Over the past week, many altcoins have risen sharply. Mostly we are talking about cryptocurrencies, which belong to the sector of decentralized finance. For example, the 1inch DeFi platform token added 90% of its value in seven days. Now the asset is worth $ 2, at the moment the price rose to $ 2.19, according to coinmarketcap.com, writes RBC Crypto.
The API3 token showed a similar dynamics, the project is developing oracles for the DeFi sector. Over the past week, the coin rate has grown by 129%, to $ 4.2. Today, January 18, it climbed to $ 4.6, reaching an all-time high.
Not all is overlooked yet, says Cointelegraph analyst Rakesh Upadhyay. He named several cryptocurrencies that could show significant growth during the week, and predicted the behavior of the price of bitcoin.
Bitcoin (BTC)
First of all, it is worth watching bitcoin, Upadhyay is sure. Now the first cryptocurrency is worth $ 36.2 thousand. During the week its rate will probably try to surpass the historical maximum of $ 42 thousand, reached in early January. If the price of BTC can exceed this value, it will continue to grow to $ 50 thousand, the expert suggested.
He specified that an additional obstacle could be the area near $ 39,000. Here is the upper border of the “triangle” pattern, which serves as resistance. If it holds, the rise in the BTC price may turn into a decline. In this case, there is a risk of falling to $ 29.7 thousand, Upadhyay warned. According to him, it is important for the bulls to keep the cryptocurrency rate above this level, otherwise the decline may continue to $ 26.5 thousand.
Chainlink (Link)
Chainlink token is one of the growth leaders of the last year. At the beginning of 2020, the coin cost $ 1.8. To date, its price has increased by 1150%, to $ 22.5. Yesterday, January 17, the altcoin hit a new high of $ 23.7.
Upadhyay believes that growth will not end there. The altcoin price could reach $ 27, and then $ 30, the expert predicted. For this, it is important that the price rises above the $ 23 level, which acts as resistance.
If it resists, the beginning of the depreciation is likely, the analyst noted. In this case, the closest target will be the $ 20.1 mark. If the price falls below this level, the fall will continue to $ 17.7, Upadhyay is sure.
Uni (UNI)
Over the past week, the token of the Uniswap decentralized platform, which is the leader in its sector, has shown significant growth. The coin rate has almost doubled over this period, to the current level of $ 9.2. Today the price climbed to $ 9.5, which is a new all-time high.
In the case of Uni, there is a growth prospect to $ 15, Upadhyay continued. This requires the altcoin price to rise above $ 12.45. This mark is the closest target for the bulls, the expert said. He clarified that the token will remain in an uptrend as long as it holds above $ 7.47.
Tezos (XTZ)
Upadhyay suggested paying attention to the Tezos token. Since September, its rate has fluctuated in a narrow range from $ 1.85 to $ 2.85. Today the price of the coin went out of range and climbed to the current level of $ 2.97.
The analyst suggested that an uptrend could follow. There is a prospect for the price of XTZ to rise to $ 3.90, if this level is overcome, the next target will be $ 4.5, the expert said. He stressed that the rate of the coin should remain above $ 2.48, otherwise it could mean that going out of the $ 1.85- $ 2.85 range was false.
Cosmos (ATOM)
Upadhyay also expects significant growth from the ATOM token. Over the past week, the asset has risen in price by 80% and now costs $ 8.79. The trend may continue to $ 12.10, there is also a possibility of growth to $ 13.90, the analyst is sure.
From his point of view, the key obstacle to the rise in ATOM prices is the level of $ 9.60. If the price fails to overcome it and begins to decline, it is important to keep an eye on the $ 7.5-8.05 zone, Upadhyay stressed. If the rate does not fall below this range, this will indicate a strong demand for altcoin from investors.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
