In the last period bitcoin is grinding records, instead what do we expect for the main altcoins in the coming weeks?
Let’s say that the altcoins in recent times are not going well, especially the main major projects.
they are tracing to the lows of December 2018, reaching those prices that at that time seemed to have failed.
But looking closely at the information that is provided to us, and doing a thorough analysis of the situation, this should be a consolidation phase.
But let’s see the possible developments on the main altcoins in the coming weeks.
1- ETHEREUM
Ethereum represents the first ever smart contract platform, but it seems that lately it is not doing well.
Looking at the Weekly chart, we see how it reached a level almost at the end of December 2018 at a price of $ 170.
This level is very important because in the past it has rebounded to reach up to $ 1,600 accompanied by high volumes.
Now instead it is consolidating around this level with low volumes, this means that it could prepare for a rebound.
In fact, if we think about it, the news that is given every day about ethereum is, in the long run, bullish.
The company is preparing a series of hard fork to increase the scalability of the network to make ethereum more competitive.
Next is Instabul where the company will try to solve some problems on the internal structure.
Everything should be concluded with the upgrade of ethereum 2.0 where the network will become more scalable and competitive.
2- RIPPLE
Ripple is one of the main altcoins by market capitalization, is going through a period of ups and downs.
In fact, investors have launched a petition against Brad Garlinghouse because the company is selling tokens to finance future projects by devaluing the price.
This makes the ripple price far below market expectations.
Instead if we take a daily chart we see how the data seem to tell us different things.
If we look at the price, it has returned to the levels at the end of December 2018, but accompanied by low volumes.
Furthermore the candles are very small compared to the usual as the trend is strong.
This means that a bullish rebound should be prepared.
Instead, if we take market news into account, the situation is more bullish.
The company is tightening more and more agreements on the banking sector as the last on PNC, the eighth largest bank in the US.
The bank will use the Xrapid system for trading in the market in transactions.
This is one of the many companies that ripple collaborates with its technologies.
These are fundamental long-term signals for ripple.
3 – BINANCE
Binance represents the largest exchange of cryptocurrencies in the world with volumes that are around a billion a day, almost 3 times more than the second exchange.
It is the only project that has managed to overcome the historic All time high of 2017, and is the only one able to perform more than Bitcoin.
They are mind-boggling numbers for this sector.
Let’s see the daily chart and what we can expect for this altcoin in the coming weeks.
The graph shows that the price is tracing back to the historical max in January 2018, accompanied by low volumes.
Conversely, as the market went up, volumes were high, which suggests that the trend is bullish and that it is adjusting to levels between $ 22 and $ 15.
Instead, analyzing the fundamentals, it turns out that not only is this company doing well but creating a real brand.
In fact, the company has launched a cryptocurrency loan service called Lending where each user subscribes a lot for one time and at the end it gets the interest.
This makes the initiative one of the first in this sector.
It is also about to launch a Trading platform with margin and a stabelcoin anchored to the dollar “Venus project”.
They are very bullish information because they put society at the center of attention and make capital flow constantly.
4 – CARDANO
Cardano is another of those interesting projects that should not be underestimated.
This company has a team of industry experts, who are developing a platform that will have to connect multiple different blockchain.
Even if all this information is good, the price at least is not.
Because not only has it grown slightly in 2019 but it is returning to the levels of the end of 2018.
As we see in the daily chart above, the price is in a channel that ranges between $ 0.04 and $ 0.09 and is precisely consolidating on $ 0.04 area.
Furthermore the volumes are low when the mercanto goes down, vice versa, they are as high as it rises.
This is a sign that the uptrend is stronger at this time.
We should expect a rebound on this area especially with the release of Shelley.
In fact, the company should launch Shelley which would be the platform where smart contracts will have to be built.
This release is scheduled for late September but it seems that the testnet is already operational.
With this news, there should be a rebound effect on the price because it would attract the attention of investors.
5 – TRON
Tron represents the marketing of the cryptocurrency market, it is a project where a lot of advertising and dapps with high user numbers are concentrated.
In fact it has grown a lot over the last year, especially because it is linked to projects like Bittorent, UsdT Tether.
However, its price seems to have decreased since the beginning of the year, returning to the levels of the end of 2018
But let’s see what we expect for this altcoin for the next few weeks.
Looking at the chart we can see that the price is falling towards $ 0.012 area, making it reach the all-time low.
However, analyzing the volumes, we will notice that they are very low for the trend, and high when it goes up.
Furthermore, there is a divergence in the Momentum indicator that indicates the strength of the trend, and is telling us that it is weakening to the downside.
This could mean a drop on the $ 0.012 area, to then consolidate there and restart on the upside.
News is positive for tron, like the last of the Sun network launch.
This solution increases the capacity of the network making it increasingly scalable and much faster.
In addition, the launch of Bittorent Speed and BLIVE which projects the era of file sharing into a new era.
This long-term news can make the difference in this competitive market and constant change.
In conclusion
For the moment we should expect a tracking, even if we don’t digest it, we have to like it.
This phase represents a moment of growth of those projects that in the coming years will deal with the technology giants like google, microsoft, etc.
They cannot grow very fast if they then have problems with scalability or concrete use.
With this phase we understand which projects can really go ahead and who instead are only Pumped and manipulated that do not have concrete development.
This also applies to Bitcoin which will have to deal with many other internal problems.
Surely the projects with solid foundations will see them committing themselves to the major world companies.
Whether it’s 5 years or 20, the important thing is that they will be there.