Which Three Cryptos for This Week? Covered: Osmosis (OSMO), Velas (VLX), API3 (API3) Key Technical Levels & Indicators Used This Week’s Picks for Three Alt Coins The crypto market has pulled back again and some are weathering the storm better. Some of them are very new to the crypto market and when you’re new sometimes, […] The post Three Cryptos to Keep an Eye on for the Week of Jan 24 appeared first on CryptosRus.

Three Cryptos to Keep an Eye on for the Week of Jan 24

Which Three Cryptos for This Week?

Covered:

  • Osmosis (OSMO), Velas (VLX), API3 (API3)
  • Key Technical Levels & Indicators Used

This Week’s Picks for Three Alt Coins

The crypto market has pulled back again and some are weathering the storm better.

Some of them are very new to the crypto market and when you’re new sometimes, you are not affected by the overall market much unless in a severely bearish market.

Let’s look at this week’s candidates.

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OSMO: Daily

Osmosis (OSMO) is the newest crypto on the list.

Its daily trend is choppy with a slightly bearish trend structure but given what the crypto market is going through now and its bullish reversal candle formation, Wyckoff Spring (named after Richard Wyckoff).

It’s not a guarantee but when you see this candle formation, it deserves attention as it often marks the low.

The momentum oscillator shows that both momentum lines are above the midline and are in the bullish zone.

The fast momentum line (Yellow) is trying to cross above the slow momentum line (red).

The squeeze indicator shows that a medium-compression squeeze is turning into a high-compression squeeze with flat momentum.


VLX: Daily

The daily chart of VLX shows a wedge consolidation pattern in progress.

The price is getting close to the 200MA (Purple) and this also coincides with the bottom trendline of the wedge formation.

If we go back to Q4 of 2021, we can see that VLX was in consolidation for several weeks before resolving to the upside.

The high before breakout level also would provide a good support level which is also close to 200MA.

Usually, 200MA alone can act like a magnet but a confluence of two support levels has a better probability of doing so.

Also if it does, this will be the first time VLX testing its 200MA since Sep 2021.

The momentum oscillator shows that the momentum is bearish as the fast momentum is coming down below the midline and also slow momentum is crossing below the midline.

However, we’ll wait and see how this will react around the confluence of key support levels mentioned above.

The squeeze indicator shows a medium-compression squeeze with a falling momentum.

API3: Daily

The daily chart of API3 shows that the trend is up and 30MA (White) just began establishing a few days ago and the price is marking today’s low off that.

This crypto is among the few cryptos that are still in a daily uptrend.

The momentum oscillator shows that momentum is neutral with the fast momentum line (Yellow) in the bullish zone and the slow momentum line (Red) is also trying to cross above the midline. Once both lines are above the midline the bullish momentum will be confirmed.

The squeeze indicator shows a medium-compression squeeze with rising bullish momentum (Cyan).

API3 is the best-looking chart in today’s series.

In a down market, it’s not an easy task to bet on an outperformer but an outperformer usually does move ahead of the overall market once some positive momentum starts kicking in in the overall market.

We will find more altcoins that would look more promising as the crypto market’s condition improves.


Key Technical Levels

OSMO

Support: 5.1

Support: 7

Support: 7.9

Resistance: 8.8

Resistance: 9.8


VLX

Support: 0.2

Support: 0.24

Resistance: 0.34

Resistance: 0.42

API3

Support: 4.08

Resistance Zone: 4.60 – 5

Resistance: 5.6

Resistance: 5.9

Price target 1: 6.9

Price target 2: 7.73


Indicator Used: (Click Here)

  • Not Financial Advice


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The post Three Cryptos to Keep an Eye on for the Week of Jan 24 appeared first on CryptosRus.