The race to hit $20 against the US dollar is hypothetically on between three coins that are incidentally ranked 17th, 18th and 19th on cryptocurrency market capitalization site coinmarketcap.com. We will give you a market picture of the three crypto projects and leave it to you to predict the one that is likely to emerge tops in this mini-race.
We know how the market can fluctuate and that it won’t be easy to make that call. However, we also know that a keen observation of the price movements, factoring in volatility and sentiments, should give us a fair clue as to who may hit that mark soonest. Read on and make your prediction in the comment section at the end of the article.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is one of the cryptocurrencies on a bullish momentum at the moment, with prices surging over the last couple of days. Currently priced at $17.52 against the USD, the coin has found support to try once more to break out at a previous resistance level of $17.90. ETC/USD is +5.50% over the last 24 hours and +21.10% higher over the last 7 days.
The ETC/USD pair is surging steadily to prompt calls for a rally towards the $20 level within days. What necessitates this seemingly well-poised run? Well, the coin has had a fairly solid uptrend that began with gaining high support at $15.00, before going on to clear resistance at $16.00 on Tuesday.
Further on Wednesday, more positive sentiment saw it jump +6.7% to trade above the $16.50 price level. This trend has seen it gather more momentum and later on Wednesday, the bulls rallied to push the ETC/USD pair above $17.00. The hourly chart shows a strong support baseline forming around the $17.40 level and there is a possibility we could see a break out above a key resistance trend line at $ 17.90.
Having ridden the last wave to surge from a low of $15.03, ETC yesterday climbed all the way to briefly trade at $17.97. Although it corrected to trade lower, the outlook shows a bullish buy zone forming at around $17.50.
This is possibly going to prepare the bulls for another push over a new high of $18.00. What this means is that we could be looking at a push for the $20.00 price level sooner than expected.
OmiseGO (OMG) is trading +2.59% higher against the USD in the last 24-hour period. The OMG/USD pair is trading at $14.96, lower than the other two coins. It, however, has made the most movement over the last 7 days, trading at +47.69% against the US dollar.
The spike is twice as much as what both ETC and QTUM moved over the same period. Ranked 19th at the time of writing, OmiseGO saw its daily trading volumes increase from just over $93 million to have a total of over $121 million worth of OMG traded this morning. This is up from the $93.52 million in the tokens that were traded the previous day.
OMG’s increasing volumes are greatly helped by it’s the increase in the number of exchanges that have listed the token.
OmiseGO is on an uptrend cushioned by its strong run of a few days now. We pointed out that OmiseGO investors should hold on to their OMG. And turns out the OMG/USD pair has a strong buy zone forming up at $14.50 as a steady move emerges towards pushing for a break out at $15.20. Short-term, the bulls face a strong resistance at $ 15.00 and a slip up could see the price pullback to below $14 .70.
Even though at the current price of $14.96, it lags behind the other two, the ERC-20 token has a lot of support from the Ethereum community. Primarily, it’s due to its role in initiating the Plasma protocol. We thus expect to see it rally, riding on the wings of the second wave to get closer to or hit the $20.00 price level within a relatively short time.
Qtum (QTUM) has also shown promise of going on a run of its own, with its prices surging greatly over the last week or so. Currently priced at $17.68 against the USD, the coin has a strong support at $17.40 as the bulls try to push past the immediate resistance level of $17.80. QTUM/USD is +4.31% higher in the last 24 hours and +22.33% over its 7-day charts.
The QTUM/USD pair too,has a steady price increase prompting widespread calls for it to rally towards the $20 level short-term. What makes us believe it could hit that mark before long?
Well, QTUM is on a fine uptrend that began after, unsurprisingly, the first wave of price gains saw massive support at $14.80. Though it quickly cleared key resistance levels at both $15.40 and $16.00, its growth was somewhat put in check with a correction towards the US Tax Day. The fear of a sell-off has dissipated and the coin has once again established an uptrend that will test new levels almost on a daily basis if the bullish market sentiment continues.
QTUM/USD saw a jump +5%, a spike that elevated the coin’s price to above $17.00 for the first time this month. In the last hour, the coin has made an impressive move, defying hourly slow down to maintain its uptrend. With this momentum unchecked, the coin could test the $18.00 today.
If Qtum bulls take on more responsibility, we could be talking about a new high of $20.00 in a matter of days.