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The blockchain intelligence platform Santiment revealed in a tweet earlier today that many altcoins are beginning to show mild signs of life. In the post, the platform highlighted DODO, Gala (GALA), MAGIC, Mask Network (MASK), and Serum (SRM) as cryptocurrencies to watch in the coming few weeks since they are presenting historic buy opportunities.
đź«Ł #Altcoins have shown some mild signs of life thus far this week, but certainly not enough to make up for big trader losses that have accumulated since June. With that said, many are seeing historic opportunities to rise, such as $DODO, $GALA, $MAGIC, $MASK, and $SRM. pic.twitter.com/pXw43vCRmt
— Santiment (@santimentfeed) September 6, 2023
DODO (DODO)
CoinMarketCap indicated that DODO printed an impressive 15+% gain over the past 24 hours. Subsequently, the altcoin was changing hands at $0.1112 at press time. Along with the increase in price, DODO also recorded a 1,367.99% surge in its total daily trading volume. As a result, the collective 24-hour trading volume for DODO was estimated to be $67.938 million.
From a technical standpoint, DODO’s price was able to break above the $0.1075 resistance level over the past 24 hours. Traders had attempted to drive the cryptocurrency’s price to above the next major threshold at $0.1305 as well, but overwhelming profit-taking activity from sellers had hindered the altcoin’s chances of breaking above the significant price point.
Nevertheless, DODO was still trading above the $0.1075 price point at press time. However, a daily candle close below this benchmark may lead to the altcoin revisiting the $0.0930 support in the following few days. Continued sell pressure could also bring DODO’s price down to $0.0840 as well.
However, if DODO’s price enters into another leg up in the next 48 hours, then it may attempt to challenge the aforementioned $0.1305 resistance level. Traders and investors will want to take note of the fact that significant short-term and medium-term bullish technical flags had been triggered during the previous 48 hours.
Through the course of the last 2 days, the 9-day EMA line had crossed above the 20-day EMA line. Furthermore, the 9-day EMA line also crossed above the 50-day EMA line. This suggested that momentum was shifting in favor of buyers, and DODO’s price may continue to climb as a result.
Gala (GALA)
GALA’s price moved in the exact opposite direction of DODO, and suffered a slight price drop over the past 24 hours. At press time, the cryptocurrency market tracking website indicated that the altcoin’s price was down 0.38%, which brought its price down to $0.01591 as a result.
GALA’s price may continue to drop in the following 48 hours given the fact that short-term and medium-term momentum remained in favor of bears at press time. This was evident by the orientation of the 9,20 and 50 EMA lines on the cryptocurrency’s daily chart.
If this negative momentum continues, the altcoin’s price may lose the support of the $0.01560 level. Notably, it had already broken below this level yesterday, but was able to recover back above the key point.
This bearish thesis will be invalidated if GALA is able to close the next 2 daily candles above the $0.01560 support. In this scenario, the altcoin may attempt to reclaim the support of the $0.01700 barrier. Thereafter, a daily candle close above this point may propel GALA’s price to $0.01895 in the following week.
MAGIC (MAGIC)
MAGIC was able to achieve a 1+% gain during the previous day of trading. Subsequently, the altcoin’s price stood at $0.5015 at press time. This was a slight decrease from its 24-hour high of $0.5132. This price pullback meant that MAGIC was trading closer to its daily low of $0.494 than its peak for the same period.
Similar to GALA, MAGIC’s price had rebounded off of a key support level throughout the past few days. During this period, the altcoin’s price had fallen to retest the $0.4750 support level. However, traders identified the level as a buy opportunity, which resulted in MAGIC’s price entering into a gradual ascent in the following few days.
As a result, MAGIC was attempting to break above the 9-day EMA line at around $0.5141 at press time. If it is able to close a daily candle above this technical indicator, then it may attempt to do the same with the 20-day EMA line as well before attempting a challenge at the $0.6245 resistance level.
A daily candle close above $0.6245 could lead to the cryptocurrency rising to $0.7255 in the following 2 weeks. This bullish thesis will be invalidated if MAGIC is unable to close a daily candle above the 9-day EMA line within the next 48 hours. In this scenario, MAGIC’s price could drop to $0.4750 over the coming couple of days.
Mask Network (MASK)
MASK also followed the overall positive trend in the cryptocurrency market throughout the past 24 hours, and experienced a 1.10% price increase during this period. As a result, the altcoin’s price was elevated to $2.58 at press time. MASK’s 24-hour trading volume had fallen, however, and was down 4.42%. This brought the cryptocurrency’s total volume down to $33,376,752.
A negative price channel formed on MASK’s daily chart over the past several weeks as the altcoin printed lower lows and lower highs during this period. In the last 5 days, sellers had attempted to force MASK’s price below the price channel, but bulls were able to prevent a break below this point.
This resulted in MASK’s price breaking above the $2.575 resistance level during the past 48 hours, where it continued to trade at press time. If the cryptocurrency is able to close a daily candle above this mark today, then it may continue to climb to the upper level of the current price channel, which will also result in it flipping the $3.105 resistance into support as well.
If buyers continue to boost MASK’s price, then it may break out above the negative price channel. This will then clear a path for it to rise to $3.875 in the following fortnight. However, failure to close today’s daily candle above $2.575 may lead to the altcoin correcting to the lower level of the descending price channel in the next 72 hours.
Serum (SRM)
SRM was the 2nd biggest 24-hour gainer in the list of altcoins mentioned in Santiment’s post earlier today, and had recorded a 6.39% price uptick during this period. Subsequently, the altcoin was trading hands at $0.03645 at press time.
A symmetrical triangle pattern had formed on SRM’s daily chart, which suggested that the cryptocurrency’s price may break out soon. The altcoin’s price had attempted to break above the chart pattern over the past 24 hours, but sellers succeeded in taming the altcoin’s price at press time.
Nevertheless, the possibility of SRM’s price breaking out towards the upside remains. In the event of a positive breakout, the altcoin’s price may flip the $0.0495 into support in the coming few days. Continued buy support could also elevate SRM’s price to as high as the next key resistance level at $0.0675.
A potential early confirmation of this bullish thesis will be if SRM closes today’s daily candle above the 9-day EMA line at around $0.0361. Conversely, failure to close a daily candle above this technical indicator within the next 48 hours may put the altcoin’s price at risk of correcting to the crucial support level at $0.0315.
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