Altcoins Undervalued – Tokens Consolidating Near Critical Technical LevelAugust 28, 2019
Several Altcoins are extremely undervalued right now. However, they continue to be inflation-proof and are expected to move higher during the Bitcoin bull market wave. This applies to TCAT tokens, Ethereum and Stellar Lumens alike.
Bitcoin is consolidating near the critical technical level after a healthy correction of nearly 30%. The uptrends are tactful, and there is an implication for higher Bitcoin prices. This is also with the case with some of the systemically essential Altcoins. These Altcoins will perform well in the forthcoming cryptocurrency climate change.
High levels of inflation are likely in the fiat-based monetary system in the uncharted territory, which in turn can lead to increased inflation levels leading to loss of confidence level in the traditional fiat system.
The moment of truth for Bitcoin has come, and it has been trading in a narrowing channel for nearly a month now. It is expected that the token will either touch upon new highs or touch new lows. However, the BTC’s uptrend is intact, and favorable price action is expected.
However, Bitcoin cannot fly continuously towards the high. The new floor for Bitcoin is at $10,000. Before the beginning of an upside correction, the Bitcoin might drop significantly.
It is worth paying attention to the current market sentiments, because those who are saying that BTC is dead, the rally might be near the corner.
Murad Mahmudov, the angel investor, stated, “~10K is the new ~6K”, but instead of breaking down it will hold and start grinding UP.”
Ethereum is struggling to gather momentum above the $195 resistance level. A fresh bearish wave is trending below the $192 and $190 support level.
A short-term breakout pattern is seen near $186 on the trend chart. While the critical support is at $182 level, then the price will likely visit the $180 support area. If there will be additional losses, the price might tumble towards the $170 support range.
Cryptocurrencies are subject to wild price fluctuations and many times the whales dump the coins leading to the drop in prices. Ripple is one of the biggest XRP whales. And several of them are asking XRP to stop dumping.
Investors want XRP to reach its all-time high. XRP is a stable coin with significant potential. The dumping of XRP by Ripple is driving the price down. “If they stop selling, its more likely the strong demand for this quality coin will naturally pump the price back to ATH and beyond!”