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Price Analysis: Top 3 Picks From January 4th - XEM, GHST, and PI - Where Are They Heading?

3y ago
bullish:

52

bearish:

10

The first week of 2021 is upon us, and it brings a small 10% retracement for BTC as it falls from $34,800 to reach the current $30,800 level. Regardless of the recent price drop, Bitcoin saw a fantastic year in 2020 in which it managed to increase by a robust 300% from the start of the year.

Although altcoins have been capitulating against BTC, they too also saw growth in their USD values. We can expect altcoins to see stronger performances in 2021 as they begin to recover against BTC themselves.

Today, we released our top 3 picks to watch out for this week, which included XEM, GHST, and PI;

To find out these projects in a little more detail, take a look at the article here.

In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.

NEM (XEM) Price Analysis

What has been going on?

XEM dropped by a sharp 18% over the past week as it falls beneath $0.2 to trade at $0.193. The cryptocurrency had climbed higher in December to reach a height of $0.337, where it ran into resistance at a 1.414 Fibonacci Extension level.

From there, XEM started to head lower in the latter half of December as it dropped back beneath $0.3 and ended up closing the month at $0.2.

In January 2021, XEM attempted to push higher but could not close a daily candle above the $0.22 resistance level. Today, XEM spiked as low as $0.168 (downside 1.618 Fib Extension) but has since rebounded to trade at $0.193.

XEM price short term prediction: Neutral

XEM is considered as neutral right now and would have to break beyond the $0.3 level again to turn bullish. On the other side, a drop beneath the $0.14 level (200-day EMA) would turn XEM bearish in the short term.

If the sellers push lower, the first level of support lies at $0.19 (downside 1.414 Fib Extension); this is followed by support at $0.1815 (.618 Fib), $0.18 (100-day EMA), and $0.168 (downside 1.618 Fib Extension).

If the bears continue to drive beneath $0.16, added support lies at $0.14 (.786 Fib & 200-day EMA) and $0.114 (.886 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $0.22. This is followed by $0.244 (bearish .5 Fib Retracement), $0.26, $0.28, and $0.295 (bearish .618 Fib retracement). Beyond $0.3, added resistance is expected at $0.32, $0.337 (1.414 Fib Extension), $0.369 (bearish .786 Fib Retracement), and $0.4 (1.414 Fib Extension).

Aavegotchi (GHST) Price Analysis

What has been going on?

GHST has only been trading on exchanges for a couple of months now. In December, the coin surged higher from $0.5 to climb above $0.65 and reach the $0.714 resistance. From there, GHST started to head lower as 2020 ended until support was found at $0.55 (.618 Fib Retracement).

In January, GHST rebounded from $0.55 and is now trading at $0.6.

GHST price short term prediction: Neutral

GHST is also considered neutral right now and would have to break above $0.714 to turn bullish again. On the other side, a break beneath $0.45 (December 2020 lows) would cause GHST to turn bearish in the short term.

If the sellers push beneath $0.6, the first level of support lies at $0.55 (.618 Fib). This is followed by support at $0.5, $0.482 (.786 Fib), $0.45, and $0.442 (.886 Fib).

Where is the resistance toward the upside?

On the other side, the first level of resistance is expected at $0.65. This is followed by resistance at $0.683, $0.7, and $0.714. If the bulls can break $0.714, additional resistance lies at $0.741 (1.272 Fib Extension), $0.774 (1.414 Fib Extension), $0.8, and $0.82 (1.618 Fib Extension).

Beyond $0.85, further resistance lies at $0.894, $0.943 and $1.00.

PChain (PI) Price Analysis

What has been going on?

PI has been relatively quiet in December as the coin remained stuck in a range between $0.115 (bearish .382 Fib Retracement) and $0.007 (.786 Fib Retracement). The coin bounced between these two levels for the entire month and would need to break beyond one of the levels to dictate the market’s next direction.

For the majority of December and In January, PI has managed to remain supported by the 200-day EMA at around $0.0082. A break beneath this would send PI on a downward spiral.

PI price short term prediction: Neutral

As PI is rangebound, it is considered neutral right now. It would need to break beyond the $0.0115 resistance (bearish .382 Fib) to turn bullish. Alternatively, a break beneath $0.007 would turn the market bearish in the short term.

If the sellers break beneath the support at the 200-day EMA, the first level of support lies at $0.007 (.786 Fib). This is followed by support at $0.006, $0.0051 (.886 Fib), and $0.004.

Where is the resistance toward the upside?

On the other side, the first level of resistance is expected at $0.01. This is followed by resistance at $0.011 (bearish .382 Fib), $0.012, and $0.0135 (bearish .5 Fib). Added resistance is found at $0.0142 (1.272 Fib Extension), $0.0154 (bearish .618 Fib), and $0.016.

3y ago
bullish:

52

bearish:

10

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