Altcoins on Track to Plunge By 10%, Yet This Crypto Could Rally Higher

Over the past month, altcoins have finally started to break higher, reversing the Bitcoin-centric trend seen in the crypto market throughout all of 2019. In fact, the BTC dominance metric has dropped to 66% over the past week, with digital assets like Ethereum, XRP, and Litecoin starting to outpace the market leader.
Related Reading: XRP Analyst Suggests IPO Could Be Game-Changing for Ripple: Here’s How
According to a prominent cryptocurrency trader, the time for altcoins to outperform Bitcoin is likely up, looking to a number of bearish chart formations.
Altcoin Crisis: Top Crypto Assets Likely to Fall
Cryptocurrency trader Mr. Chief recently noted that he doesn’t “see anything bullish about these major altcoins,” specifically looking to the charts of three altcoins against Bitcoin. These altcoins are Ethereum, Litecoin, and Stellar Lumens.
For ETH, he noted that the cryptocurrency has broken below a key resistance after last week’s rally, and is looking to fall by just under 10% against BTC.
For LTC and XLM, the trader pointed out that the cryptocurrencies are on the verge of falling below a pennant formation with a bearish skew.

Sorry guys, call me the ultimate pessimist, but i don’t see anything bullish about these major alts. Potentially an $XRP bounce but everything looks pretty bad otherwise$ETH $LTC $XRP $XLM pic.twitter.com/Yf8IrnH7iZ
— Mr Chief (@HaloCrypto) January 26, 2020

While all these altcoins are showing weakness, Mr. Chief did note that there is one major crypto asset that could break higher rather than lower.
Related Reading: Crypto Tidbits: Elon Musk Talks Bitcoin, Ripple IPO Coming, Facebook’s Blockchain Loses Another Member
Could XRP Stand Out?
The only major altcoin that he signaled has the potential to head higher is XRP, noting that it is currently trading in a flag and looking relatively indecisive, meaning it could break either up or down from the chart pattern aforementioned.
Mr. Chief’s analysis was relatively inconclusive, with him drawing two arrows, one in the upward direction and the other in the downward direction. Interestingly traders believe the bull case is more likely than not.
Earlier this week, Luke Martin, a prominent cryptocurrency trader and podcaster that was featured on CNN, noted that XRP/BTC has recently flipped a key resistance level into support, a bullish pivot implying outperformance.

Daily view of $XRP outlook for this month.
You can see how this level has flipped from resistance to support in the last 5 days since the first tweet. pic.twitter.com/hF7A68Svxa
— Luke Martin (@VentureCoinist) January 22, 2020

Also, Amsterdam Stock Exchange trader Michael Van De Poppe revealed in a TradingView post published last week that he expects for XRP/BTC to soon explode 170% higher.
He explained that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength.
Poppe’s chart also pointed out that the recent price action is eerily reminiscent of an XRP/BTC break out in 2018, suggesting that a surge of dozens of percent can be had if history repeats itself.
Related Reading: Crypto Giant Binance Pledges $1.5m to Help Chinese Coronavirus Victims
Featured Image from Shutterstock The post appeared first on NewsBTC.

Source: https://www.newsbtc.com/2020/01/26/this-crypto-break-higher-amid-major-altcoin-weakness/

Stay up to date

on all important crypto news!

The most important news, once a week. No spam.