Over the past week, a number of altcoins have done much better than Bitcoin in terms of price percentage increases, prompting veteran trader Peter Brandt to note that this recent price action could kick start a new altcoin season.
Here are 5 cryptos that have been doing well this past week:
Bitcoin Breakout Looming
There was a lot of excitement surrounding Bitcoin (BTC) in the immediate aftermath of May’s block reward halving. But after recurrent failed attempts to break the resistance around $10,500, bearish sentiments have started creeping back.
In the last week, BTC extended its decline below the $9,200 support level before dropping below $9,050 to form a weekly low near $9,022. The bulls then took charge, and the price started a slight upside correction.
BTC prices surpassed the $9,100 and $9,120 levels before facing a strong resistance near the $9,200 zone to settle at the $9,132 mark during press time.
As we had recently discussed, the current consolidation on Bitcoin markets will eventually provide the flagship crypto with the momentum required to sustain its next rally.
In the near term, the next major resistance above the $9,200 level is near $9,300. Further gains above that level will likely drive prices towards $9,500.
Ethereum (ETH) Faces Uphill Task near $240
ETH has continued with its extended decline below the $240 support, with prices even dropping as low as $236 before correcting higher to trade at $233.9 during press time.
Currently, the second largest crypto is facing strong resistance near $240 and the 100 simple moving average. If ETH prices fail to break above the $236 support level, there will be more losses, possibly to the $224 level.
On the upside, ETH has been showing notable strength against BTC over the last week, after breaking past stubborn resistance levels at $235 and $240.
This prompted analyst Peter Brandt to give a price target that is almost 30% higher than where ETH is currently trading, suggesting that ETHBTC could soon surge to $0.0327.
Ripple Could Rally After New Partnership
Ripple (XRP) has astoundingly rallied by 15% in the past week despite a recent rejection at $0.21, which saw the world’s fourth-largest trading back below the $0.20 level of support.
After falling for three straight days and losing nearly 3% during that period, Ripple (XRP/USD) rose sharply on July 18th and gained 2.85% to close near $0.2000.
However, the pair seems to have a tough time building on its recent gains and has lost 1.12% on the day to trade around $0.19640 during press time.
That said, the gloomy outlook from XRP charts could soon change as the Ripple Foundation has made a new key partnership that will see new remittance corridors established soon.
On July 10th, there was also news that Santander’s payment solution, One Pay FX, has plans to expand its use of Ripple payment solutions to more countries.
If investors react strongly to this positive news and the latest announcement that Ripple is interested in services pertaining to the DeFi space, XRP could be set for a possible uptrend that could carry it towards $0.22.
Stellar Outperforms XRP
Stellar (XLM) has seen an intense uptrend throughout the past few days that have allowed it to climb from lows of $0.06 in Jun. 2020 to highs of over $0.10 that were set yesterday.
The altcoin’s price action has considerably outpaced XRP, commonly considered one of its main rivals.
This continuing XLM surge is mostly being fuelled by an enormous influx in the coin’s social media volume.
As per data from analytics website Santiment, XLM’s current upsurge has been caused by an increased buzz surrounding crypto on social media platforms.
XLM is likely to rally further as the Stellar Development Fund (SDF) continues to make several major investments that have boosted the project’s credibility.
Cardano (ADA) Is Flying High
ADA, which is one of the best performing digital assets in the last few weeks, is changing hands at $0.1218 during press time.
The crypto is up 1.28% % in the last 24 hours after recovering from the recent low of $0.1170 and settling above $0.1200 during yesterday’s sessions.
Cardano recently overtook Bitcoin SV, it is now at 6th place on CoinMaekrtCap with an impressive market cap of $3.2bn.
The coin has gained approximately 470% since Mid-march, with the recent development of the Shelley testnet and Coinbase’s decision to allow staking likely to pump ADA prices higher.
Altseason seems to be in full swing as most altcoins have registered higher gains in the last week, while Bitcoin prices remain stagnant.
However, indicators from a recent Grayscale Investments Q2 report point to a sharp increase in BTC investments, which shows that institutional investors are building positions as they expect the king coin to rally soon.