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: 4th May 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.
1. Matic (MATIC)
Current Price: $0.0162
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 in the next couple of weeks.
They also posted on twitter today that each day this week they will be announcing new dApps joining the Matic ecosystem.
Now I listed Matic as one of the coins to watch a couple of weeks ago and since the post matic price has increased 32% and I think it still has room for significant movement and the below snippet is still relevant…...
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.
- Ravencoin (RVN)
Current Price: $0.0201
What is it?
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was launched January 3rd, 2018, and is a truly open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community.
Reason to Monitor?
There as an upcoming fork which will update the mining algorithm that will help with GPU miners being able to mine Ravencoin and not be played out the market by ASIC miners.
Ravencoin has a big community behind and has large investment from Overstock, as well as Raven tweeting it is a big week ahead which is pretty rare for likes of a team like Ravencoin to tweet.
The news and acompied TA charts are showing Raven on a positive trajectory to price action moving towards figures in mid Feburary.
Normally I list 3 coins but for this week I believe these two coins are the ones to watch for this week.
Note: Due to the current climate I expect the movement will be determined by how Bitcoin behaves this week. If BTC remains stable or positive performance I expect the above coins 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.