2020 Prospective Altcoin Review: Part 3

It’s been over ten years since the first digital currency was introduced to the world. In such a short period of time, the space has grown to more than 3,500 cryptocurrencies. Many of them have long lost their potential, while others were able to surprise us and showcase their capabilities in the crypto industry.

In this article, we continue analyzing promising cryptocurrencies that are worth paying attention to at the dawn of this new decade.

BAT

Basic Attention Token (BAT) is the utility token that is most often used within the Brave web browser. With BAT, a user can pay for content or services consumed on the Internet. Content creators can easily get paid according to a mutual agreement. Payments can be one-time or follow a regular content creation contract.

Besides, Brave Browser users are awarded with BAT tokens for viewing ads. Advertisers use smart contracts to reserve BAT tokens, which are only released when users successfully view ads.

Brave browser is becoming one of the most popular platforms in the crypto industry. Last month, the service reported 10 million active users. This is a 45% increase compared to February, which indicates the rapid development of the project.

With all this growth and innovation, it is becoming clear that the Brave team is actively popularizing the browser and, therefore, the native BAT token.

Technical analysis

  • BAT has been in an uptrend since September 2019;
  • The asset overcame resistance at 0.000021 BTC and has every reason to gain a foothold at this level;
  • BAT may continue to grow further to its next key resistance area at 0.000025–32 BTC due to increased trading volumes;
  • The main support area is in the range of 0.000020 BTC;
  • The RSI index shows healthy average values;
  • High correlation with bitcoin can also play an essential role in continued growth.

We expect BAT to increase in value as browser popularity continues its rapid growth.

Cardano

Cardano (ADA) is a platform aimed at facilitating smart contracts, similar to Ethereum and NEO. Cardano is expected to increase its scalability while its programming tools are to get more intuitive. Cardano plans to achieve scalability by introducing two levels of technology; one will be responsible for tracking balance accounts, while the other will concentrate on the transfer of value.

Such multi-level architecture makes soft-fork update implementations smoother when compared to Ethereum protocol, which seems to be lacking a clear distinction between the two levels.

In 2014, one of the Ethereum team programmers, Charles Hoskins, left the project and founded IOHK together with his partner Jeremy Wood. Thus began the story of the Cardano platform creation.

The IOHK team consists of a large number of engineers and scientific researchers. Charles Hoskinson is well known in the crypto community. He initially took part in the early development of the Bitcoin protocol and was one of the founders of Ethereum.

Charles is committed to making Cardano the world’s leading smart contract platform. Thanks to his experience in several projects, we consider this project to be one of the most promising in the industry and worthy of investors’ attention in 2020.

Technical analysis

  • Long-term consolidation since mid-2019;
  • The purchase zone is located at the bottom of the rectangle in the range of 0.00000450 BTC;
  • If the asset gains a foothold above 0.00000550 BTC, this may indicate a strong uptrend to 0.00000650–700 BTC;
  • The price has been holding strong above 50 EMA.

We believe that this project has potential due to the extensive experience and innovative views of the team. If you plan to invest in cryptocurrencies in 2020, keep an eye on Cardano.

The only point of concern is that ADA has no real-world use at the moment, unlike DASH and BAT, also mentioned in this article, which already have some level of adoption and are in use already.

Dash

Dash is a cryptocurrency that seeks to become an alternative to traditional money. The developers created the crypto platform as a fast and easy-to-use solution for everyday transactions.

The mission of Dash is to make digital money affordable and easy to use even for people who are not technology-oriented. The goal is for everyone to be able to create their own blockchain account, add a list of their contacts, and transfer money effortlessly and without delay. In this regard, online shopping and purchases over the mobile will be possible in just a few clicks.

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Dash is a proof-of-work coin that works with the X11 hash algorithm. The algorithm is a combination of eleven cryptographic functions used simultaneously. If one of the functions gets exposed, the other ten will continue to provide network security. By using this algorithm, a coin can offer almost instant transactions and overall blockchain stability.

Easy to use cryptocurrency is good, but it gets even better if it makes spending easy. When other crypto projects are mostly puzzled by network bandwidth and blockchain functions, Dash has already created a fast and reliable network and concentrates on the user side of the product. Dash has over 200,000 active users.

Technical analysis

  • Dash/BTC has been in a strong uptrend since the end of 2020;
  • If the bullish mood continues, we can expect the next resistance level at $0.012 and the next critical level at 0.0133 BTC and 0.016 BTC;
  • The RSI index is above average, which indicates the presence of large-scale buyers;
  • The main buying area is in the range 0.01–0.097 BTC;
  • On the daily chart, the “Cup and Handle” pattern is noticeable, which is a bullish signal for further growth.

The long-term forecast for Dash has many positive factors. The Dash team chose an excellent development strategy. In essence, the team establishes partnerships with payment systems, as well as small and large businesses, which allows the project to develop its user base and increase demand for its assets.

The above information contains the analysis and forecast of the cryptocurrency market, which are associated with high risks. This information is presented for informational purposes and in no way should be construed as a financial recommendation. You must conduct your own thorough research before making any investment decisions.

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