The crypto market has been very erratic lately. Many crypto markets are in a state of consolidation, with mixed indicators showing how volatile cryptocurrencies can be.
Some factors that affect the market’s growth today is the ongoing decentralized finance (DeFi) craze, particularly the practice called yield farming. In fact, the Chinese crypto community is said to be closing their accounts in crypto exchanges to participate in this activity.
Some exchanges are being hit hard by this practice to the point that they are panicking to list these DeFi tokens to remain in business.
Is the altcoin season over? Has the months-long rally of major cryptocurrencies come to an end, along with Bitcoin and Ethereum? In this CoinQuora price analysis, we will see if altcoins such as Binance Coin, Litecoin, Bitcoin SV, and Crypto.com Coin are still good investment assets in 2020 and 2021.
Binance Coin (BNB)
Binance Coin has recently become the butt of Binance Uganda’s joke, as it will be delisted from the exchange on September 17. While the exchange wasn’t crystal clear on the reason for the action, it said that its very own native token (BNB) became subject to review due to its inability to meet the exchange’s trading standards.
Moreover, a recent report by TokenInsight revealed that Binance Coin remains undervalued despite the issuing exchange’s dominance in the market today.
But what about the rest of the crypto community? Do traders “undervalue” BNB, or do they see it as a good investment for 2020, and 2021 perhaps?
Binance Coin has shown that it has strong support at the $21 level. As the chart reveals, the coin is bouncing back from the said level and is currently trading at $25.36 at the time of writing, according to CoinGecko.
The relative strength index (RSI) at 64 shows that many traders have seen the opportunity to buy the coin in its dips. Bulls can take this opportunity to increase further support at least until $25 before it aims to break out to the $27 resistance level.
Read Also : BNB Coin Price Prediction 2021 and Price Analysis (Oct 22)
Litecoin is slowly being transformed to become a privacy coin. This is evidenced by the recent upgrades to its MimbleWimble protocol. The Litecoin network will be able to test-run the said changes later this month.
How will this affect Litecoin’s price today? Is this enough for Litecoin to become a good investment in 2021? Let’s head over to the chart.
Litecoin is undergoing consolidation, showing that investors are hesitant to buy the coin. There’s a fierce competition between the bulls and the bears, even though the bears are showing better control.
There also seems to be a resistance level at $50, which was previously a support level. Bulls will have to gain more support at the $49 level before they can hope to regain the $50 support. If they fail to do so, then the bears can make the coin plunge even more below $49, as they have done so a couple of times already.
The RSI is also in the neutral. For now, investors will have to watch the $50 level closely.
Bitcoin SV (BSV)
Bitcoin SV has had a great August run. However, it has begun to slump along with the rest of the major cryptocurrencies. Even though it is not affected by the DeFi market and with the Bitcoin’s knockdown from the $11,000 range, it has shown weak support. This has caused it to lose all of its August buffers.
More than a week has passed since the sharp drop from $200. Is Bitcoin SV showing any signs of recovery? Will it become an investment favorite for 2021? Let’s check it out!
The chart above shows that Bitcoin SV is in bearish territory. It recently formed a rising wedge, which is a bearish indicator. A recent consolidation happened shortly after. However, BSV is still showing a couple of lower lows and no higher highs, which further affirms the bearish sentiment.
The RSI at 50 also shows that BSV is neither oversold or overbought. Bulls should be beware as there aren’t enough investors that are willing to help them break against the $200 psychological resistance. For now, their target should be to form enough support in the $160 level. After this, their next target is the $180 resistance.
Crypto.com Coin (CRO)
Crypto.com Coin has had a steep drop along with Bitcoin SV and other altcoins. It would seem that its price of $0.18 at the start of September is a distant dream. It was immediately followed by a drop up to the $0.14 level.
Has a bottom already formed at $0.14? Or is it still in danger of falling even further? Let’s find out below.
CRO is currently experiencing a consolidation, showing that crypto investors are hesitating on whether to invest in it more or to hodl. There is also a strong resistance at $0.15, which the bulls need to wrestle over before they can regain it as a support.
However, the RSI shows that the worst is not yet over for the coin. There still remains a threat to lose support at the $0.14 level. For now, investors need to watch the $0.15 level closely.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.