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altcoin price analysis

Crypto Update: These 3 Altcoins Look Ready to Pump

With Bitcoin (BTC/USD) trading sideways, altcoins finally get the opportunity to shine. Over the last few weeks, small and mid cap coins have been pumping left and right. Many, such as BlockMason Credit Protocol (BCPT/BTC) and Viberate (VIB/BTC) have posted double digit gains in terms of percentage from their bottom. However, there are those that have managed to double in price or more in short periods of time, such as Agrello (DLT/BTC), Stratis (STRAT/BTC), and ChainLink (LINK/BTC).

With the current trend, people are now on the hunt for the next batch of altcoins that can deliver handsome gains. We found three gems for you. In this article, we reveal why we believe AION, Loom Network, and Salt are ready to pump.

Aion (AION/BTC)

Aion has been range trading between 0.0000322 and 0.0000455 for about two months. Recent price action convinces us that the market is ready to break out of the range soon.

A quick look at the 12-hour chart shows that AION appears to be carving a bullish higher low at 0.0000362. This is only possible because the market has generated a double bottom pattern at 0.0000322. With a durable low price in place, bottom-pickers and bargain hunters feel confident to buy on dips.

12-hour chart of AION/BTC

On top of that, AION appears to have taken out the diagonal resistance on the 12-hour RSI. In technical analysis, indicator movement often precedes price movement. With the RSI break out, we can expect AION to take out its diagonal resistance as well. If it does, the range high of 0.0000455 is the target. A move above that gives AION a very good chance to climb to as high as 0.00006.

If AION pumps as expected, investors can grow their investments by over 65% in less than a month.

Loom Network (LOOM/BTC)

Loom Network appears to have the same market structure as AION. The market has also been range trading between 0.0000113 and 0.000015 for almost two months. It is also trying to print a bullish higher low setup at 0.00001184.

Unlike AION, Loom Network has touched its range low of 0.0000113 four times. This tells us that the market intends to establish a strong support at this level. Bottom-pickers and bargain hunters appeared to have seen this intent as they are strongly buying on dips.

12-hour chart of LOOM/BTC

In addition, we’re about to see a golden cross between the 50 MA and the 100 MA on the 12-hour chart. Also, the 12-hour RSI has been printing one higher low after another. These signals tell us that the market is turning bullish.

If Loom Network continues to move bullishly, we can expect it to ascend to the range high of 0.000015. Take that out and the next target is 0.000021. With these targets, those who invest now may potentially grow their capital by more than 77% in a little over a month.

Salt (SALT/BTC)

Salt’s market structure is also similar to the market structures of AION and Loom Network. It has been trading sideways between 0.0000552 and 0.0000691 for two months. It appears to be carving a bullish higher low setup at 0.000058. This is only possible because Salt has managed to establish a durable low of 0.0000552.

12-hour chart of SALT/BTC

Currently, Salt is struggling to go above the range midpoint of 0.0000691. However, a quick look at the 12-hour RSI shows that it has taken out resistance of 62. If the market stays above this level, it won’t be long before Salt generates the momentum to breach 0.0000691.

Once the market takes out 0.0000691, the range high of 0.000083 becomes a relatively easy target. A break above that resistance can send Salt to as high as 0.00011. In other words, those who invest now may have the potential to gain around 90% in about a month.

Bottom Line

As Bitcoin continues to consolidate, many alts have taken this chance to post double or even triple digit percentage gains. This surge has led many people to go on a treasure hunt in search of the next gem that might pump. The charts tell us that AION, Loom Network, and Salt have the potential to be the next in line.

 

Featured image courtesy of Shutterstock.

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