Crypto Trader Unveils Four Potential Altcoin Picks Heading Into 2020, Warns XRP Hitting Critical Area of Support
Crypto analyst Nicholas Merten thinks XRP, Basic Attention Token, Chainlink and Ravencoin will be the altcoins to watch in 2020.
On a new episode of DataDash, Merten, who has been bullish on altcoins in the past, broke down what he looks for in cryptocurrencies in terms of market metrics.
“What I like to see here with these altcoins is that during all the silence we’ve been seeing higher lows here.”
Higher lows happen when an asset bounces off fresh lows at higher prices than the previous lows. When this happens during a downtrend, the movement is often perceived as a reversal signal.
Merten says both Basic Attention Token (BAT) and Chainlink (LINK) have posted higher lows despite this “bloody period of time” for cryptocurrencies. At time of writing, BAT is up 3.94% at $0.1839, according to CoinMarketCap. Chainlink is up 1.43% at $2.03.
Merten says he’s going to be “very worried” if XRP breaks below $0.20 in value. But if it holds in price and volume increases, he says he might invest.
“I’m not just going to buy and hold XRP. The big issue that I see with a lot of people in the crypto space is that they’re eager to average in, and that’s fine.
But I would say if you really want to not be stressing about XRP 24/7 and you don’t want to have to worry about whether or not it’s going to drop 30 or 40%, wait until on one of these [monthly] candles we get a significant amount of volume.”
Of all the coins he analyzed, Merten says Ravencoin’s indicators probably look the best. He’s not the first analyst to comment on the asset’s potential.
Earlier this month, Craig Cobb, host of the Trader Cobb Crypto Podcast, said he expects Ravencoin (RVN) to break out in 2020.
At time of writing, RVN is up 2.62% at $0.0229 and XRP is down 1.43% at $0.2142.
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