Altcoin market analysis: Bullisher start of the year continues, Bitcoin SV strongest Altcoin in the top 100.

As in the previous week, all ten large altcoins recorded remarkable price increases. On average, the prices of the top 10 cryptocurrencies rise by around 10 percent. Bitcoin SV (BSV) can continue to show an outstanding price development with a price increase of 47 percent. BSV is also growing significantly faster than Bitcoin Cash (BCH), which itself grew by 19 percentage points. Both Bitcoin Forks are continuing their bullish development of the previous weeks. Eos (EOS) also jumped with a price jump of 18 percent, and Litecoin (LTC) with a price increase of 16 percentage points. The weakest Altcoins in relation to the competition among the top 10, Cardano (ADA) and Binance Coin (BNB), on the other hand, only increase in value by seven and eight percentage points.

Best course development among the top 10 altcoins: Bitcoin SV (BSV)

Course analysis based on the pair of values BSV / USDT on Bittrex

Bitcoin SV took advantage of the positive price development of the past few weeks and started its breakout above the $ 119 mark on January 10. The course was fueled by news about previously unknown documents, which BSV founder Craig Wright submitted as evidence in his ongoing legal process. With a weekly plus of 47.2 percentage points, BSV is at the top of the weekly winners among the top 100 Altcoins. BSV was thus able to impressively confirm the breakout above the red downward trend line at the beginning of the year and has more than doubled the price since then. The BSV peaked at the weekend’s 61 Fibonacci retracement at $ 178.4 and worked off the maximum price target for the time being. The price subsequently consolidated into the orange support zone at $ 150 today. The BSV chart looks positive from both a daily and a weekly perspective.

, Altcoin market analysis: Bullisher start of the year continues, Bitcoin SV strongest Altcoin in the top 100., Criptomonedas e ICOs, Criptomonedas e ICOs

As long as the price is above $ 110, the bulls are in a comfortable situation. A multiple buy signal was generated by breaking the super trend as well as the exponential moving average of the past 20 weeks (EMA20) at $ 113. Accordingly, Bitcoin SV offers a purchase on the long side with a retest of the breakout level in the range between $ 130 and $ 120. Possible price targets are again $ 178, $ 195 and $ 213. The stop loss should be set just below the weekly chart EMA20 and horizontal support at $ 108.

On the other hand, if the price falls below the $ 105 by the end of the day, it would be considered a false breakout with price targets of $ 76 and $ 50. The dynamics of the breakout are clearly bullish, which is why the chances of a counterattack by the bears are slim.

Indicators: RSI and MACD indicators with a fresh buy signal in the weekly chart

The RSI as well as the MACD indicator are already overbought in the daily chart, but are already cooling off due to the current price consolidation. The buy signals on a weekly basis will give the price new bullish impulses in the medium term. The RSI is now at 58 on a weekly basis and continues to climb north. Since the MACD has also developed its buy signal at a very low level, there is clearly room for improvement here too.

Worst exchange rate development among the top 10 altcoins: Cardano (ADA)

, Altcoin market analysis: Bullisher start of the year continues, Bitcoin SV strongest Altcoin in the top 100., Criptomonedas e ICOs, Criptomonedas e ICOs

Course analysis based on the pair of values ADA / USDT on Bittrex

With a price increase of 7.7 percentage points, Cardano is the weakest Altcoin in the top 10 this week. Even though Ada may also rise due to the strength of the overall market, the price continues to trade within the red downtrend channel. As long as Ada’s price does not break out of the trend channel at the daily closing price, a purchase on the long side is still risky. A positive thing for the bulls is that Ada’s price is trading above the exponential moving average of the last 20 days (EMA20). As long as the Cardano price can defend the support at $ 0.035 on a daily basis, there is a good chance of rising towards new year highs. A breakout of $ 0.039 activates price targets at $ 0.042 and $ 0.046. If Cardano also manages to beat the exponential moving average of the past 200 days (EMA200), this bullish move would activate the maximum price target at $ 0.053.

However, if Cardano’s price falls below $ 0.035, the daily trend’s super trend would likely start at $ 0.032. If this important support cannot hold, a new test of the December 2018 low of $ 0.030 would also be conceivable. A break in this price level, on the other hand, would target the December 2018 low of $ 0.027 as a target. As long as Cardano’s course is clinging to the top of the red downtrend channel, an upward breakout is more likely.

Indicators: RSI with light Buy signal, buy signal in the MACD indicator so far without hoping for an impact on the price

On a daily basis, the RSI is currently trading just above the threshold of 55. As long as the RSI remains above the neutral zone, the chances of a further price increase at Cardano outweigh. On the other hand, there is an inconsistent picture on a weekly basis. The RSI remains weak at 40, whereas a buy signal was generated in the MACD this week. A breakout from the trend channel should also provide new buying impulses for the indicators.

Stability of the top 10

The development of the top 10 cryptocurrencies could hardly be clearer this week. In a weekly comparison, the price development looks bullish for all top 10 altcoins. All major altcoins can grow along with Bitcoin in the course. In addition, five Altcoin projects recorded double-digit price increases. With its outstanding price increase of almost 50 percentage points, Bitcoin SV can also displace the Binance Coin (BNB) from seventh place in the ranking.

Winner and loser of the week

Also in the second week of 2020, more than 60 percent of the top 100 altcoins registered a price increase on a weekly basis. The weekly winner Bitcoin SV is particularly strong with almost 50 percent price increase. Dash (DASH) can also continue to grow, increasing by almost 40 percentage points. The RIF Token (RIF) is also bullish and is rising again by more than 25 percent. By far the weakest Altcoin this week is the Synthetix Network Token (SNX) with a price slide of more than 30 percent. Altcoin Waves (WAVES), which was already bearish last week, fell again by more than 14 percent this week. Also Energi (NRG) (-11 percent) and Luna (LUNA), with a discount of 14 percent, are weak this week.

It should be noted that the vast majority of Altcoin projects can benefit from the strength of the key currency Bitcoin and also experience price increases. The assumption of a bottom formation phase for the altcoins thus seems to be currently true. Overall, however, the situation with the top 100 altcoins is positive. Some altcoins now show a reversal relevant to the chart, which is clearly bullish.

Disclaimer: The price estimates shown on this page do not represent buy or sell recommendations. They are only an analyst’s assessment.

The chart images were created using Trading View created.

USD / EUR exchange rate at the time of going to press: 0.90 euros.

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