Cointelegraph analyst Rakesh Upadhai named five cryptocurrencies that could show strong growth in the near future.
1. Bitcoin (BTC)
The first thing to watch out for is bitcoin. Now the first cryptocurrency is worth $ 37,300. Within a week, the course will probably try to overcome the all-time high of $ 42,000, reached in early January. If the price of BTC can exceed this value, it will be possible to continue to grow to $ 50,000.
Upadhai 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 price of bitcoin may turn into a decline. In this case, there is a risk of falling to $ 29,700. According to the expert, it is important for bulls to keep the cryptocurrency rate above this level, otherwise the decline may continue to $ 26,500.
2. Chainlink (Link)
Chainlink token is one of the growth leaders last year. At the beginning of 2020, the altcoin was worth $ 1.8. Since then, its price has increased by 1150%, to $ 22.5. On January 17, Link reached a new high of $ 23.7.
Upadhyay believes that growth will not end there. The altcoin price can reach $ 27 and then $ 30. For this it is important that the price rises above the $ 23 level, which acts as resistance.
If it holds, it is likely that the rate will begin to decline to $ 20.1. If the price drops below this level, the fall will continue to $ 17.7.
3. Uni (UNI)
Over the past week, the token of the decentralized platform Uniswap has shown strong growth. During this period, the cryptocurrency rate almost doubled, and the other day the price rose to $ 9.5, which became a new historical maximum.
In the case of Uni, there is a prospect of growth to $ 15 – for this it is necessary that the price of the altcoin rose above $ 12.45. This mark serves as the nearest target for the bulls. Upadhai clarified that the token will remain in an uptrend as long as it holds above $ 7.47.
4. Tezos (XTZ)
Since September, the Tezos rate has been fluctuating in a narrow range of $ 1.85-2.85. Now the price of the coin is out of the range and climbed to the $ 3.02 mark.
The analyst suggested that an uptrend could follow. There is a prospect for the price of XTZ to rise to $ 3.9, if this level is overcome, the next target will be the $ 4.5 mark. Upadhai stressed that the rate of the coin should remain above $ 2.48, otherwise it could mean that the exit from the $ 1.85-2.85 range was false.
5. Cosmos (ATOM)
Over the past week, ATOM has risen in price by 60% and now costs $ 9.56. The trend may continue to $ 12.1, there is also a possibility of growth to $ 13.9, Upadhai is sure.
From his point of view, the key obstacle to the rise in ATOM prices is the level of $ 9.6. 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. If the rate does not fall below this range, this will indicate a strong demand for altcoin from investors.