4 Major Altcoins Making a Comeback in 2020
By George P Nyamanga on The Capital
For the first time in almost half a year, the digital currency market has managed to achieve a new milestone of going above the $300 billion market capitalization mark. This clearly confirms why the interest in the crypto market continues to grow as consistent flow of funds enters the space. Since the turn of the year, the crypto market has gone up from $218.4 billion to $303 billion, this represents an increase of 65.92%.
As other digital currencies experience steady growth since the turn of the year, Bitcoin (BTC) dominance rate went down from 68% to 62 %, this has made other digital currencies, for instance, altcoins to register amazing results over the last two months. Presently, BTC is struggling to overcome the $10,500 resistance, as a result, several altcoins has continued to caucus in their BTC and USD pairs.
Below shows a summary of some of the top performing currencies.
Neo
Towards the end of late last year, NEO formed a double bottom at $7.73, but since the turn of the year, it has managed to double its price to $15.85. Because of its steady growth, NEO has rallied 88.37% profit, and traders are now targeting $17.44 and $19.60 increase in profit. Trading NEO will be more lucrative if the prices continue to grow above $20, $25, and $40 since they will be the next zones traders will be looking into.
In case of any eventualities, traders will look for a bounce-back at the 21.6% Fibonacci retracement (13.95) and below 12.93. By and large, the level of support for NEO is closely affiliated to Fibonacci retracement levels, so traders will be closely monitoring the indicator to see if altcoins prices could correct.
XRP
XRP has also experienced steady growth to break its resistance at $0.30 and $0.31, this has rallied more than 14% of its price. The steady growth has been propelled by its highest surge in volume since May 2019, when the altcoin prices went up by 56.25% as it climbed from $o.31 to $0.47 in just a single day.
The consistent growth of XRP has made it to set higher profit values as compared to $0.3145 made it November last year, and as part of the tweezer top that saw the prices abruptly reverse to a two year low at $0.175. With the key overhead having been cleared, traders are likely to set their short term targets at $0.38 and $0.41.
XTZ (Tezos)
Since Jan 15, XTZ has been on the tear when altcoin broke from its bottom in the $1.20 and $1.38 range and started what has become a 183% increase in profit to a new record of all the time at $3.61 high.
Currently, in the market, the prices of XTZ have been over-extended after such a rapid move to set a new all-time high record and even at the time of publishing this the prices had been corrected 7.25% and are now 14.79% from its all-time high. As XTZ prices leapt right at the 23.6% Fibonacci retracement level ($3.072), traders will be keenly observing to see if this particular altcoin finds support and amalgamates at the current level.
It is worth to note that the parabolic moves taken by investors tend to forgo building strong support levels as the prices of XTZ swiftly surges significantly every single day. In simple language, this means that of the investors and traders book their proceeds and shifts their attention to other digital currencies or if bitcoin sharply corrects, XTZ could quickly reverse course and retrace their entire move up.
Ether
On fed 13th, the prices of ether rallied to a $275 high. This clearly shows that the prices of ether is still hinged to bitcoin. The price of ether pushed through the profits at $240 and $260.
As investors Bitcoin work round the clock to push the digital asset to $10,500 and above, Ether prices continue to go up and it appears set to reach a target of over $300. Traders will note the VPVR gap from $270 to $300. If investors and stakeholders in the crypto market can push the price above $276 then a target of $300 will be achieved.
Bottom line
In conclusion, every investment move involves risk. So it is advisable to conduct your own research before making any decision.
