o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

5 Cryptocurrencies Making a Comeback in 2020: XRP, ETH, XTZ, ADA, NEO

Posted on February 13, 2020 by nbelov

Here are five altcoins that rallied as Bitcoin’s dominance rate dropped from 68% to 62% and the party looks set to continue.

On Feb. 12, the crypto market achieved a new milestone by climbing above the $300 billion market capitalization mark for the first time in 6-months. This shows interest in the sector continues to grow as a steady flow of funds enter the space. Since the start of 2020, the crypto market cap has increased from $218.4 billion to $303.1 billion, a 65.92% increase. 

At the same time, Bitcoin’s (BTC) dominance rate dropped from 68% to 62%, which has allowed altcoins to pull off some amazing triple-digit rallies over the last 2 months. 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

Even now as Bitcoin price struggles to overcome the $10,500 resistance, several altcoins are continuing to rally in their BTC and USD pairs. 

Let’s take a look at some of the big performers of the day. 

XRP

XRP USD daily chart

XRP USD daily chart. Source: TradingView

XRP price finally broke above the resistance at $0.30 and $0.31 and has since rallied more than 14%. The strong upside move was propelled by the highest surge in volume seen since May 13, 2019, when XRP price rocketed 56.25% as it climbed from $0.30 to $0.47 in one day. 

XRP has now set a higher high above the previous high at $0.3145 set on Nov. 6 as part of a tweezer top that saw the price sharply reverse to a two-year low at $0.175. 

Now that the key overhead resistances have been cleared, traders will likely set their short-term targets at $0.38 and $0.41

Tezos

XTZ USD daily chart

XTZ USD daily chart. Source: TradingView

Tezos (XTZ) has been on a tear since Jan. 15 when the altcoin broke from its bottom in the $1.20-$1.30 range and started what has become a 183% parabolic rally to a new all-time high at $3.61. 

Currently, the XTZ rally has become over-extended after such a rapid move to a new high and at the time of publishing the altcoin has corrected 7.25% and is down 14.79% from its all-time high. As XTZ price bounced right at the 23.6% Fibonacci retracement level ($3.072) and traders will observe to see if the altcoin finds support and consolidates at the current level. 

It is worth mentioning that parabolic moves tend to forgo establishing strong support levels as the price swiftly surges significantly higher each day. This means that if traders book profits and shift their attention to other cryptos, or if Bitcoin sharply corrects, XTZ could quickly reverse course and retrace the entire up move. 

Cardano

ADA BTC daily chart

ADA BTC daily chart. Source: TradingView

Since bottoming at 0.00000400 satoshis on Jan. 14, Cardano (ADA) has performed excellently. The altcoin is up 71% off its 2019 and 2020 bottom and since crossing above the 200-day moving average on Jan. 12, the altcoin has rallied 37.09%. 

Traders will notice that above 0.00000682 satoshis there is limited pressure from sellers. This means all that is required is a heavy influx of volume to push the price higher in one massive candlestick. 

There is also a sizable gap in the volume profile visible range indicator (VPVR). If a high volume breakout occurs, ADA price could rally 53.47% to 0.000001041 satoshis.  

Ether

ETH USD daily chart

ETH USD daily chart. Source: TradingView

Ether (ETH) continues to show that its price action is hinged to Bitcoin’s hip and rallied to a new 2020 high at $275 on Feb. 13. As discussed in a previous analysis, the price easily pushed through the take profit zones at $240 and $260. 

As Bitcoin traders work to push the digital asset to $10,500 and above, Ether price continues to climb and appears set to reach $300 over the coming hours. Traders will note the VPVR gap from $270 to $300. If bulls can push the price above $276 then a shot at $300 is on the cards. 

Neo

NEO USD daily chart

NEO USD daily chart. Source: TradingView

After forming a double bottom at $7.73 on December 18, 2019, NEO has doubled its price to reach a 2020 high at $15.85. Since Jan. 1, the altcoin has rallied 88.37% and traders will now target $17.44 and $19.60. If NEO pushes above $20, $25 and $40 are on the next zones traders will look to. 

In the event of a pullback, traders will look for a bounce at the 21.6% Fibonacci retracement ($13.95) and below this $12.93. Generally, the support levels for NEO are closely aligned with the Fibonacci retracement levels so traders could follow the indicator if the altcoin’s price corrects. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Crypto’s ongoing crisis is an opportunity for realignment July 3, 2022
  • Borderlands: Tribal aims for Latin American SMBs using blockchain, crypto – FreightWaves July 3, 2022
  • Fintech-Ideas brings blockchain functionality to its range of platforms – Crypto Mode July 3, 2022
  • Top 10 Universities to Pick for a Blockchain Degree – Analytics Insight July 3, 2022
  • Top Cryptocurrencies, Protocols, And Blockchains For NFTs In 2022 – Crypto Mode July 3, 2022
  • Fintech-Ideas brings blockchain functionality to its range of platforms – Times Tabloid July 3, 2022
  • Israel’s regulator teases comprehensive crypto framework at ICC July 3, 2022
  • Ethereum average gas fee falls down to $1.57, the lowest since 2020 July 3, 2022
  • $XRP: Spanish Blockchain Startup Demonstrates a New Use for XRP Ledger – CryptoGlobe July 3, 2022
  • Head-To-Head Contrast: TELUS International (Cda) (NYSE:TIXT) & HIVE Blockchain Technologies (NASDAQ:HIVE) – Defense World July 3, 2022
  • Web5 vs. Web3: The future is a process, not a destination July 3, 2022
  • Crema Finance shuts liquidity protocol on Solana amid hack investigation July 3, 2022
  • India's blockchain and digital currency-related job listings grew by 804% since 2020: Indeed – CoinGeek July 3, 2022
  • The development of blockchain industry and how to defend against attacks on DeFi July 3, 2022
  • Jed McCaleb’s XRP bag is almost gone, Ethereum’s difficulty bomb delayed and FTX inks deal with BlockFi: Hodler’s Digest, June 26-July 2 July 2, 2022
  • How Blockchain Can Change 401(k)s – Investopedia July 2, 2022
  • Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price floor July 2, 2022
  • How is the Government of Colombia planning to utilize Ripple's XRPL Blockchain? – The Coin Republic July 2, 2022
  • Why longevity matters to everyone: Living longer lives in the world of Web3 July 2, 2022
  • What determines the Bitcoin price? July 2, 2022
  • How to earn crypto passive income with forks and airdrops? July 2, 2022
  • Blockchain in Banking and Finance Market will Reach $94.58 billion by 2030, Growing by 63.1% Annually over 2020-2030 – Designer Women – Designer Women July 2, 2022
  • Aver, The "Decentralized" Prediction Exchange, Launches On Solana Blockchain – Crowdfund Insider – Crowdfund Insider July 2, 2022
  • Blockchain in Telecom Market 2022 Global Competition and Business Outlook –Dell Technologies, FireEye Inc., Google – Designer Women – Designer Women July 2, 2022
  • Blockchain in Healthcare Market will Reach $58.9 billion by 2030, Growing by 70.5% Annually over 2020-2030 – Designer Women – Designer Women July 2, 2022
  • KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal” July 2, 2022
  • DeSci: Tech trees to fund ambitious science and tech July 2, 2022
  • TickerWin Releases Report on '5 Major Tech Trends in the Blockchain Industry' – Digital Journal July 2, 2022
  • TickerWin Releases Report on 'How Blockchain is Improving the Efficiency of AI and Machine Learning' – Yahoo Finance July 2, 2022
  • Coinbase, Blockchain.com and Kraken are still hiring for hundreds of roles despite mass crypto layoffs – Yahoo News July 2, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com