GENERAL OVERVIEW
The last week was a moderately good one for the market, which is currently in a lateral/consolidation phase in which some of the altcoins are significantly recovering ground with respect to BTC and BTC itself is seemingly still experiencing an uptrend.
Altcoins on aggregate are registering good performances, while the top projects that we cover in this report are offering performances more in line with BTC.
Legacy financial markets are not shrugging off the levels reached with the post-March rebound and are actually testing relative period highs. This week, Goldman Sachs even released a report casting shadows on BTC’s future.
Still, Bitcoin seemingly did not care, closing at 9’445 USD, down 2.41% w/w.
Technically speaking, BTC is still trying to test the 10’000 USD level which failed to cross and keep during the previous three weeks. We also still have to observe a weekly candle fully closing over the resistance coming from the all-time high and crossing the February 2020 high. A strong uptrend would need not only 10’000 USD to be kept but also the February 2020 top of circa 10’200 USD to be passed as well.
Overall, top projects slightly overperformed BTC on aggregate and this is reflected in our indexes.
TOP PROJECTS
All in all, BTC bested the majority of our selection of top crypto projects, but still, some managed to overperform it so significantly that the overall result favors the top projects’ index. On average, results ranged from -1.86% to +20.88% w/w with a median value of +1.43% w/2.
Twelve projects out of seventeen were able to finish the week with a positive result Cardano (ADA) was able to cross the 20.00% gain mark, while Ethereum Classic come close with a +9.62% gain ahead of its hard fork.
ADA posted the best result, finishing the seven days period with a +20.88% w/w and a price of 0.0655 USD. The project surged after the announcement of the Shelley update for its mainnet, which will take place on July 29th. The update will occur through a hard fork and will allow also staking rewards to be obtained through the mainnet. Cardano joined Ethereum and Ethereum Classic as a trifecta of platform projects leading our group of coins.
On the other hand, Ripple (XRP) was the worst project in our sample, despite not even losing 2% of its value during the week.
In a wider period, ADA keeps being the best performer, with this week’s result making it a clear lead over its peers, distancing the second place holder NEO (NEO) of circa 20 percentage points in terms of return.
TECHNICALS
Looking at the last seven days’ price range, all the projects seem to be in the upper half of their price range, with IOTA( IOTA) the nearest to the half point, confirming the positive tone of the market during the last days.
On a weekly basis, none of the oins appear to be in overbought territory according to RSI, with Tezos (XTZ) being the nearest. Moving averages’ differences appear to signal an uptrend going on for all the coins, while MACD is giving more conflicting results.
On a monthly basis, DASH ( DASH), Bitcoin Cash (BCH) and Ripple signal more weakness, while ADA and Monero (XMR) appear to be the healthiest projects.
We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. ADA and ETH are trading at their highest level of the week relative to BTC, with the former actually trading at the far right tail of the distribution, where it would need a consolidation in order to keep the current price level as the new “fair”.
In a wider period, ADA has no rival as far as relative positioning with respect to BTC regards.
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DISCLAIMER
The views expressed in this report reflect the analysts’ personal views about the cryptocurrencies subject of the report. These views may change without notice and are subject to market conditions. The report is prepared for information purposes only and by no means constitutes a solicitation to investment or disinvestment. All the data are taken from Binance at 14:00 UTC on the 29th of May 2020. USD and USDT are used interchangeably for illustration purposes. All the presented valuations, indicators, and analyses are subject to errors. The report is for personal use only and should not be republished or redistributed.
