Market watchlist: 4 coins to watch this week

We cover a range of assets, including major cryptocurrencies, altcoins, and meme coins.

Each opportunity or potential scenario can be approached differently depending on individual trading strategies.

Key points

• Focus: The watch list is focused on key levels and scenarios to play if and when they arise.
• Market uncertainty: The market can be unpredictable, and opportunities might not always unfold as expected.
• Alignment: The watch list helps us stay aligned and focused on common goals heading into the week.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

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Market overview 

This week, we do not have a busy schedule in terms of the quality of setups across the board, but the market is showing signs of movement. Several assets have moved significantly in the past week, and we are following up on a few of them.

Because of the bullish tone of the week, we are in our risk management protocol 1, which means we are actively looking for trading opportunities and are more offensive with our trading and investing approach as the market behaviour favours this.

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Trading levels and opportunities

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Solana (SOL)

Hypothesis

With this play, we are following momentum, and SOL is on a surge. We have seen Solana outperform the market over the last week, and there are no major warning signs from the mechanics side that would refrain us from looking for longs around our key level. This is backed by the headroom from the key level to the next significant resistance of $200. These factors, along with the historical key level of $176.33, have the potential to provide us with a nice small swing.

• Key level: $176
• The play: Monitor the $176 level for potential buy opportunities if the market respects this level.

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Injective (INJ)

Hypothesis

With INJ, we are playing with the same hypothesis we have had for a few months now. Time and time again, $23.40 shows its strength as a key level to potentially provide a base for the next big move up. Off the back of the last opportunity, we are currently running in profit, and $23.40 is actually a scale-in level. For those not involved in the previous trade, $23.40 is just as valid to look to enter as it has shown multiple respects as support and resistance on the higher time frame and lies within a big-picture Fibonacci when taken from the overall context of the market 

• Key level: $23.48
• The play: Wait for the market to retrace to $23.40 and place a limit order. This level is expected to unfold the quickest of all the assets mentioned.

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Pendle (PENDLE)

Hypothesis

With us being between historically strong levels which have a high likelihood of providing a potential opportunity in the near future, we want to be vigilant with Pendle as it moves fast when seeking key levels and liquidity, and as the chart has shown us, time and time again  and with a 61.8% level to the downside it's good to be on our toes and strategize in advance with assets with these characteristics 

• Key level: $3.30 and $4.8
• The play: Wait for either a retracement to $3.30 or a breakout and retest of the current resistance level. This may take longer to unfold and could be a high-conviction play.

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Tremp (TREMP)

Hypothesis

With the current political narrative, this coin has seen some spikes. Trading back down to the $0.30 price point is considered undervalued. With this asset showing resilience after its initial significant surge, we know it has the potential to really pick up. From a narrative point of view, the political space is providing us with everything we could have asked for in terms of meme entertainment and shocking news.

• Key level: $0.30
• The play: Consider a spot play to collect a small position if the price reaches $0.30. Meme coins can be highly volatile and react quickly to news and volume changes.

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Cryptonary's take 

This week's watchlist includes Solana, Injective, Pendle, and Tremp.

Stay active in the community, ask questions, and stay updated as the week progresses. Opportunities may arise outside this watchlist, and we will keep you informed about those as well.

Remember, if multiple scenarios do play out, which is unlikely but also possible, do not overexpose yourself and always look to manage risk correctly, remembering that there will always be more set-ups around the corner.