BTC, XRP, BSV, XLM, ZEC Price Analysis for 01/08

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The cryptocurrency market is not going to turn down this weekend. All of the Top 10 coins are located in the green, with the top gainer being Bitcoin SV (BSV), whose rate has increased by 10% since yesterday.

Top 10 Coins by CoinMarketCap

Below is the vital information for Bitcoin (BTC), XRP, Bitcoin SV (BSV), Stellar (XLM), and Zcash (ZEC):








Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$214,330,803,451 $11,617.85 $26,953,839,858 4.09%

XRP

XRP

$11,995,009,796 $0.267372 $2,505,439,635 8.86%

Bitcoin SV

BSV

$4,357,738,699 $235.85 $2,321,105,692 9.58%

Stellar

XLM

$2,052,014,874 $0.100136 $260,848,649 3.32%

Zcash

ZEC

$776,910,495 $79.94 $442,706,325 10.93%

BTC/USD 


Bitcoin (BTC) has shown a significant price increase since last week. The chief cryptocurrency has added 21.29% to its value. It is about to close the weekly candle above the $11,000 mark for the first time in over a year.


BTC/USD chart by TradingView

BTC/USD Chart by TradingView

Looking at the weekly time frame, the rise is supported by the trading volume, which is a positive sign in terms of future growth. However, the Relative Strength Index (RSI) has almost approached the overbought zone, which means that a correction might await traders in the near future.


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If that happens, then a decline may be towards the $9,500 region, where most of the liquidity is focused. After that, a further rise will continue to new peaks.


At press time, Bitcoin was trading at $11,650.


XRP/USD 


Out of the Top 3 coins, XRP has had the largest gains from the last 7 days. The third most popular crypto has increase by 29%, showing a larger rate of growth as compared to Bitcoin (BTC) and Ethereum (ETH).


XRP/USD chart by TradingView

XRP/USD Chart by TradingView

XRP has moved out the consolidation phase that started in March 2020. The trading volume is high, confirming the presence of buyers. The lines of the Moving Average Convergence/Divergence (MACD) are moving upwards. Even though a slight correction is possible, XRP is targeting $0.3468 for the long-term.


At press time, XRP was trading at $0.27.


BSV/USD 


Bitcoin SV (BSV) has also maintained its growth with Bitcoin (BTC). The BCH fork has increased by 9% since yesterday and by 28% since last week.


BSV/USD chart by TradingView

BSV/USD Chart by TradingView

Bitcoin Cash (BCH) is trading within its rising channel since mid-July, and the growth is unlikely to stop. As the nearest resistance level, traders may consider the $260 mark where a potential correction may occur. However, it is supposed to be a short price drop, but not the start of another bearish cycle.


At press time, Bitcoin SV was trading at $238.


XLM/USD 


Stellar (XLM) has not shown signs of significant growth as compared to other altcoins. The price change of the coin has only increased by +2.68% in the last 7 days.


XLM/USD chart by TradingView

XLM/USD Chart by TradingView

Although Stellar (XLM) has not increased that much, its growth potential remains relevant. The coin has formed a triangle pattern, which is a figure of continuous trend. The potential breakout that one may expect has already existed since the start of the week, as the trading volume usually goes down over the weekend. If the bulls manage to break the pattern, then the next target is the resistance level at $0.1260.


At press time, Stellar was trading at $0.1021.


ZEC/USD 


Zcash (ZEC) is trading in a similar manner to Bitcoin SV (BSV) as the anonymous coin has gone up by 25% since last week.


ZEC/USD chart by TradingView

ZEC/USD Chart by TradingView

Looking at the weekly time frame, the coin has been bullish and there are no signs of a possible trend change. The only thing that may happen soon is a short decline to the $76 mark as ZEC is already overbought. However, the main aim for the bulls is push it to the $96 mark before a possible trend change occurs.


At press time, Zcash was trading at $81.28.




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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.

Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com