I’m watching six crypto penny stocks this week. Many of them have recent news…
But they still need overall sector momentum to drive them higher. A Bitcoin (BTC) breakout over $40,800 could be what these stocks need to make big moves.
I’m watching a few for breakouts, one’s moving on Twitter hype, and I traded a stock on this week’s watchlist twice.
Plus, a CEO recently hinted at a potential future uplisting. That could be a major future catalyst for one of these stocks…
As I said last week, this sector runs on hype. So pay attention to volume and price action and go where the opportunities are…
Take advantage of the hype, just never believe it. And never hold and hope. Sell into strength and lock in profits when you have them.
Here are the top crypto penny stocks to watch now…
12:59am study check, retweet/favorite this if you’re still up studying, you’ve made your watchlist already or if you’ve made a trade or paper trade on @StocksToTrade lately. Every day you should be trying to get better & learn a little something new. REFINING YOUR PROCESS IS KEY!
— Timothy Sykes (@timothysykes) June 3, 2021
Table of Contents
Top Crypto Penny Stocks to Watch
Keep in mind that some crypto penny stocks only run when big tokens like BTC make new highs or recover from a big price dip.
With that being said, many crypto penny stocks are currently in a consolidation phase.
That’s because bitcoin is also consolidating. And these stocks can sell off more aggressively than the actual cryptocurrencies. That’s because many buyers aren’t confident in holding penny stocks long term.
That’s smart — and the type of mentality comes with the territory. This is one of the reasons that I look for quick moves when I trade. I want to be in and out, minimizing my risk as much as possible.
If cryptocurrency keeps growing at this pace, these crypto stocks could give us great opportunities in the future.
Note that this list is only a watchlist. These are in no way a recommendation to buy or trade. Always do your own research. And only trade a stock if you have a plan and it fits your setup.
Crypto Penny Stock #1: Atari SA (OTCPK: PONGF)
PONGF is a gaming company that operates in multiple areas of multimedia. In April it announced a blockchain division.
“Atari will also continue to evaluate opportunities in blockchain gaming, NFTs, and blockchain based online worlds. The creation of this division will take effect as of April 1, 2021.”
Read the full press release here.
On June 3 the company announced its new hybrid PC/gaming console, the Atari VCS, will be available at retail stores in the U.S. on June 15. The stock had a big gap up following the news.
I’ll watch it to potentially continue higher.
Crypto Penny Stock #2: Bitfarms Ltd. (OTCPK: BFARF)
BFARF is a Canadian finance company that mines crypto coins and tokens.
On May 26, it announced first-quarter financial results. On June 1 it announced the company’s director of mining will present at the LD Micro Virtual Invitational Conference. The presentation will be held on June 9 at 10:00 a.m. Eastern.
And on June 3 the company announced the appointment of Jeffrey Lucas as the new CFO.
CEO Emiliano Grodzki said, “Jeff’s experience in leading and driving operational change at high growth, transformational industrial and technology companies will enable him to make an immediate impact at Bitfarms as we expand internationally and prepare for our expected upcoming listing on Nasdaq.”
Read the full press release here.
The stock is trading sideways, but it’s a good one to watch when sector momentum heats up. Especially since the CEO hinted at a potential uplisting. That could be a future catalyst.
Crypto Penny Stock #3: SOS Limited (NYSE: SOS)
SOS mines for crypto and offers blockchain insurance.
On May 11 the company announced its subsidiary received MSB licenses from the U.S. and Canada.
“The US MSB license issued by FinCEN allows SOS subsidiary to act as a foreign exchange dealer, money transfer agent and seller of money orders. The Canadian MSB license issued by FINTRAC, allows SOS to conduct money transfers, and be a dealer for foreign exchange, as well as virtual currencies.”
SOS is a well-known crypto stock that trades high volume. With the resurgence of meme stocks, this one’s catching momentum. It’s getting hyped on Twitter as the next big runner.
A multi-day breakout over $4 could create a big move.
Crypto Penny Stock #4: Good Gaming, Inc. (GMER)
GMER is an e-sports company.
The company recently announced it’s launching a new game that will allow gamers to earn a new cryptocurrency called GOO™.
“The first collectible NFT game is expected to launch in July. Named MicroBuddies™, players will be able to collect lovable, self-replicating microbes that passively produce the cryptocurrency, GOO™, which can be used to replicate new MicroBuddies™ from existing ones and artificially select genes for the next generation.”
Read the full press release here.
The company also claims “GOO™ will be available to trade on third party cryptocurrency exchanges.”
I traded the stock on May 27 after the news was released. I bought 277,500 shares at $0.057 and sold at $0.06 for a small profit of $832.* I bought it again on May 28 when it went supernova and made a profit of $1,931.*
It’s holding near its highs. I’ll watch it for morning panic dip-buy opportunities.
Crypto Penny Stock #5: Ebang International Holdings Inc. (NASDAQ: EBON)
EBON is a Chinese tech company that claims to build bitcoin miners.
It returns from last week’s watchlist. As I mentioned last week, Hindenburg Research released a negative report in April that claimed the company misused funds and that it hasn’t released a miner since 2019. And now there are multiple class action lawsuits against the company.
That hasn’t stopped traders from trading the stock. It still trades high volume compared to other crypto stocks. And it has a potential multi-day breakout level set around $3.60. It’s on watch for a breakout, but I’d like to see more volume and a catalyst.
I’ll swing for singles with this sketchy stock.
Crypto Penny Stock #6: BIGG Digital Assets Inc. (OTCQX: BBKCF)
BBKCF is another Canadian finance company. It develops blockchain technology and brokerage and exchange software.
On June 2, the company announced that its subsidiary hit record monthly revenue of $1.95 million in May.
Read the full press release here.
The stock had a green day following the news. The next day it consolidated. It’s on watch for a multi-day breakout over $1.70.
See the Stocks I’m Watching
I want to help you as much as possible, which is why I offer a NO-COST watchlist.
Will you find crypto penny stocks on my list? That depends. I go where the hottest market action is.
Subscribe to my weekly watchlist to see what makes the cut. I round up my top watches every week and send them to you. Use these stocks to study the trading patterns, catalysts, and price action. Then build a trading plan of your own.
Know that I’m not recommending you to trade the stocks on my watchlist. There’s no guarantee I’ll trade any of these stocks. I’m simply WATCHING them for potential future setups.
Never blindly follow alerts or hot picks. Ever. Do your own research. Your goal is to eventually become confident in your own trading plan.
Conclusion
When you’re looking for hot crypto penny stocks, keep in mind…
These stocks tend to move together on sector momentum. Don’t jump into these stocks before the markets give you a reason.
And keep your goals reasonable. Don’t go swinging for the fences. Aim for singles.
Watch for major news in the cryptocurrency industry. These stocks probably won’t run without a catalyst.
Learn to be patient and wait for your best setups to come to you. That’s what I teach in my Trading Challenge. If you want to become a self-sufficient trader, consider applying today.
What’s your take on crypto penny stocks? I’d love to read about it in the comments!
Disclaimers
*Please note that reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade. Individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose. I’ve also hired Matt and Kyle to help in my education business.
While Tim Sykes has enjoyed remarkable success trading stocks over the years, earning an aggregate sum of over $7 million in trading profits between 1999 and 2021, his primary income derives from the sale of financial education products and subscription services offered by various businesses and websites in which he has an ownership stake.
This level of successful trading is not typical and does not reflect the experience of the majority of individuals using the services and products offered on this website. From January 1, 2020, to December 31, 2020, typical users of the products and services offered by this website reported earning, on average, an estimated $49.91 in profit. This figure is taken from tracking user accounts on Profit.ly, a trading community platform. Timothy Sykes has a minority shareholder interest in the platform. The typical success rate of users was based on the following methodology:
- From January 1, 2020, to December 31, 2020, 849,078 trades were uploaded to Profit.ly. 633,891 trades were “verified” (corroborated with trade account data).
- Instructor trades are ignored.
- Average P&L / trades is obtained by calculating total P&L and dividing by the total number of trades.
- Average trades per account is obtained by counting the total number of trades and dividing by the number of accounts (mean function).
Source: https://www.timothysykes.com/blog/crypto-penny-stocks/
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