Hello family, today we will analyze the behavior in the next weeks of Cardano, Cosmos & Tezos against Bitcoin.
XTZ / BTC
Tezos / Bitcoin
As we can see in the graph, the price of Tezos in just two days has grown 12% against Bitcoin in the short term, it is below the descending triangle as mentioned days ago in a publication. However, in the long term the price is still within the symmetrical triangle, this could provoke in the short term a great momentum, it could be bearish or it could be bullish, so Tezos will give a lot to talk about in the following days.
The main trend is bullish and MACD is opting to be bullish, however the Double EMA is above the Triple EMA therefore in the following days the price of XTZ will oscillate between 0.00025078 sats and 0.00028517 sats before making the next big movement.
In addition to the great correlation that Tezos (XTZ) and Chain Link (LINK) have, the price of Tezos seems ready to follow in Chainlink's footsteps in a massive rally and even hit new all-time highs. Since from June 15 to today the value of LINK against Bitcoin has increased in a bullish rally by 57%.
The sentiment and pace of the cryptocurrency market have recently changed, particularly in the case of altcoins, which are showing significant strength while most of the market was still in a bearish cycle. Therefore, it is more than expected to see these cryptos perform well in the next bullish cycle.
ADA / BTC
Cardano / Bitcoin
Cardano founder Charles Hoskinson recently said he wouldn't mind working with Litecoin founder Charlie Lee to test chain communication. Charles Hoskinson wants to pose with the founder of Litecoin.
"It would be great to do something together."
"I love the idea of testing cross-chain communication between Litecoin and Cardano. We have a lot of ideas and I'm sure you do too," Hoskinson said in a July 7 tweet to Lee.
ADA recently outperformed Litecoin (LTC) in market cap. You may now have outperformed Bitcoin Satoshi Vision (BSV) as well, depending on how the metric is calculated.
Located in position # 7 of the Coinmarketcap ranking with a total capitalization of 353,547 BTC and a total Volume in the last 24 hours of 126,259 BTC. From the beginning of this month, July until today, 07/08/2020, the value of Cardano against Bitcoin has increased by 53% in just 8 days.
Today 11:51 UTC, ADA ranks in CoinMarketCap, or CMC, in seventh place, while Nomics ranks sixth, just ahead of BSV. The controversy comes from the circulating supply: CMC reports 25,927,070,538, while Nomics has the figure of 31,112,484,646. This represents an ADA discrepancy of five billion.
Nomics CTO Nick Gauthier noted that the difference comes from the fact that his company includes the ADA tokens assigned to the Cardano Foundation, IOHK, and Emurgo in circulating supply, while apparently CMC does not.
Meanwhile, the price of ADA / BTC today has had a strong rejection by the bears at the 0.618% level of the Fibonacci retracement.In addition, there is the important resistance level of 0.00001359 sats, therefore in the following days we can see a downward correction for the price of Cardano, since ADA could reach maximum levels that we have not seen since April 2019.
Because the Cardano development company has hit several key moments and public announcements in the past few weeks. The biggest news has been the launch of the Shelley core network. Almost at the same time, a decentralized identity solution, Atala PRISM, was introduced. There was also news about ADA holders who could bet their coins
while in Coinbase custody, and there was speculation about the likelihood of it being listed on the exchange in late 2020.
In addition to that in a list published by Cointelegraph of the 100 most influential people in crypto and blockchain, it positions Charles Hoskinson, ranking 39 as one of the most influential people in the industry.
Without a doubt, CARDANO will continue to talk about it in the following weeks.
ATO / BTC
Cosmos / Bitcoin
In a special announcement made at the Unitize conference, which took place on July 6, Cosmos, Polkadot and Terra revealed to us a new DeFi savings product called "Anchor"
Initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian from Cosmos, Jack Platts from the Web3 Foundation, and Do Kwon from Terraform Labs as captains of the ship.
After that announcement ATO / BTC has maintained bullish movements and this has been reflected in the price since from July 6 to today the value of Cosmos against Bitcoin has increased by approximately 13%. Well after the announcement of this product Anchor smart contracts can receive deposits in Stablecoins and use a part of them to acquire staking positions in compatible PoS blockchains. Users will receive their passive income from these staking rewards. Since the mass adoption of DeFi requires the creation of a fully decentralized savings account that offers a reliable annual interest rate.
This has been great news for Cosmos, but if we focus on Technical Analysis we can see on the chart, ATO is in a heads-up fight against the resistance of 0.00037049 sats, so for ATO to start with a bullish rally the Bulls will have to overcome that resistance.
Optimism for DeFi increases and as I mentioned yesterday the Total Value Locked (USD) in DeFi continues to increase at a fast pace with a Total of $ 2.14 B
The Triple EMA 20 is above the Double EMA 60, this is undoubtedly a great sign of opportunity for the bulls but as I mentioned before we should not enter until we find a good entry point in a good price correction.
With a total market capitalization of 69,169 BTC and a volume in the last 24 hours of 17,907 BTC located in position # 25 according to CoinMarketCap just as this was written the price received a strong rejection to the downside causing a shock with the maximum of the past price .
A negative point is that the Bluzelle decentralized data network (BLZ) discovered an error in the Tendermint consensus algorithm used by the Cosmos Interchain Protocol (ATOM).
Therefore, in the following days we will be able to observe:
If the bulls overcome the current resistance supported by MACD the ATO / BTC price could go up to 0.00039991 sats
In another scenario if the bears take advantage of this resistance the price could fall below finding a break at 0.00032454 sats to stop at 0.00029974 sats.
Thanks for reading have a great day or a great night whatever 🤗
