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Altcoin Price Surge After Coinbase Listings – Technical Analysis

Altcoin Price Surge After Coinbase Listings

Last week was extremely good for Bitcoin and a few altcoins. Three coins, as mentioned below, witnessed huge gains in the last week after Coinbase announced their listing.

Civic: CVC is the native token of Civic, which has developed a wallet which can be used for storage of BTC and other cryptocurrencies. It has dual uses. It stores assets and it is also used to validate one’s identity.

Decentraland: MANA is the native coin of Decentraland, which is a platform that enables users to create their own virtual world, games, and applications. Users can create scenes, artwork, challenges, etc. using easy-to-use builder tools.

District0x: DNT is the native token of District0X. Users can create, operate, and govern districts. Districts are marketplaces and communities that exist as decentralized autonomous organizations on the District0x Network. It is powered by Ethereum, Aragon, and IPFS.

Now let us break down the altcoin price gains after being listed on Coinbase.

CVC/USD – Price prediction

CVC altcoin price

Source: TradingView

Coinbase announced that they will be listing Civic, and we all are familiar with how a coin performs when we hear a Coinbase listing news. CVC was no exception for the same. After Coinbase announced that they will be listing CVC, it broke out from its long term consolidation zone, and we saw an increase in CVC price by more than 800% within a week.

The CVC altcoin price jumped from $0.02 to $0.17. A correction after such a massive gain is not uncommon. We might see a pullback towards $0.08 and another possible correction towards $0.058. If $0.058 fails to hold, there is no substantial support till $0.02. We could see a big movement in CVC soon.

MANA/USD – Price prediction

MANA altcoin price

Source: TradingView

Decentraland was also listed on Coinbase on the 6th of November along with CVC, and we saw a gain of around 100% in the CVC altcoin price after Coinbase announced the listing news. MANA is likely to reach a support zone of $0.079, and if that breaks, we could see a pull back towards $0.068 (more likely) and a potential drop towards $0.059 (less likely).

If it holds the current support, we could see a push towards $0.089 first before dropping towards the lower support zone. Opening shorts at $0.089 with a stop loss just above and the three support zones as target profits could be a good trade setup.

DNT – Price prediction

DNT altcoin price

Source: TradingView

The third coin to make its debut on Coinbase last week was DNT. We saw an astounding 1000% gain on DNT after its announcement of the Coinbase listing. A correction in DNT is expected as well. We can see a potential move towards $0.055 to retest 0.618 fib, and we could see a pull back towards $0.046, $0.037, and $0.026.

A decent trade setup would be to short DNT from $0.055 with a stop loss above it and targets of $0.046, $0.037, and $0.026. If it can flip $0.055 to support, we could see a push towards $0.068 before falling lower.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.


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