Thin Bananas (THANAS31)
Bananas31 entered the week near $0.0093, traded sideways until March 19 before peaking on March 21 and rising 50.57% to $0.0138 on March 23. Price has been consolidated between $0.0130 and $0.0161, holding above the 0.618 Fibonacci level at $0.0134 – the green line on the chart. Volume at 147.8 million confirms that the breakout was not a market move.
The MFI is at 71.22, approaching 80 points but not yet. In the aggregate since March 23, the MFI has fallen slightly from its peak near 80, suggesting that the buying pressure has not ended. The Fibonacci pattern above the current price shows an increase of 1.0 at $0.0161, 1.236 at $0.0178, and 1.5 at $0.0196 as successive targets.
The bullish thesis is above the level of 0.618 at $0.0134. A break of this support would confirm the consolidation has been completed on the upside and the next $0.0161 target. The bearish invalidation is imminent below $0.0125, which is the 0.5 Fibonacci level, followed by the red line zero at $0.0090 as the last structural bottom.
Worldcoin (WLD)
One of the altcoins to watch this weekend is Worldcoin, which entered March near $0.406 and has declined without meaningful recovery through any session since March 5. The movement measured on the chart shows a decrease of 30.32% from the level of $0.395 to the current price of $0.2787. The second move of 5.04% towards $0.2640, the all-time low.
The CMF has been negative since early March and currently reads -0.25, the read carefully on the chart. A CMF of -0.25 means that capital is flowing out at a rapid rate, not a steady rate. The Fibonacci retracement below the current price shows the 1.5 level at $0.2972 has already been broken, and the 2.0 retracement at $0.2483 as the next maths below the all-time high. Nothing on this chart indicates that buyers are entering the current market.
The bearish target is the all-time low at $0.2640. A daily close below would open a technical sector without historical support. Bullish rejection requires a daily close above the 1.5 Fibonacci level at $0.2972. Above that, the level of 1.236 at $ 0.3230 and the level of 1.0 at $ 0.3461 become a series of recovery. Nothing is possible without CMF being good first.
A note 3 Altcoins to Watch This Week | March 28-29 appeared for the first time BeInCrypto.
