By CCN: With bitcoin creeping within inches of $9,000 on Bitfinex a few days ago, it seems that all eyes are on the king of cryptocurrencies. While the digital coin looks bullish, we believe that it has topped off for now. Thus, it will serve you better to look elsewhere, specifically at ethereum, ripple (XRP), and cardano.
These three cryptocurrencies are showing unbelievable strength, and they are not getting the attention they deserve.
ETHEREUM PRICE ON THE VERGE OF SURGING TO $365
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.
BOTTOM LINE: IT’S TIME FOR ALTCOINS TO STEAL BITCOIN’S SHINE
With all the attention on bitcoin, many are probably losing the opportunity to go long on other cryptocurrencies. Ethereum, ripple, and cardano are all showing bullish signals, and they are likely to pull off massive rallies in 30 days – or less.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.
Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor’s degree with a specialty in finance.Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing.He owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
This article was edited by Josiah Wilmoth.
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