Yesterday, the performance of
cryptocurrencies was obvious evidence that the crypto rally continues. As a
starter, the crypto market leader Bitcoin (BTC) hits the $9,000 region, making
its highest level back on November 11. As for the Ethereum (ETH), it battles
with the same level traders have seen two months ago.
The cryptocurrency market
capitalization has started in 2020, with about 27.55% rise in just a matter of
17 days. Not only that, altcoins led the rally, which outperformed the Bitcoin
by a massive margin. So, this sounds for “altseason” for many traders.
Most major cryptos’ price actions
deliver incredible signs of an uptrend.
Bitcoin’s 12% Price Increase
This week, traders saw a serious 12%
increase in Bitcoin’s price. This translates that the crypto asset rise towards
the $8,800 region. In fact, there’s a minor resistance level at $9,000, as
expected by many. The price surge of BTC puts it on a strong bullish position
as it approaches $10,000.
To be bearish, BTC needs to fall back
at $7,000 region. In the case bulls will continue to push higher than $9,000
level, there will be, higher resistance level at $9,100 up to $9,245.
Ethereum’s Epic 12% Surge
On January 16th, Ethereum (ETH) hit
immediate support at $157.50, showing that the bulls show no willingness for
bigger improvement to buy. The crypto asset provided the traders with a 21%
surge this week. Before ETH can turn bearish, it might need to bounce back the
support at $133.50.
Interestingly, the ETH gained an
overhead resistance at $173.841. Then, there’s a huge possibility for a rally at
$197.75.
XRP’s 13% Total Increase
For XRP, this week can be a great one
as it increased by $13%. The reason behind the increase is that it successfully
passed resistance at $0.22 so that it could reach its present-day trading level
at $0.232.
In the case that bulls could break
over $0.234, this suggests a rapid higher resistance level at $0.24. But, once
XRP/USD sink below the invested head and shoulders pattern’s neckline as well
as the bear successfully defended the h&s resistance level at $0.2454, the
bullish view can be negated.
Ethereum Classic’s 95% Price Explosion
Over the past seven days, traders
have seen a 95% price surge on Ethereum Classic (ETC). As a result, this crypto
asset rise as high as $10. in fact, the past 24 hours alone surprised the
traders as it surges over 30%.
This 2020, ETC delivered excellent
performance, making it part of the top 10 cryptos. In the case that buyers push
Ethereum Classic over the resistance level at $10.00, it will result in a
higher resistance region at $11.10 and $11.75.
BNB’s 16.31 Bounce-Off
On January 16, Binance Coin (BNB) has
seen with a $16.31 bounce off. Not only that, it broke over the minor overhead
resistance level at $18.19. On the other hand, the altcoin’s failure to
maintain the above $18.2 region is suggesting that buying can dry up at higher
regions.
As for now, the cryptos displayed a
continuous rally. But, things might change in the coming days.
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