These factors have been helping various cryptocurrencies, especially Ethereum, gain more investment to sustain their bull runs.
But how about other altcoin heavyweights such as Litecoin, Binance Coin, Cardano, and Crypto.com Coin? We’ll take a close look at them in this CoinQuora price analysis.
1. Litecoin (LTC)
Adult entertainment site Pornhub has recently added Litecoin as a payment option for premium subscription. It was added alongside Bitcoin, as the company looks to add more cryptocurrency payment options in the future.
Will the adoption of Litecoin in the said adult site help boost its market standing? Is Litecoin a good investment option toward the end of 2020? Let’s see in the chart.
LTC/USDT 50-day SMA and 30-day EMA (Source: TradingView)
As the chart above shows, Litecoin is having a correction between the $50 and $60 price range. If the recent news about the Pornhub adoption is going to affect the price of the coin, then the charts aren’t showing it yet.
At an initial glance, the chart looks bullish, since the 30-day exponential moving average (EMA) is still above the 50-day simple moving average (SMA). The asset is trading normally, and is currently at a 42 relative strength index (RSI).
Investors are expected to watch out at the Fibonacci retracement level of $52 to confirm that the slight consolidation is just a mere correction before the coin tests $80 resistance level.
For now, bulls will have to gain more support at the $50 and $60 levels to have enough strength to challenge the bears at the Fibonacci retracement levels $75 and $78.
2. Binance Coin (BNB)
Binance has recently launched its parallel blockchain Binance Smart Chain, which adds a number of features and improvements on its ecosystem. For example, users can now stake Binance Coin.
Will these developments be enough for users to consider Binance Coin as a good investment in 2020? Let’s find out.
BNB/USDT 50-day SMA and 30-day EMA (Source: TradingView)
From a macro perspective, Binance Coin is on a months’ long bullish trend. It has maintained a solid support at the $22 level. Bears will have to double-time in preventing the bulls from establishing more support at the Fibonacci retracement level of $23.91. Only then can they shatter the $22 support level and reverse the trend.
However, BNB’s lower lows were already from months ago. This shows that the bulls are definitely in control of the market. It wouldn’t be a shock if it tests the $30 key resistance level within the coming months.
Read Also: Bullish BNB Coin price prediction for 2021 is $35 – $40
3. Cardano (ADA)
After implementing its long-awaited Shelley upgrade, Cardano has announced that its next frontier will be decentralized finance (DeFi). IOHK CEO Charles Hoskinson also said that they will create a domain-specific language (DSL) for smart contract certification.
Cardano has also received an additional $600,000 budget to fund the development of its Voltaire upgrade.
In light of these aggressive developments, is Cardano a good investment for the future? Let’s see what the chart says.
ADA/USDT 50-day SMA and 30-day EMA (Source: TradingView)
ADA is struggling to hold its $0.11 support level. As seen on the chart, the 50-day simple moving average (SMA) has overtaken the 30-day exponential moving average (EMA). This means that the asset has definitely seen better days.
Bulls and bears are fighting over the $0.11 and $0.12 territory, and if the bears win, ADA’s support at $0.11 will become the new resistance level.
This period of consolidation is a puzzle for many. However, the RSI shows that ADA is close to being oversold. Traders will have to decide soon if they will buy the dip, or if they will wait for the coin to go even lower.
4. Crypto.com Coin (CRO)
Crypto.com Coin is having a momentous rally, overtaking Bitcoin SV and taking up the 11th spot in terms of market capitalization, according to CoinGecko. Its own exchange is now up-and-running, and will reward users with up to 50% BTC with $2 million allocation on September 8.
Will this upcoming event help the coin in its months-long rally? Let’s head over to the chart.
CRO/USDT 50-day SMA and 30-day EMA (Source: TradingView)
Despite a prolonged rally, CRO has had a series of price corrections, showing that the coin has been overbought and that there isn’t enough support yet to continue its bull run. Nevertheless, the 30-day exponential moving average (EMA) remains parallel with the 50-day SMA. So far, so good.
However, recent trading closes have shown that the CRO is on the verge of a bear invasion. If tomorrow’s trade shows another red candlestick, this will signal that the bull run has ended, and that a trend reversal will now take place. Crucial support is needed at $0.16 for the bulls to prevent this from happening.
If the bulls fail to defend the $0.16 territory, the asset is in the danger of collapsing to the Fibonacci retracement levels of $0.15 and $0.14.
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.