The crypto market is currently witnessing a notable rise, driven by the victory of Ripple. Bitcoin and altcoins are experiencing the ripple effect of this important moment in the industry. In light of this important macroeconomic development, what are the best altcoins to buy right now? Crypto analyst Trent Rhode shares 3 altcoins worth buying. In addition, both analysts give the names of 2 altcoins that they expect to rise.
Best to buy in Altcoins: Litecoin (LTC)
Over the past five days, Litecoin struggled a bit to surpass the Fib 0.382 level. But it has recently managed to get past that with the help of a broader cryptocurrency market sentiment. A key point in Litecoin price was the bounce from the 20-day EMA of $96.37 earlier today. Used by traders to identify short-term market trends, this 20-day EMA is currently acting as a potential support level for Litecoin.
Breaking this point indicates a possible shift from price consolidation to a continuation of bullish momentum. At the same time, the 50-day and 100-day EMAs for LTC are $92.22 and $89.95, respectively. These long-term EMAs, currently located below the 20-day EMA, further reinforce the bullish view argument. As long as LTC stays above these levels, the uptrend is likely to continue. Other technical indicators also show that Litecoin is currently in a bullish phase.
Bullish momentum emerges for LINK
Chainlink (LINK) exhibited strong bullish momentum. Thus, it gives a positive feedback. It has tracked both the 20-day and 50-day EMAs for the past six days. Next, LINK is currently showing strong resilience. It’s also putting on a remarkable comeback. The cryptocurrency has surpassed various resistance levels. First, the Fib surpassed the 0.382 level at $6,310. Then, it outperformed the Fib 0.5 level at $6,786. Finally, it broke the horizontal resistance range of $6,752 to $6,874.
In terms of technical indicators, there has been a noticeable change in the LINK trend. The 20-day EMA is $6,219, the 50-day EMA is $6,187, and the 100-day EMA is $6,383, below the current price of $6,925. This indicates that Chainlink is operating in the bullish zone. Also, the RSI, a common momentum oscillator used to measure the speed and volatility of price movements, rose to 68.41 from yesterday’s 54.48. This rise in the RSI signals an increasing bullish momentum in the market. It is also possible that this will push the price of LINK further upwards.
Among altcoins, COMP maintains strong bullish trend
Compound (COMP) recorded impressive bullish momentum. After that, it’s like he pressed the brakes, albeit momentarily. However, the broader picture reveals strong uptrends. Therefore, this should not be a cause for concern for traders. COMP’s performance last month with an impressive 144.74% increase underlines the positive market trend.
Specifically, COMP just registered a high of $74.49 on YTD yesterday. Thus, it strengthened the uptrend narrative. A closer look at the technical indicators, the EMAs clearly highlight the uptrend. Currently, the 20-day EMA is at $55.48. That’s well below the current COMP price of $69.26. Also, the 50-day EMA and 100-day EMA at $46.12 and $42.96, respectively, indicate the solid strength of the uptrend.
XLM price hits 14-month high
XLM price is up almost 100% on Ripple headwind. Analyst Aaryamann Shrivastava explains what’s next for XLM. XLM price is trading at $0.152 after gaining over 60% in the past 24 hours. The altcoin was among the crypto tokens after Ripple won the Ripple lawsuit against the SEC, where the Judge declared that XRP was not a security and did not violate any Securities laws when sold to the public, and only did so when sold to institutional investors.
Apart from XRP, the altcoin that witnessed the highest rally was XLM, the native token of Stellar Lumens. The fact that Stellar is a similar protocol to Ripple was also effective in this. At the time of writing, XLM price hit a 14-month high. Thus, it traded even higher than intraday trading on Thursday, where it rose more than 103%. As a result, there has also been an exceptionally large increase in investor activity. When it comes to XLM, the total volume traded in 24 hours ranges from around $40 million to $44 million. But the other day, that volume reached $982 million, which marks a 2.034 percent increase in one day.
Much of this growth can also be attributed to the fact that Stellar Lumens was recently named as a potential facilitator of the FedNow Payment System’s Blockchain Aspect. FedNow is an instant payment service developed by the Federal Reserve that is said to combine traditional banking with decentralized finance. XLM price will observe further gains if the service continues with Stellar Lumens as Blockchain facilitator.
Arbitrum price performance
Crypto analyst Lockridge Okoth assesses the price performance of Arbitrum, which has doubled its ecosystem growth. According to a recent announcement, the network has integrated a protocol that facilitates token transfers between different Blockchain networks.
Over the past eight hours, the four-hour chart of ARB/USDT has shown significant gains of +10%. Momentum technical indicators, consisting of the Relative Strength Index (RSI) and Awesome Oscillators (AO), suggest further upside movement. Also, positive market sentiment fueled by news such as XRP’s partial gain over the SEC continues to put significant bullish pressure on the crypto market.
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