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Top Coins to Watch - Where Are ETH, NEO and STX Heading?


coincodex.com 02 August 2021 14:42, UTC
Reading time: ~5 m

Although Bitcoin might have dropped today, the recent bullish surge toward $40K has helped a significant number of altcoins to display a strong price hike this week. Let's check out how ETH, NEO and STX, our top coins to watch for the week, are doing in the markets.

Ethereum (ETH) price analysis

What has been going on?

Ethereum is up by a strong 10.5% over the past week and up by a total of 18% over the past month of trading. The coin had broken above a short-term descending wedge pattern toward the middle of July and started to surge from there inside the confines of an ascending price channel.

The ascending price channel has allowed ETH to break a long-term descending trend line as well as break above the 20-day, 50-day, and 200-day EMA levels. 

Over the weekend, ETH pushed above the July highs of $2,400 and continued higher above the 100-day EMA yesterday at around $2,550. 

It is still trading inside the price channel, and a breakout toward the upside of the channel would turn the market parabolic. Additionally, the closing candle above the 100-day EMA level is very promising.

Ethereum price short-term prediction: Bullish

The break above the July highs has now allowed ETH to turn bullish in the short term. A break beneath $2,400 would turn the market neutral again. It would need to fall beneath $2,150 (200-day EMA) to be in danger of turning bearish in the short term.

If the sellers do push lower, the first support lies at $2550 (100-day MA). This is followed by support at $2,400, $2,260 (20-day EMA), $2,240 (.5 Fib Retracement), and $2,150 (200-day EMA).

Additional support lie sat $2,120 (.618 Fib Retracement), $2,000, and $1,800.

Where is the resistance toward the upside?

On the other side, the first resistance lies at $2,622 (1.272 Fib Extension). This is followed by $2,725 (1.414 Fib Extension), $2,800 (bearish .382 Fib Retracement), and $2,900.

If the buyers can continue to drive ETH beyond $3,000, additional resistance is then to be expected at $3,060 (1.272 FIb Extension), $3,155 (bearish .5 Fib Retracement), $3,215 (1.414 Fib Extension), and $3,430 (1.618 Fib Extension).

NEO (NEO) Price Analysis

What has been going on?

NEO seems to be in a very strong position after being able to surge by a solid 23% over the past week of trading. The cryptocurrency rebounded from a low of $25 on July 20th and started to climb higher from there. It was a slow grind higher, but the coin eventually managed to break the 20-day EMA and the 50-day EMA level toward the end of last week.

Since breaking the 50-day EMA, NEO surged significantly to reach the resistance at $48.38 over the weekend - provided by a bearish .236 Fib Retracement level. It has since dropped slightly from this resistance but is looking quite promising after being able to break the July highs just beneath $40.

NEO is now ranked in the 33rd position as it currently holds a $3.05 billion market cap valuation.

NEO price short-term prediction: Bullish

Again, the break above the July highs has now allowed NEO to turn bullish in the short term. However, the crypto would need to continue further above the resistance at 448.38 (bearish .236 Fib Retracement) and break the $50 resistance (200-day EMA) to allow the bull run to continue further. It would have to break beneath $35 (50-day EMA) to turn neutral and continue further beneath $30 to be in danger of turning bearish again.

The first support lies at $39.16 (.382 Fib & rising trend line) if the sellers push lower. Beneath the trend line, support lies at $35 (50-day EMA), $33.70 (.618 Fib Retracement), and $30.

Where is the resistance toward the upside?

On the other side, the first strong resistance lies at $48.38 (bearish .236 Fib Retracement). This is closely followed by $50 (200-day EMA). Beyond the 200-day EMA, resistance lies at $55 (1.272 Fib Extension), $56 (100-day EMA(, $58 (1.414 Fib Extension), and $60.

Above $60, resistance is located at $62.62 (bearish .382 Fib Retracement) and $70.

Stacks (STX) Price Analysis

What has been going on?

STX is up by a strong 9% over the week but is up by an even more impressive 52% over the past month of trading. The cryptocurrency has been trading inside a symmetrical triangle pattern since the end of June and recently rebounded from the lower boundary of this pattern in July at $0.8.

It is now testing the upper angle of the triangle, and a breakout above it should allow STX to head toward the July highs.

STX is now ranked in the 65th position as it currently holds a $1.47 billion market cap valuation.

STX price short-term prediction: Neutral

Although STX is up a strong percent over the month, it is still considered neutral until the coin break the resistance at the July highs of $1.40 (bearish .382 Fib Retracement). It would need to break beneath the triangle at around $0.95 to turn bearish.

If the sellers push lower, the first support lies at $1.18 (200-day EMA). This is followed by $1.00 (.382 Fib), $0.95 (50-day EMA & lower angle of the triangle), and $0.834 (.618 Fib).

Where is the resistance toward the upside? 

On the other side, if the bulls can break above the triangle, resistance lies at $1.40 (bearish .382 Fib Retracement), $1.60 (bearish .5 Fib Retracement), $1.80, $11.90 (bearish .618 Fib Retracement), and $2.00.


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