In the past week, alternative coins or ‘Altcoins’ have been outperforming Bitcoin (BTC) as well as its other namesake tokens such as Bitcoin Cash (BCH) and Bitcoin SV (BSV). While the Bitcoin family is trending sideways, here are some of the top-performing Altcoins posed for good trading opportunities.
Ethereum (ETH)
ETH is currently being squeezed in a symmetrical triangle leading to the apex. The break above from the triangle means ETH is finally moving above the suppressing downtrend dated back to the 2019’s rally. Targets for the upside are $288 and $412, according to Fibonacci retracement.
The ascending support (yellow line) was formed after the Black Thursday mid-march crash. Look for buying opportunities once the price retraces down to the support line. However, breaking below the line will shift the momentum into a neutral state, leading to more sideways action.
Cardano (ADA)
ADA is one of the best-performing Altcoins as seen in the past month, with the Shelly mainnet upgrade news fueling its price. Since breaking above the suppressing trend line at the end of May, ADA has been skyrocketing to retest the previous local high at $0.105. For buying opportunities, look for a retracement down to cool-off at around $0.07.
Stellar (XLM)
XLM is another Altcoin gearing to reclaim its pre-covid crash’s level. Fibonacci’s support at $0.075 could be a good buying spot while traders can consider taking profit at the previous local high at $0.087.
ChainLink (LINK)
LINK is one of the most hyped up Altcoins in the market as it provides a decentralized solution to the Oracle problem, allowing blockchain to connect with real-world data in a trustless manner. The token is well on its way to retest its all-time-high at $5 while the support lies at $4.22 Fibonacci’s level.
The SCN30 Index has barely moved since the beginning of this month. The value has shown fluctuates within a small range between 162 to 158 points. However, the overall trend looks promising as a series of higher lows have been created since the mid-march’s nosedive.
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