Kataryna Habeliia December 7, 2020
Table of Contents [hide]
- 1 Which cryptocurrencies have a chance of strong growth soon?
- 1.1 Bitcoin
- 1.2 Ethereum
- 1.3 Monero
- 1.4 AAVE
- 1.5 WOZX
Which cryptocurrencies have a chance of strong growth soon?
Bitcoin has not been able to reach a height of $ 20 thousand for two weeks already. However, BitXmi analysts are confident that BTC will continue to rise in price rapidly. But it is worth keeping an eye on popular altcoins, the purchase of which can bring more profit.
In recent days, growth in the cryptocurrency market has slowed down. Bitcoin, which returned to the growth phase in September from $ 10 thousand per coin, by the end of November rose to almost $ 20 thousand, but could not take this level with three attempts. Each of them was accompanied by a sharp drop in the BTC price, but this did not lead to the beginning of the long-term decline phase. Now the main digital asset is worth $ 19.200.
The bitcoin rate met strong resistance several times in the region of $ 19.5- $ 20 thousand. In this range, there were massive sales of the cryptocurrency, leading to a decrease in its value. Bullish traders “bought back” every drop in the price of BTC, thereby preventing the start of a downtrend.
For the rise in the price of bitcoin to continue, the bulls need to raise it above the resistance level of $ 19.5 thousand. This will make it possible for the asset to rise to $ 21.1 thousand. If this mark is taken, the next target will be $ 23 thousand.
In an unfavorable scenario, a correction may begin. If the level of $ 19.5 thousand holds, the price may begin to decline to $ 18.1 thousand. This is an important level of support, if the price falls below it, it will continue to fall to $ 17.2 thousand.
Ethereum showed similar dynamics to BTC. Over the past days, the altcoin rate several times could not overcome the resistance level of $ 620, only once briefly rising above this mark. After each growth attempt, there was a sharp correction, at the moment the price fell to $ 488. ETH is now worth $ 595.
Bitxmi analysts are confident that Ethereum will soon make a new attempt to rise above $ 620. If the price can overcome this level and the next one at $ 635, it will make it possible to continue the upward trend, the expert noted. According to him, in this case, the price of the coin may rise to $ 800.
It may not be possible to take the $ 620 level. In this case, the price needs to stay above the trend line, which is just above the $ 580 mark. A fall below this level will open the way to $ 488, analysts are confident.
Monero (XMR) is in a position similar to Bitcoin and Ether. Since the end of November, it has tried several times to rise above $ 135–140, but this invariably ended in a sharp decline. At the moment, the price fell to $ 104, now it is $ 138.
Bitxmi analysts believe Monero still has a high chance of value growth. On the coin’s chart, they noted an “inverted head and shoulders” pattern. This is a reversal pattern that speaks in favor of growth. But to continue the uprising movement, the coin quotes need to rise above the resistance zone of $ 135–142. Otherwise, there is a risk of decline up to $ 112.5.
Over the past month, its rate has grown by almost 250%, to $ 90. The coin may continue to rise in price, the nearest target is at around $ 124, experts say.
For further growth, the price needs to overcome the resistance level of $ 94. If the AAVE rate cannot rise above this value, it may decline to $ 69, and then to $ 50. But the probability of this scenario is low since the Relative Strength Index (RSI) says that the advantage is on the buyer’s side.
Soon, it is also worth keeping an eye on the cryptocurrency of Apple co-founder Steve Wozniak. It was presented in early December and since then has risen in price by 1300%, to the current level of $ 1.4. Soon, the coin should be added to a new trading platform, which may become an additional driver for price growth.
Read new crypto forecasts and current crypto news every day at https://news.bitxmi.com/
Join Bitxmi Exchange