When it comes to cryptos, it’s all about the benchmark blockchain asset. Accordingly Reutersthe original virtual currency reached a Record price of $68,999.99 in November 2021. As of this writing, the decentralized asset is trading at just over $68,200. While nothing is guaranteed, breaking the record appears to be a formality at this point.
In terms of magnitude, we are talking about a difference of just over 1%. This is nothing in the world of cryptos. Furthermore, the bulls who have received the benchmark blockchain asset so far are probably thinking the same thing: we’ve come this far, we need to finish the job too.
In fact, it is similar to achieving the Southern Col camped but never made it to the summit of Mt. Everest. Risking life and limb – not to mention sacrificing every comfort you’ve enjoyed since birth – and not reaching the summit would be a tragic disappointment.
I don’t think that will happen. There is simply too much enthusiasm driving up the price of virtual currencies. With that in mind, below are seven cryptos to keep on your watchlist.
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Bitcoin (BTC USD)
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When I refer to the benchmark blockchain asset, that is of course what I am talking about Bitcoin (BTC USD). In the last 24 hours, BTC is up over 7%. It is up almost 25% in the last seven days. Bitcoin is currently very close to reaching its all-time high. Just one more advance by the bulls and the milestone is theirs.
What’s even more encouraging is that BTC – like many other cryptos – may be able to enjoy more momentum. According to its Point and Figure (P&F) chart, which exclusively measures price movements without considering time, Bitcoin printed a bullish triangle breakout pattern. Essentially, this formation resolves the tension between optimists and pessimists in favor of the former category.
One factor to consider is volume. Late last month and earlier on Monday, Bitcoin saw strong acquisition volumes, indicating growing conviction. It is possible that there will be a small respite. However, I would be shocked if we did this again next week if Bitcoin hasn’t already reached a new high.
Ethereum (ETH-USD)
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Similar to Bitcoin and other major cryptos, ether (ETH-USD) had a great rally. In the last 24 hours, the virtual currency recorded a return of just over 4%. It gained almost 12% last week. ETH is currently trading at just over $3,600. Apparently, the bulls are eyeing the technically and psychologically significant $4,000 level. According to CoinGecko, its all-time high was $4,878.26.
In contrast to Bitcoin, Ethereum still has a long way to go before it sets a new benchmark. However, from a dynamics perspective, it is the one to keep an eye on. According to the P&F chart, ETH recorded a so-called ascending triple top breakout. According to StockCharts Education blogThis pattern shows an asset’s ability to make consecutive higher highs. Essentially, it proves underlying strength that points to an uptrend.
Notably, Ethereum saw strong acquisition volumes on February 28 and early Monday. However, a short-term correction is possible given the occurrence of a Doji star like pattern on the ETH candlestick chart. Still, I think you can trust the P&F assessment: This rally has legs.
Tether (USDT-USD)
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As a stablecoin Connection (USDT-USD) may not seem instructive when it comes to decrypting cryptos. After all, the ratio is pegged one to one to the dollar: how much more boring can USDT get? While I won’t necessarily disagree with this view, the benchmark stablecoin – the third most valuable cryptocurrency in the world – deserves attention because of its signals to the ecosystem.
Although USDT is pegged to the dollar, it is not perfect. This means that there will be cycles where Tether will be worth more than the peg, which is a good sign for cryptos. Conversely, the dollar could prevail in other cycles, providing opportunities for “fiat-based” investments. At the moment the situation is completely balanced, one on one.
You may be wondering: So what? Well, just moments ago – when I started writing this story – Tether was trading for $1.0016. However, as of this writing it is 1:1 with the dollar.
Of course, these fluctuations are normal for cryptos. However, it also confirms my suspicions that a short-term recovery period could occur before digital assets surge again.
Solana (SOL-USD)
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As one of the top altcoins or alternative cryptos of the last few months, Solana (SOL USD) has once again rewarded stakeholders with a strong performance. Over the last seven days, SOL returned 16% of market value. However, unlike other cryptocurrencies, there has been subdued trading in the last 24 hours. Still, this should not discourage bulls.
Yes, volume trends have moderated following a significant acquisition boom on February 29th. Ideally, you want increasing volume to confirm an increasing price. However, things could be a bit overheated at SOL at the moment, so a break wouldn’t be out of the question. That would actually help make the broader rally more sustainable.
Looking at SOL’s P&F chart, there is no current discernible chart pattern. However, there doesn’t seem to be much downward pressure either. Therefore, it is possible that SOL remains in a relatively sideways pattern for a bit.
Citing Barcharts Dealer cheat sheet, the upside resistance could lie between $134.35 and just below the $135 level. The scary thing for bearish speculators is that if SOL breaks through the upside resistance at $144.64, a quick flight to $175 could be in order.
XRP (XRP-USD)
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Even though the excitement factor has waned since last year’s federal decision, XRP (XRP USD) remains an interesting prospect among the more speculative cryptos. In fact, it is probably the decentralized asset to watch this week. In the most recent weekly period, XRP returned shareholders about 14% of market value. For now, however, it is consolidating its gains and perhaps saving energy for its next big move.
His candlestick chart looks terribly convincing. After struggling to break above its 50-day moving average early last week, the popular altcoin broke above it and the 200-day moving average, which sits at around 56 cents. XRP is currently trading for 64 cents thanks to the recovered sentiment. Acquisition volumes also appeared to be strong in the recent uptrends.
When assessing the coin’s P&F chart, there are no discernible patterns of late. However, given the supply and demand situation, bullish speculators can expect a relatively quick rise to 75 cents. From then on, a jump to 88 cents cannot be ruled out.
I’m checking out Barchart’s Dealer cheat sheet, there appears to be layers of resistance up to 74.5 cents. However, with volume increasing again, I still expect a relatively easy path to 75 cents.
Cardano (ADA-USD)
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One of the early altcoins, Cardano (ADA USD) has always had a strong cult following. Things remained interesting in the last 24 hours, rising by around 1%. The real news, however, focuses on last week’s performance. During this period, ADA returned over 21% of market value to shareholders. It’s possible the cops can keep the fire burning.
For one, ADA is trading robustly above its 50-day moving average, which is around 57 cents. Additionally, ADA’s price at 75 cents is well above its 200 DMA (42 cents). Second, acquisition volume was strong in late February and earlier on March 4th. Therefore, it is possible that the bulls have re-entered the market.
According to the P&F chart, there are no discernible patterns recently. Based on supply and demand dynamics, Cardano bulls will target the 88 cent level. Let’s address this Dealer cheat sheetThe next resistance level is just above the 79 cent mark. From there, the bears could push back to just under 92 cents.
On the positive side, Cardano enjoys strong support at 75 cents. So don’t expect too much downside from here.
Shiba Inu (SHIB-USD)
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Given the extreme volatility and unpredictability of the digital asset Shiba Inu (SHIB USD) is not exactly my favorite topic. In addition, the price label is so small that it is difficult to read. Despite these and other inconveniences, I don’t want to mention the meme coin. Simply put, it was an absolute tearjerker.
In the last 24 hours, Shiba Inu has gained about 63%. It is difficult to determine the exact return as bulls are pushing the price higher as I write these words. What’s even more impressive is that speculators have pushed SHIB up 274% in the last seven days. Even compared to the wild world of crypto, that’s just a crazy number.
Still, those who shopped out of fear of missing out (FOMO) might have wished they had done just that and missed it. SHIB has also lost 16% of its market value since its peak on Monday.
As for the good news, it seems there is strong support at the price of 0.0000326. As for the not-so-great news, it’s still down about 16%. However, given the enthusiasm for blockchain assets, SHIB could rise even further.
At the time of publication: Josh Enomoto held a LONG position in BTC, ETH, USDT and XRP. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.