Altcoins Are Pumping
Wow, the last few days have really seen alts blazing ahead as Bitcoin and Ethereum seem to be just snoozing along. Cardano has been on an absolute tear for the last few weeks and though short-term there may be some weakness ahead, long-term the future looks good with Shelley and staking! I am personally not a massive ADA fan but you can't deny the fundamentals and future prospects of Cardano.
Vechain is another breakout story that ignited over the weekend, while today we have seen ChainLink form new all time highs. There are plenty of alts recording decent gains currently and one can only wonder if there are still legs on this mini rally, or are the wheels going to fall off again? At the offset of 2020 we saw a brief altcoin rally that suddenly lost steam and saw gains erased almost as quickly as they were formed.
Recently, DeFi pumped in an isolated event from the general Crypto markets. So, it is plausible to think that certain alts can pump regardless of what the rest of the market is doing, provided the fundamentals and technicals are supporting the move up.
Atom Looking Bullish
Atom has been on a solid downtrend now for approximately 6 months and it appears as if the trend is shifting. pulling up the weekly chart, we can see that Atom recently broke out of the downward channel and has closed weekly candles above the channel, printing higher highs, which is a pretty good sign. This technical analysis also has the fundamental backing of the recent China news that also ignited ChainLink's fresh rally.
This is the ATOM/BTC chart and not USD, so even if the Crypto markets drop, it is fairly possible that Atom can hold strength against BTC and maintain a bullish bias in the medium-term. Atom could yield at least 60% within the next weeks and months and should definitely be on your watchlist if you are a trader.
Zcash Looking To Make A Comeback
Zcash is most probably your second most popular privacy coin, apart from Monero of course. ZEC has been on an extended downtrend for longer than most Zcash hodlers would like to admit. However, if you pull up the 3 day daily chart, there appears to be some glimmer of light starting to break through. Zcash appears to be forming a bit of a double bottom pattern and though it is still a bit uncertain, the picture should become clearer in the coming days.
Keep an eye on Zcash because a trend reversal would offer significant upside and create beautiful trading opportunities. After extended downtrends one can expect to see fairly significant moves up, once the reversal is actually confirmed and in play.
Remember to do your own research and consider my opinions as only opinions, not financial advice.
