Wednesday, May 25, 2022
Home Crypto News Analysis Top Altcoin To Watch This Week

Top Altcoin To Watch This Week

- Advertisement -
Follow-Us-On-Google-News

We are currently going through the biggest bullish cycle of crypto history in terms of time compared to previous cycles.

Let’s take a look at the most promising altcoins for this week. These altcoins are part of the third generation of cryptocurrencies, where Bitcoin belongs to the first generation and Ethereum is from the second generation.

Solana (SOL)

Solana has a platform similar to Ethereum, which allows the developers to make Decentralized Applications (Dapps), NFTs, Games, and more on its platform.

Launched in March 2020, Solana uses Proof of History (PoH) as a consensus protocol, differentiating it from Proof of Stake (PoS) as ETH 2.0 or Proof of Work (PoW) which is used in Bitcoin.

Earlier this year, SOL was trading at approximately $3.5, reaching today $255 dollars, an increase of %7185 in less than a year.

One of the most assuring things about Solana is that a famous Star Atlas, an NFT virtual game metaverse will be built inside Solana, the game will be released in 2022, which may have an unimaginable influence on SOL’s price for the coming months.

Despite being very new in the market, SOL still has a lot to build and improve, but Solana has undoubtedly a magnificent future ahead.

SOL Analysis:

sol analysis

Trade setup: Break above $250 resistance. Upside to $275-300.

Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Bullish: ( MACD Line is above MACD Signal Line and RSI is above 55).

OBV (On-Balance Volume): is rising, indicating that volume on Up days is greater than the volume on Down days. Hence, demand (buyers) exceeds supply (sellers).

Support and Resistance: Nearest Support Zone is $220, then $150. The nearest Resistance Zone is $250, $275, and then $300.

Polkadot (DOT)

Polkadot has individual blockchains that are called parachains (parallel blockchains) and the main blockchain that is called Relay Chain, with the objective of exchanging information with exceptional ease and thus being able to develop more powerful services and applications.

Launched in 2020, the consensus system used in DOT is the NPoS (Nominated Proof of Stake), similar in many respects to the PoS (Proof of Stake), a mechanism used by cryptos such as Cardano.

Earlier this year, the DOT cryptocurrency was trading for around $10, now in November, just a few months after it reached the value of $56, a 460% increase in less than a year, today it ranks as 8th most valuable crypto with a market capitalization of $49 billion.

DOT Analysis:

dot analysis

Trade setup: Bullish Breakout from a Rising Wedge pattern and above $50 resistance. Upside potential to $60. The recent move was sparked by the announcement of para-chain auctions.

Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Bullish: ( MACD Line is above MACD Signal Line and RSI is above 55).

OBV (On-Balance Volume): is rising, indicating that volume on Up days is greater than the volume on Down days. Hence, demand (buyers) exceeds supply (sellers).

Support and Resistance: Nearest Support Zone is $40, then $35. The nearest resistance is $50, which it broke, the other resistance is $59 to $60.

Cardano (ADA)

Cardano platform is based on smart contracts and allows the development of dApps (decentralized applications).

Launched in 2017 by Charles Hoskinson, co-founder of Ethereum and BitShares, the cryptocurrency uses PoS (Proof of Stake) as a consensus protocol, a term that means proof of participation.

After launch, ADA cost almost $0.02 cents and reached $0.6 cents in December at the end of 2017, but its highest price was in January 2018, reaching $1.32 dollars.

This year in January, ADA was trading at $0.35 and went to $3 in September, which is an increase by almost 1000% in just 9 months, reaching a market capitalization of approximately $95 billion. Today, Cardano (ADA) is trading at about $2 and is ranked 6th most valuable coin.

Many are betting on Cardano, and for sure, once dapps started to run on Cardano, it will have a much higher valuation, it is a genuine project to have in the portfolio for the long term.

ADA Analysis:

ada analysis

Trade setup: Trends are mixed. 200-day MA ($1.70) could act as a dynamic support area. Needs to break back above $2.50 to resume clear Uptrend.

Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.

Momentum is Neutral: MACD Line is below MACD Signal Line, and RSI is below 45, but a long consolidation is proving that a large upward move is coming as the market is trading bullish.

OBV (On-Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium

Support and Resistance: Nearest Support Zone is $2.00, and $1.80. The nearest Resistance Zone is $2.30, $2.50, then $3.00.

 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Dogecoin Creator Says Terra 2.0 Launch Will Show the Dumbness of Cryptocurrency Gamblers

The Dogecoin creator still thinks the upcoming Terra 2.0 will encounter major issues along the way.   window.coinzilla_display...

Binance, Huobi, and Other Top Exchanges To Support Terra 2.0

Terra 2.0 Has Passed Voting Stage, And Top Exchanges are Already Getting Onboard. window.coinzilla_display = window.coinzilla_display ||...

Women in Finance: How Could Cryptocurrency Help Breach the Gender Gap?

The Financial Conduct Authority (FCA) has insisted that leadership boards of listed companies should be comprised of at least 40% women. Additionally, at least...

Can Quitriam Finance (QTM), Cardano (ADA), And Hedera (HBAR) Become Market-Leading Coins?

The number of cryptocurrencies on the market is soaring every day, making investing in them increasingly difficult due to the amount of opportunities. Here...

Lido Finance Will Not Launch on Terra 2.0 as Community Votes Against the Move

The Lido Finance community does not want the project to relaunch on Terra 2.0. As Terra edges closer to its much-anticipated fork that will give...

Terra’s Do Kwon Refuses Claims That He Lobbied Korean Exchanges To Accept Terra 2.0

Terra’s Do Kwon Refutes Claims That He Lobbied For Terra 2.0 To Be Accepted By Korean Exchanges. Reports are circulating in the crypto space that...

You Can Now Pay For Hotels, Airlines, Rental Services Worldwide With Shiba Inu as XcelTrip Adds Support for Shib

  Shiba Inu holders can now book 2.30 million hotels and over 450 airlines using their SHIB holdings. ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.