Ethereum, Cardano, Dogecoin, AAVE, Elrond: Is buying these alts the right decision?
Altcoins cashed in on Bitcoin’s positive movement and made gains as well. Some, more than others, grew out of their bearish momentum and seemed to be headed towards a possible rally. Is buying altcoins the right decision? Which are coins presently rallying or might rally? and how far will they go?
Since the last analysis, the Altcoin market capitalization (AltCap) has gone up significantly. However, it continued to struggle to break past $790 billion. This level is very important for the AltCap as it is established as the critical breaker. Once this resistance is breached, AltCap reaching $1 trillion can be confirmed.
Just towards the end of May, Ethereum managed to break out of its almost 2-month long substantial downtrend. For the coin to bounce upward, it was important for ETH to retest critical support of $2042. The coin not only managed to do that but also turned positive as expected and continued moving upwards towards the EQ or mid-line. Once that is flipped into support, $3000 seems to be a plausible level that ETH could achieve.
ADA has been performing much better than most of the other altcoins. Soon after breaking through the downtrend, the coin established higher highs at around $1.4. But in the early hours of July 4 that resistance was breached and the coin now looks at it for support. Once strong support is established here, the coin would jump right up towards $1.5 next.
At the moment DOGE was suppressed in a descending triangle with a bull pennant forming off the lows and the coin is expected to touch $0.38 once it breaks the resistance. Usually, pennants break support and form flags. Thus according to Scott Melker, DOGE needed to make a move soon or the flag becomes a bit too long.
This coin is one of the only few and the only one on this list to affirm positive momentum as AAVE already retested the support. At the moment the coin is headed upwards far from the support and if it engaged in a bull run, the coin can be potentially found at $0.01. (Against BTC).
If you do not know Elrond, you may not be the only one. However, if you are aware of the visibly stark rise in its price, you are thinking in the right direction. EGLD broke off the descending wedge a couple of days ago and continued to test its support often with high volumes. With the coin already acting bullish, it is targeted to reach $121 soon as well.