Every week I lookout for some coins which might be in for some positive price action and thought I would share this with the kind people on Publish0x who might find this interesting.
This is really focussing on short and medium term investment options.
W/C: 20th April 2020
I would like to start off by saying we are in an unusual period of time with COVID-19 this has resulted in the past month having significant impact in both cryptocurrency markets and traditional markets, therefore I would take extra precautions with monitoring and setting stop-losses if you plan on trading.
- Bitcoin (BTC)
What is it?
I’m not going to explain what Bitcoin is because if you don’t know then you shouldn’t really be looking at this article and getting your foundational knowledge before even thinking about looking at investing in coins.
Reason to Monitor?
So I listed Bitcoin in my previous article and it’s still the main crypto in my view to monitor over next few weeks. The Bitcoin halving is creeping closer and closer with it coming up in 21 Days.
Google trends are showing increased interest in Bitcoin and we there hasn’t been an increase in Bitcoin whales moving funds from wallets to exchange for a sell off.
Bitcoin failed to break resistance over the weekend and there was a recent
I will be monitoring the price throughout today as an indication for the rest of the week as analysis conducted shows Monday is a good day for positive price movement.
- Matic (MATIC)
What is it?
Matic Network aims to address the scalability issues as seen on Ethereum.
Matic Network plans to solve this problem by introducing a Layer 2 scaling solution. Instead of having all transactions and computations processed on the main Ethereum chain, they will be delegated to the sidechain (off-chain computation). Validity of this second layer chain is assured using the Plasma framework and Proof of Stake (PoS) by the MATIC validators.
Reason to Monitor?
Matic mainnet is currently on track to be released next month.
Over the past 6 month we have seen lots of volatile price movement for Matic with it 4x back between Nov-Dec 2019 with a sharp fall over the cliff down 70% within minutes.
Now there was lots of discussions if this was due to team manipulating the price or a syndicate. I don’t really want to get into the reasons here.
However, what I see is some positive price movement in the next couple of weeks for Matic.
One thing to consider is Matic team will be releasing a significant amount of the locked tokens at the end of this month which majority of them will be used for staking.
A small portion of the tokens being released - 6.5m (0.75%) of the advisory could be put on the market.
- Ethereum (ETH)
What is it?
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner; while all states and data are distributed and publicly accessible. Ethereum supports smart contracts in which developers can write code in order to program digital value. Examples of decentralized apps (dapps) that are built on Ethereum includes token, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.
Reason to Monitor?
Over the last couple of week there has been lots of discussion about ETH 2.0 and how Eth is currently undervalued.
There was a detailed ETH development update released last week which showed a lot of positive details on how the team are progressing with ETH 2.0.
This resulted in positive sentiment across the the cryptosphere and we started to see ETH price edge upwards.
This sentiment and with the Technical Analysis conducted from reputable players in the market I’m expecting ETH to move over the $200 barrier.
Note: Due to the current climate I expect the movement will be determined by how Bitcoin behaves this week. If BTC has a positive performance I expect ETH and Matic to outperform BTC.
I will try and endeavour to create a daily price action summary with a conclusion on Sunday which might be useful for tracking analysis.
Legal disclaimer: This is my personal opinion based on the research I have conducted, this is not professional financial investment advice, please conduct your own research before investing.
Donation Address:
ETH: 0x13Fd2a32441b1F7C0630E9bC948fd785C2366D4d
