After entering the $10,000 level, Bitcoin suddenly dropped below on the 15th of February. This unexpected decline pulled down the crypto markets. As a result, the market capitalization has fallen below $300 billion. However, Bitcoin’s rise in the market dominance from 61% to 62.5% shows that altcoins have fallen more than Bitcoin.
The sudden fall of Bitcoin has not changed its compelling structure, and so the 2020 rally is likely to be increasing. There are several expectations that bear will defend the overhead resistance levels aggressively. However, intermittent corrections are a critical feature of the bull market since they keep the sentiment from turning elated.
With a surge of about 35% this week, Chainlink or LINK, as it is known, has again made it to the first position in the list of top 5 performers. With a rise of over 160%, LINK has also been an outperformer this year. LINK officially announced that it is partnering with Swipe, 0x, and Off-chain labs.
Can LINK hold the No.1 position for a few more days? Let’s analyze its chart.
The LINK/USD pair has come up with a new achievement, a piece of positive news for crypto traders. This shows that the bulls are eagerly waiting for the price to hit the peak level. If the price can keep up above $4.5826, a surge to $5.6843 is not that far. Although the RSI has probed into the overbought territory, previous reports state that it can reach profound overbought readings prior to reversing its direction. But, in case the situation goes contrary, i.e., if the bulls do not hold their position above $4.5826, a few days of consolidation or a minor pullback can emerge.
Huobi Token, also known as HT, had a dynamic race this week. It picked up its pace and came out as the second-best performer with a 27% surge. Huobi recently announced its partnership with the Klaytn Governance Council, the prime blockchain project led by Internet giant Kakao. Several activities by HT in January 2020 have been appreciated a lot by the market community.
Will the interest in HT remain thriving? Let’s see what the technology experts forecast.
The HT/USD pair has reached $5.3506. Since this rise, the pair has been acting as a stiff resistance. Experts have spotted an ascending triangle pattern that will complete on a breakout and close above $5.3506. Also, this setup has a long-term target objective of $9.8212.
However, experts predict that the bears would mount a stiff resistance between $5.3506 & $6.10. If the price turns down but reaches anywhere around $5.3506 for a few days, the chances of a breakout in the triangle are probably higher. Alternatively, if the price moves above $5.3506 but fails to cross $6.10, then there are possible chances for it to remain range-bound for a few weeks. Keeping in mind this stiff resistance, experts suggest that the traders have to wait until the price sustains the breakout.
Tezos or XTZ was again among the top performers of this week, with a surge of unbelievable 24%. Year-to-date, it had risen to over 160%, thus making it one of the best performers of the crypto market.
Can the altcoin hold its position, or will it return some of its recent gains? Let’s discuss this.
The XTZ/USD pair rallied from $1.4897 to $3.5989 within the past three weeks. It is a huge 141.58% gain. This is enough to prove that a stronger thrust supports the XTZ/USD pair. However, the three-week surges have pushed the RSI deep into the overbought territory. And this leads to a possible state of solidification or correction.
If the price slips even a little from the current levels, its first support stands at $2.78092340. In case the price bounces off this support, it will increase the chances of the resumption. Alternatively, if the support drops from its position, the next level to see is $2.52825, and $2.2755766 for further breakdown.
It’s fortunate to hear that Ether (ETH) was the fourth-best performer for the second successive week with a steady surge of about 15%. With constant & premium support from Grayscale’s Ethereum Trust, the institutional interest in Ethereum seems to have increased.
The rumors spreading information of the partnership between JPMorgan Chase in-house blockchain unit Quorum and primary Ethereum-backed firm ConsenSys is likely to be positive for this biggest altcoin and the whole crypto sector as well.
ETH is priced at $235.70. This price was only possible because of the bulls pushing it above the overhead resistance. If the bulls can survive this harsh breakout, a shift to the next resistance at $318.238 can be achieved quickly.
It is expected that the bears would set up a strong resistance between $318.238 and $366. Yet, if this propulsion can carry the ETH/USD pair above $366, we can see a surge to $500 in a few weeks.
This bull report will be considered invalid if the price slips back below $235.70. In that case, it will notify about the lack of buyers at higher levels. Otherwise, if the price rises above $235.70, it will indicate an advantage for the bulls. Also, the forward thrust is likely to resume.
NEO positioned itself at the fifth place in the list of top performers with a surge of about 10%. On the 17th of February, Binance, one of the popular cryptocurrency exchanges, has announced the launch of futures trading in NEO with up to 50x leverage. Due to the global outbreak of coronavirus, NEO Global Development has postponed the NEO DevCon 2020.
The NEO/USD pair is forming a large basing pattern. If the bulls can accelerate the price above the range at $25.23, a new long-term uptrend is likely.
As of now, the bulls are attempting to keep the price at $13.88772 above the overhead resistance. If this goes as planned, the next aim will be $18 and the future at $20.96333. Experts hope that the bears would mount a strong resistance between $20.96333 and $25.23. But the pair is likely to pick up momentum if the bulls can scale this zone.
So these are the top five cryptocurrencies for the third week for February 2020. Stay tuned to know whether these currencies will retain their positions or will we see a new entry to the market.