The third quarter (Q3) of 2020 seems to turn profitable for all investors who put their money in digital currencies this period. Market prices of major coins including Bitcoin (BTC) are a whole lot more in clouds than they were in Q1 and Q2.
July started sluggishly but then it saw several of the popular cryptocurrencies increase in value. But surprisingly enough, no major cryptocurrency ranked among top 10 coins, including Bitcoin, Ethereum and Ripple, has surfaced on the list.
The outbreak of Covid-19 has pushed several governments and electoral commissions globally to the wall by making them look for other alternative means of organising and conducting free and fair elections. One of the available options is using a Blockchain-based e-voting method.
Enjin Coin, Holo Coin, Ontology and VeChain are in a sideways trend as the coins fail to break their respective overhead resistances. OmiseGo is in the overbought region as the market crashes to its low.
For the past four days, Ethereum has been hovering between $220 and $230.Expectantly, the much-awaited breakout occurred as the price pulled through the $230 resistance and reached a high of $270. Ether is out of the downtrend zone as it breaks above $235 price level.
Finally, the bulls have broken above the $0.2879 resistance after days of consolidation. The coin is approaching the high of $0.32321. This will be the first time the coin will be trading above $0.31 price level since July 2019. This is an impressive move as XRP will be forming a new uptrend. The bulls are testing the historical price level of $0.32321 in July.
The bulls are yet to trade above the $0.2879 overhead resistance. XRP formed a bearish double top pattern while attempting to break the overhead resistance. The pattern is showing a downward movement of Ripple. Each time the bulls test the resistance, the price will fall exactly to $0.27040 low. One important thing to note is that a break above $0.28 resistance will push XRP over $0.31.
Bitcoin Cash continues its positive move after successfully breaching the resistance at $360. The coin has run into a hitch as the bulls were resisted at the $400 price level. The current resistance is a historical price level in July where the price consolidated before its downward move. Today the market is still respecting the same price level.
The cryptocurrency market has experienced massive losses and the situation continues to threaten many investors. In fact, the losses have already wiped away year-long gains. Veteran traders including Jacob Canfield and Peter Brandt predicted Bitcoin price to be at $5,500 by July 2020.