In the past week (12th to 18th July 2020), altcoins have been bullish. However, on the contrary, the crypto market has generally been bearish where top coins i.e., Bitcoin (BTC)-1.4% and Ethereum (ETH)-2.31% have recorded substantial losses. Bitcoin is still trading under $9,200 with the crucial support still at $9, 000. The support level has been tested several times in the past week with a weekly low of $9, 045 on 16th July, and a high of $9, 474 on 15th July.
The market is still experiencing uncertainty with no news to warrant a significant price move. In the past six weeks, Bitcoin’s price has been hovering between $9,000 and $10, 000 with the predominant trend being bearish. A break below the crucial support at $9,000 would see the price drop towards $8, 000. A break above $8, 220 would see the price rally towards $10, 258.
The past week saw Ethereum record a significant price drop (2.31%) trading below $240. The second-largest coin by market cap has been hovering between $227 and $250 in the past month with no substantial price change. Nonetheless, the coin is more bullish when putting up against Bitcoin with the support level at 0.0254BTC. Ethereum’s chart forms an ascending triangle pattern suggesting an upward trend in the coming days. Crucial support currently leas at $226 and resistance at $235.
Here’s the top altcoins gainers and losers in the past week.
Top Altcoins Gainers
In the past week, Aave (LEND) rose by a whopping 52.94% to trade at $0.363 at press time. Aave started the year at a low of $0.013 and has been on a strong uptrend since then. The coin has also recorded a substantial rise in trading volume from an average of $500, 000 to $36 million per day. Aave technical analysis indicates a clear bullish trend with the bulls lacking a strong resistance. The coin could end the years past $1 if the bulls continue to hold.
The past week has seen Chainlink (LINK) record a 17.46% price increase to currently trading at 7.90 with a 24-hour trading volume of $543, 958, 832. LINK price increase in the past week is a result of the growth in the utilization of Chainlink oracles in DeFi protocols. Since its launch, Chainlink has grown by 370%, becoming the eighth-largest crypto by market cap. Technical analysis for the LINK/USD has indicated a continuous bullish trend with the price holding well above the 100-day exponential moving average and the twelve-hour Ichimoku Cloud. However, several experts argue that LINK’s price surge is only a speculative bubble driven by the fear of missing out.
NEM has recorded a 9.14% price increase in the past week to currently trade at $0.051291 with a market cap of $461,615,88 at press time. NEM, powered by its native coin-XEM, is a Smart Asset blockchain protocol that aims at providing an efficient and cheap way of managing assets. NEM’s significant price rise in the past week is largely attributed to the powerful correlation of BTC dominance, which has caused intense liquidity in the altcoin market. NEM long-term price outlook points at an upward rally as the platform continues to gain widespread real-world applications.
Top Altcoins Losers
Bitcoin SV recorded an 8.66% drop in price in the past week trading at $171.510 at press time with a 14-hour trading volume of $117.44 M. The coin has witnessed a rise in Volatility Index which stands at 55. This means that BSV’s price experiences radical fluctuations in its price.
The altcoin is currently finding support at $170, and a break below could see the coin fall towards $140. On the contrary, a break above $175 could propel the price to $200. Technical analysis indicates that the bearish trend may continue in the coming days before an imminent price spike towards the end of the month.
Ethereum Classic (ETC)
Ethereum Classic (ETC) dropped by 6.87% in the past week to trade at 6.100 at press time. The Volatility Index currently stands at 37, with the price experiencing radical fluctuations. This altcoin’s price has been on a downward trend since the beginning of June, and the bearish trends are expected to continue. ETC revealed that about 70% of its investors bought the coin during its all-time high in 2018 and could now be selling the coins at a loss, which could ignite volatility. A symmetrical triangle has been formed on the ETC/USD chart, meaning that a local upward trend should be expected.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) also recorded a 5.66% price drop in the past week currently trading at $225.65 with a market cap of $4.1 billion. Since April this year, the coin has been hovering around $205-$280 and has been predominantly trading sideways with no clear trend. Crucial support lies at $220, with the resistance level at $234. The bearish trend is set to continue as indicated by the MACD indicator, which has undergone a bearish crossover signaling a possibility of another price fall. A bullish reversal pattern could be achieved if the coin moves above $245 level.
DYOR before making up your mind on investing in altcoins. Stay safe.