An extremely strong showing by the altcoin markets are lifting entire market. In fact, 10% of the most recent aggregate market growth has been due to altcoins making a positive showing. And the majority of those gains have been due to the Coinbase 5: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX).
Cardano making big gains
The daily chart for Cardano shows some strong and powerful moves over the past seven days. Prices were getting fairly close to a capitulation zone where there were some fears of a flash move to test the all-time lows or create new all-time lows. The most important thing to notice was that Cardano moved above the key 0/8th major harmonic of 0.07921. I’ve been trading and scalping Cardano for the past week and I’ve got one thing to say: watch this one. Every single dip has been bought up over the past week – so expect that to continue. And I want to point this out as well: Out of all the Coinbase 5, Cardano is the worst performing, which means it has the most to gain.
Stellar Lumens catching a bid
Stellar Lumens has performed very well over the past 8 trading days. In fact, XLM tagged a price level that wiped out the entirety of the past 30 trading days, that’s a massive move. And it looks very, very much like the move will breakout higher by a factor of 2x. Here’s something we need to be aware of on XLM and ADA: they are both experiencing shadow accumulation ahead of an announcement from Coinbase. We can pretty much guess that XLM will be launching before Cardano, but both ADA and XLM will need to be watched in the volume traded, no just the price.