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The Leading Crypto Performers : BSV, XTZ, TRX, LTC, ATOM and OKB*

“What Libra is to Retail Customers, So is Bakkt to Institutional Investors.”

On 18th July, Bakkt Digital Asset Summit took place. Accordingly, the Managing Director and quant strategist at Fundstrat Global Advisors Sam Doctor said in advance that Bitcoin futures contracts of Bakkt might get launched in the recent quarter. Also, Fidelity Digital Assets Services, the crypto arm of Fidelity, has applied for the license with the Financial Services’ Department, New York. After approval, the custodial service will get start in the state of New York. These services have to deal with the concerns of the institutional players and they might move along with their arrival.

Cryptocurrencies have started a new bull market and it seems to be quite a modern one. As an intact of an uptrend, dips have become the buying opportunity. Here we have listed the top five crypto performers in the market in just the seven days gone by. Let us have a look at each one to know if they are having any buy setups or not.

BSV / USD

Bitcoin SV’s Quasar upgrade will get completed on 24th July, and it will be able to surge the default block size hard cap from the 128 MB to 2 GB. Just wait for over a few months and BSV will be able to handle thousands of the transactions in each second. Trading has been launched by DRIVE Markets in Bitcoin SV. BSV / USD are undoubtedly the top performer among all other cryptocurrencies. In just seven days, it reached close to 25%. The question left is only one now, will it be able to continue further and upsurge or at a higher level, it may witness profit booking?

As per shown in the chart, BSV / USD pair broke down to 61.8% Fibonacci retracement level in this weekend of the rally, but at the lower level, sharp buying has been seen and it has upsurge the price. Thus, it shows demand at the lower levels which direct towards the positive side. The price can reach up to $214.210 and even above to $255.620. The uptrend will continue if the bulls make the price to go upward to new height.

In the past two weeks, after forming the large ranges, it is expected that the explosive nature will cool down and pair will enter for two weeks in consolidation. It may turn negative too if the price turns back from the above resistance and plunges to $107. But turning negative is less likely to happen.

XTZ / USD

Tezos is in the second position among the best performers in the past seven days and surged close to 20%. The question is will it be able to maintain its price range and upsurge?

As per shown in the chart, XTZ / USD is bounded in between $0.33 and $1.85. In previous three weeks, bulls have defended the 61.8% Fibonacci retracement of the rally which is $0.902128. Bulls aren’t able to surge the price above $1.295480, which means that at a higher level only we can find profit booking. The moving averages are horizontal and RSI is near to 50, it shows that digital currency might unite for further more weeks.

The pair can rally to $1.85 if it breaks out of $1.295480. $1.85 break out will be able to start a new uptrend and it has long term objective to reach the target of $3.37. Hence, traders can buy close above the margin of $1.295480 and can keep up the stop loss of $0.80. Well, our bullish view can become invalid if the direction of the price gets reversed from $1.295480 and plummets below $0.829651. This probably may create a drop of $0.33.

TRX / USD

Tron’s CEO Justin Sun tweeted, “Something big will happen next week along with the Warren Buffet lunch.” He has invited many powerful people to join the meet and have lunch together with powerful investors. Well, who knows what may be the outcome of the meeting?

Last week, TRX / USD pair broke down of the channel. And yet the bears broke down the critical point of $0.022 during the week, it is unsustainable for its price to go at the lower level. However, since people are buying TRX / USD too much, its price has come back into the channel and it is a positive sign.

At the downtrend line, there is a negligible resistance, above which the pair can surge to $0.040. Resistance’s breakout can surge the price to $0.050. Traders can wait for the price to upsurge the downtrend line in order to buy it. Stop-loss can be set aside at $0.020 as if this provision gives away, drop to $0.017740 or below can probably lead to the retest of its yearly low.

LTC / USD

Litecoin has something special to know about, it is recently named as the official cryptocurrency of Miami Dolphins. The crypto coin is going to become more visible in between NFL fans. But it is still unsure, that in just a few days, will the price be bounded in the range or it will upsurge?

As per shown in the chart, a few weeks earlier, the coin has failed to break out the ascending channel, after which the LTC / USD pair plunged below the channel last week. Bears shadowed it with the collapse of the provision at $83.65. On the other hand, it is not possible for the coin to sustain the lower level and so the price bounced back quickly. Thus, it shows that at a lower level, demand is high.

At present, at the channel line, the bulls are facing resistance and the line is acting as a resistance now which was acting as support previously. Yet if the price comes back into the channel, it will result in the positive sign. Next level is $140.3450 to watch on the upside. Hence, it is good for the traders to wait before buying as the price may come back again into the channel. At the recent lows of $76, stop loss can be kept. Well, our bullish view can become invalid if, from the channel, the price comes down and plunges below $76. Probability of $58 drop can be seen in such a case.

ATOM / USD

Cosmos (ATOM) is rallying near to 5% in the past seven days. Questions arise, is this the beginning of new uptrend or it is just a pullback in a downtrend?

As per shown in the chart, due to the history of short trading, we analyze the daily chart for ATOM / USD pair. Pair has given up a lot of ground in the recent correction. At present, it is trying to bounce off the $3.6043–$3.4101 support zone.

At the 20-day EMA, the resistance can be faced by a pullback. To see the bottom place, we can look toward the next fall towards the support zone. The price break of $3.4101 downwards at the time of next fall, at $2.9277, it can retest the lows.

On the contrary, if the pair echoes of the support zone and breaks out of the 20-day EMA, most probably it will reach 50-day SMA and above it $6.15. Hence, at the time of next fall, traders can look over the price and buy above 20-day EMA, on a breakout. Stops can set below $3.40.

OKB / USD*

OKB is a world-leading cryptocurrency exchange. It is the native token of OKEx. It is trading well above its listing price. This token offers its customers varied kind of opportunities to set up the OKEx partner exchanges, to settle down the trading fees and on the OK jumpstart platform, subscribe to the new token sale.

The total supply of OKB is 1 billion, of which only 300 million are in circulation and the rest is locked up until 2022. OKB Buy-Back & Burn Program will benefit the long-term holders, to be done every 3 months. The Token currently works under the ERC-20 protocol, but will soon migrate to OKChain’s core network, developed by OKEx, which is in its final stages of testing. In its assessment report, Shinobi Capital, a well-known block and cryptographic consultant, expects OKB to take advantage of the development of the OKChain network and better market conditions for crypto coins. OKB is expected to reach a market capitalization of about $7.068 billion by 2020.

OKB is included in Bitfinex’s list and tries to partner with other exchanges to further expand the ecosystem. During the press, the token ranked at 1,878 on CoinMarketCap with a 24-hour volume of $142,547,972. So, is this a good opportunity to extract the OKB before the prices are shot?

As per shown in the chart, on 18th May 2018, the OKB / USD pair reached the highest value of $6.68, and on 13th January 2019, from there lost a lot of space during crushing the bear market and fell to a low of $0.5718. On the other hand, it participated in recovery and rose to a high of $2.5566 on 3rd April. In just 3 months, this is a 347% profit. The withdrawal then found support at Fibonacci’s retracement level of 61.8% upward movement. It combines between $1.30 and $1.829 for a few days before exploding. It was again in the range of $1.55 – $2.09 for a few days.

The price is currently out of range and is likely to move to $2.5566, which will act as a solid resistance. If this level is lowered, the price can move up to $4 and above to $5.40. The two moving averages are gradually tilting upward, suggesting that the bulls prevail. On the other hand, if bears defend $2.5566, the digital currency may remain within the range of $2.09 to $2.5566 for a few days. It will lose momentum on a break below the 50-day SMA and on the collapse of $1.2616, it will turn into negative.

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About Anushree Goswami

Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

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