Altcoins are preparing for decisive moves over the weekend. Some altcoins staged significant rallies this week and are now consolidating above key support levels. Meanwhile, others are approaching critical lows.
Hence, BeInCrypto analyzed three altcoins that investors should keep an eye on over the weekend.
memcor (m)
Memecore entered the week near $1.60 and rose to $2.53 on March 25 before falling sharply to $1.74 on March 26. The token has since recovered to $2.09, where it lies above the 0.618 Fibonacci level at $2.02, which is the green horizontal line on the chart. It was this level It has been tested twice since the hack It was held both times.
The correlation that Memecore shares with Bitcoin is 0.00, down from a peak near 0.50 earlier in the week. The path points towards negative territory. A negative correlation means that Bitcoin spikes no longer lift Memecore – and can effectively work against it. But if the price of Bitcoin ends up falling, it will actually benefit the price of M.
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The bullish case continues as long as M closes the daily sessions above the 0.618 level at $2.02. A move through $2.29 would target the 1.236 level at $2.45 and then the 1.5 extension at $2.63. The downside invalidation is a daily close under $2.00 and then the 0.5 level at $1.94, which will again open the way towards the 0.236 level at $1.76.
Banana Peel (BANANAS31)
Bananas31 entered the week near $0.0093, trading sideways until March 19 before breaking out on March 21 and rising 50.57% to $0.0138 on March 23. The price has been consolidated since then Between $0.0130 and $0.0161, with stability above the 0.618 Fibonacci level at $0.0134 – the green line on the chart. The volume of 147.8 million confirms that the breakout was not a subtle market move.
The MFI is at 71.22, approaching the overbought threshold at 80 but not there yet. Throughout the adjustment period since March 23, MFIs have declined only modestly from their peak near 80, suggesting that buying pressure has not been fully exhausted. The Fibonacci structure above the current price shows the 1.0 extension at $0.0161, the 1.236 extension at $0.0178, and the 1.5 extension at $0.0196 as successive upside targets.
The bullish theory remains above the 0.618 level at $0.0134. A bounce off this support will confirm a consolidation resolution to the upside and target $0.0161 next. the Downward invalidation is closure Below $0.0125, which is the 0.5 Fibonacci level, followed by the red zero line at $0.0090 as the last structural floor.
World Coin (WLD)
Another altcoin to watch this weekend is Worldcoin, which entered March near $0.406 and has fallen without a meaningful recovery during every session since March 5. The measured movement annotated on the chart shows a 30.32% decline from the $0.395 level to the current price of $0.2787. Annotated secondary move of 5.04% points towards $0.2640, an all-time low.
The CMF indicator has been negative since early March and currently reads -0.25 Deepest reading on the chart. A CMF of -0.25 means that capital is exiting at an accelerating rate, rather than stable. Fibonacci extensions below the current price show that the 1.5 level at $0.2972 has already been breached, with the 2.0 extension at $0.2483 as the next mathematical target below the all-time low. Nothing on this chart indicates that buyers are intervening at current levels.
The downside target is the all-time low at $0.2640. A daily close below it will open a technical zone without historical support reference. A bullish reversal requires a daily close above the 1.5 Fibonacci level at $0.2972. Above that, the 1.236 level at $0.3230 and the 1.0 level at $0.3461 become the recovery sequence. Neither can be achieved without the CMF turning positive first.
this post 3 altcoins to watch this weekend | March 28 – 29 appeared first on BeInCrypto.
