Although there has been no major announcement or development in XTZ this week, the price has managed to be the top performer with a 12% gain.
If the bulls fail to scale the price above $4, the pair might witness profit booking.
Though the bulls attempted to resume the up move this week, they have not been able to push the price above $3. This shows that the bears are defending the round figure at $3. If the bulls fail to scale the price above $3, the pair might extend its consolidation for a few more weeks.
If the bulls can push the price above $3 and sustain it, the uptrend will resume.
The first target on the upside is $3.37 and above it $4.ATOM/USDCosmos with a gain of about 7% bagged the third spot among the top performers of this week.
Though the buy levels were triggered, the bulls could not carry the price to our target objective of $6.9677.For many weeks, the price remained stuck between $4 and $5, which is a positive sign as it shows that the bulls were not willing to close their positions.
If the ATOM/USD pair can close above $5, it is likely to move up to $6.9677.Contrary to our assumption, if the bulls fail to push the price higher, the bears will make another attempt to sink and sustain the price below $4. If successful, a drop to $3 is possible.
After rebounding off the support at $400 in Dec. of last year, the bulls are likely to carry the price to the resistance of the range at $800.If the bulls can push the price above $800, it will be a huge positive and can start an uptrend that has a minimum target objective of $1,200.
The traders can wait for the price to break out and close above $800 before buying.
Conversely, if the bulls again fail to propel the price above $800, the pair might extend its stay inside the range for a few more weeks.
Top 5 Cryptos This Week: XTZ, HEDG, ATOM, MKR, LTC
Published on Feb 23, 2020
by Cointele | Published on Coinage
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