3 Altcoins to Watch This Weekend | April 18-19
Altcoins are setting up for significant activity this weekend. Whale stocks, simulated opening overhangs, and structural reversal patterns are compared in three observed configurations. So BeInCrypto analysts have identified three altcoins to watch this weekend.
Flows on the chain, ETF positioning and chart structure will create certain decision points in the next 48-72 hours.
Official Trump
This weekend's first altcoins to watch is TRUMP. The top 100 TRUMP addresses have increased their holdings by 2.47% over the past seven days. That adds 23.5 million TRUMP to a total stock of 976.18 million. Whales at the bottom level added another 2.41 percent. Meanwhile, the exchange's balances fell 9.05%, leaving roughly 14 million TRUMP centralized positions in the same window.
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That stock matched its position ahead of the Mar-a-Lago crypto and business conference on April 25. A maximum of 297 holders from the April 10 snapshot will get a seat at the event. The 29 largest whales receive VIP access to the President. The rally ahead of the concrete trigger over the weekend hints at the build-up of altcoin volatility next week.
On the price chart, TRUMP has strengthened between $2.77 and $3.11 since late March. The $2.77 support was held through several tests. It now forms the base of a cup with a potential double-bottom inside. Since March 23rd, volume has quietly extended to green candles, a divergence seen before an accumulation-led recovery.
The bullish case needs a daily close above $3.11. Pure Break targets $3.51, expected move of 12.60%. However, the bearish downside is the daily close below $2.77, which breaks the double-bottom base and exposes lower levels.
LayerZero (ZRO)
LayerZero (ZRO) is the next altcoin with a 25.71 million ZRO token launch scheduled for April 20th. This represents 5.34% of the released supply. That amount is worth approximately $49.62 million at current prices. That event hits on Monday, meaning any sales push around it could add to the weekend.
The opening is important because of what is on the chart. ZRO rose 73.14% between February 19 and March 18, rising from $1.38 to $2.39. Since that high, price has been trading in a falling channel. The structure is technically a continuation pattern, which means that if the channel breaks up, the previous rally can continue. ZRO tested the upper bound twice, once on April 8th and again on April 14th. Both attempts failed.
A third attempt can now be made. However, time is poor. Any rally to the upper trend line of the channel this weekend would face the 25.71M token opening as an immediate upper wall. That volatility makes ZRO one of the more complicated weekend altcoin setups to track.
The bull case needs a ZRO to defend at $1.97, the 0.236 Fibonacci, until Monday. A move above $2.12 would remove the bearish pressure of the channel and target $2.24 and $2.36. However, the bearish downside is a loss of $1.97, which exposes $1.73.
Chainlink (LINK)
The third altcoin to be featured this weekend is Chainlink. Off-exchange whale holdings rose from 650.55 million LINK to 663.4 million on April 16. This is approximately 12.85 million LINK added in 24 hours, which is approximately $122 million at current prices.
Meanwhile, institutional flows followed the same direction. Chainlink ETFs posted net income of $1.57 million on April 16, their biggest day since March 19. That print extends a six-day positive streak, the longest since production began in December.
However, the reasoning behind those picks contradicts what the chart shows. On the daily time frame, LINK is forming a head and shoulders pattern. The head reached $10.07 on March 16. The right shoulder has now closed to $9.68 on April 16, which is almost exactly where whales and ETFs are converging. The setup creates unusual tension, with big money buying into what is structurally a bearish reversal pattern.
The bullish case needs a daily close above $9.68 to weaken the pattern. A move to the upside of $10.07 would completely destroy the structure. The underlying position is at $9.24, at 0.236 Fibonacci retracement, which exposes $8.97 and $8.74. A breakout of the $7.96 neckline confirms the pattern and indicates a roughly 17.5% decline.
Post 3 Altcoins to Watch This Weekend | April 18 – 19 appeared first on BEncrypto.
