Top Two Cryptos of the Week: NEO and LINK
Recently, the US Federal Reserve noted that stable coins would provide a sound complement to the existing payment solution. However, operators behind this digital payment option would have to undergo constant oversight and regulation. Meanwhile, the federation warned in case a stable coin payment solution achieved a global scale quickly, it would finally increase risks related to monetary policy and financial stability.
According to a report shared by cryptoknowmics today, total global debt will hit a staggering $255 trillion by the end of the year. More sore , according to the figures it only seems it's the USA that is burdened by a whopping debt of $23 trillion. The debt growth rate seems to be heading to some unsustainable level that could spark a major financial crisis in the future. Most probably, a crisis that would usher a shift from fiat to cryptocurrency. While the fiat-crypto wars ensure let’s analyze a bit of the top-performing coins of the week.
NEO leads in the list of top-performing coins for the last seven days. The coin rallied close to 12% along this period. In fact, the asset seems to take advantage of the consistent positive news from the China Blockchain market. Probably, the bulls could build up momentum and surge the price to higher levels.
Bulls have been struggling to break out from a tight $13.888 overhead resistance. On the other hand, defending the price from dropping below the moving averages. A prove that buyers will not be in a hurry to siphon profits, in the long run, who seem to be initiating long positions towards the minor dip.
Meanwhile, the NEO/USD pair seems to be headed for an upward momentum above $13.888. A rally above which lies a promising $20.9633. Traders can, therefore, execute long positions near the $13.88 close and maintain a consistent stop loss of $10. On the downside, in case the price breaks below the moving averages, a dip towards $6.659 could be on the cards.
Chainlink (LINK) is back on track among the top-performing coins once again. LINK moved upwards by 4% in the past week and has been gradually moving higher in the past few days. The 20-week EMA is sloping upwards and given the positive Relative Strength Index (RSI); the bulls are certainly in command.
Buyers have managed to pull the price upwards beyond the overhead $2.8498 resistance. Nevertheless, they have not managed to successfully sustain it to higher price levels. Which essentially represents profit booking by the bulls closely to $3. Meanwhile, the price is making considerable and consistent high lows which indicates some bullish sentiments.
During press time, LINK bulls are attempting to scale beyond the overhead resistance at $2.8598. Would this be possible, I’m sure a rally towards $4.5826 will be on the loose. On the other hand, if the bulls fail to sustain the price beyond $2.8498, a dip towards the 20-week EMA could ensure. In many cases, the prevailing situation has been viewed as a buying opportunity.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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