Havven is a coin I've been following since its ICO. It is a crypto backed stablecoin project, which I quite like from a fundamentals standpoint. They have a strong team and a cool concept. In the short term we need Fiat backed stablecoins for traders to move into when they want to exit the market, but in the long run crypto needs to become autonomous of Fiat currencies and as I see it there's only two ways for that to happen :
1. A coin (most likely bitcoin) becomes so popular and gets enough trading volume that its volatility reaches the low levels of fiat currencies and therefore becomes usable as a day to day currency without any stabilizing mechanism.
2. A crypto backed stablecoin emerges. There are a number of candidates, most notably DAI by MakerDao, Basis and Havven. These all use their own algorithmic mechanisms to stay stable and if you're interested I recommend you read up on them.
In the last couple months we've seen a decent number of altcoins go on runs as bitcoin's volatility reduces, and Havven is one of them. From its bottom in late September it made a move that peaked at around a 240% gain over the course of a week and a half, getting rejected at a strong level that has acted as a support and resistance several times in the last few months.
It has since retraced around 45% and is consolidating in between the 0.786 and 0.618 fibs, which also happens to be at a previous resistance.
This is a good sign, as it looks to have found a solid support, and as long as bitcoin doesn't tank, Havven has room to make another leg up and surpass its recent high at around 0.00003700 BTC. It's marketcap is around 9 mil USD, which means it has plenty of room to grow. They raised 30 mil in their ICO.
So if I were to take this trade, I would set my stop loss at around 0.00001800, around 11% under the current price, and set my targets for the next 4 key resistances, likely taking most of my profit at the first two resistances and keeping a small moonbag for the last two due to market conditions not being ideal and Havven not having any upcoming events that could be the catalyst for a huge move.
These four levels are :
The recent peak of around 0.00003700 BTC which would give you a 70% gain.
0.00004000 BTC for a 100% gain.
0.00005250 for a 150% gain.
And 0.00006500 for a 200% gain.
Conservative traders might also consider taking profit at 0.00002500 for around a 25% gain and 0.00003000 for around a 50% gain. In these market conditions I would probably lean towards a more conservative strategy, locking in partial profits when they come.
Havven has most of its volume on Gate.io and Kucoin, neither of which have stop losses unfortunately (and unbelievably - with the money they're making and the impending onslaught of exchange competition traders will almost certainly start demanding better risk management tools). Liquid, the new exchange by Quoine, also offers HAV/ETH and has stop losses, but the volume is quite low. And a new exchange that I just learned of in researching this article, Cryptology, also offers stop losses and 3 HAV pairs with decent enough volume, so I would recommend researching this exchange and then making this trade on there so you can practice proper risk management.
The author is not a registered financial expert and this is not financial advice. Cryptocurrencies are highly volatile assets and risky to trade. Make sure to study trading diligently before putting your hard earned money on the line, and never risk more than you can afford to lose. Risking a maximum of 2.5-5% of your entire portfolio is a common practice amongst professional traders.