Last updated on June 9th, 2019 at 07:46 pm
The resurrection of bitcoin is likely to see other cryptocurrencies move up the ladder in terms of value in the incoming days. The rise of bitcoin from its disappointing value to over $8,000 has made lovers of crypto talking.
A report by Kiril Nikolaev in a thorough analysis published on ccn.com, lovers of ctypto should be looking elsewhere, specifically at ethereum, ripple (XRP), and cardano.
According to the writer, the above three cryptocurrencies are showing unbelievable strength, and worried why they are not getting the attention they deserve.
Ethereum Price On The Verge Of Surging To $365
Far too many traders are sleeping on ethereum. Some even bet that the cryptocurrency would fall below $100.
They fail to realize that ethereum has reversed its trend from a long-term perspective. During the week of May 13, the market broke out of a rounding bottom pattern with decent volume after taking out resistance at $200. The breakout effectively ended ethereum’s 16-month long bear market.
In the next week or so, we expect ethereum to correct and retest $200 as support. After the brief pullback, we can see the market climbing to as high as $365 within a month.
Ripple Is Likely To Pull Off a Stunning Rally
Ripple’s chart looks even more exciting.
From November 2018 to May 2019, the cryptocurrency was trapped in range accumulation, trading helplessly between $0.30 and $0.38. Now that XRP is out of sideways accumulation, it is gearing up for a face-melting ascent.
We expect the cryptocurrency to correct down to $0.40 before shocking most people with a massive rally to resistance of $0.57.
We believe this to be the case because we are about to see two golden crosses on the short-term daily timeframe. As of the time of writing, the 50-day moving average (MA) is about to move above the 200-day MA. In addition to that, the 100-day MA is set to crawl on top of the 200-day MA. These pending golden crosses tell us that the market is about to go significantly bullish.
Aside from this technical analysis, ripple has a lot to offer fundamentally. This includes the Ripple company’s network of RippleNet customers, as well as instantaneous transactions and scalability of XRP. Read about the long-term bullish care for ripple (XRP) here.
All Blue Skies For Cardano
Cardano (ADA) has been bullish since early this year. So far, the market has obliterated two of its major resistance levels. More importantly, the cryptocurrency has converted these resistances into key support barriers.
The last line of defense for the bears is the weak $0.10 resistance. Above that, there’s no known resistance for the bulls. This means that cardano has the potential to unleash massive gains.
We expect cardano to consolidate for a week or so before resuming its uptrend. If you’re a buyer, wait for the market to stabilize around $0.086. The initial target is $0.14. The market can achieve this within a month.
This post first appeared on ccn.com