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June 18, 2024
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Top Altcoins to Look Out for Next Week! Is It the Beginning of Altcoin Season?

The post Top Altcoins to Look Out for Next Week! Is It the Beginning of Altcoin Season? appeared first on Coinpedia Fintech News

In March, Bitcoin’s market dominance, measured by its proportion of total cryptocurrency market capitalization, increased significantly from approximately 44% to a peak of 48%. Despite a 22.7% rise in Bitcoin’s price over the same period, many altcoins underperformed or experienced negative returns. Nevertheless, a few altcoins may continue to display solid bullish signals in April. 

These Altcoins Will Dominate Next Week

As March has ended, investors are interested in knowing which altcoins to keep an eye on in April. At the moment, Ripple (XRP), Cardano (ADA) and Polygon (MATIC) appear to be the top contenders for resuming their bullish recovery in the upcoming week.

Ripple (XRP) Price Analysis

XRP’s candlestick exhibits a long wick, indicating that the bears are fiercely guarding the $0.56 resistance. XRPUSDT’s candlestick pattern formed an inside-day, signaling ambiguity among the bulls and bears. If the price drops below $0.5, the token may revisit the breakout point at $0.49, a crucial level to monitor, as a breach could prolong the correction to the 20-day EMA ($0.45).

As of writing, XRP price trades at $0.51, with a decline of nearly 5% from yesterday’s performance. However, it is expected that the token will take support near $0.5 and initiate a fresh rebound this week. If XRP manages to surpass the resistance zone between $0.56 and $0.59, its price could ascend from its current level, potentially soaring to $0.65 and $0.80 the following week.

Cardano (ADA) Price Analysis

Cardano has been on a strong bullish trend for the past few days and is expected to surge more next week. Following two days of indecision, the bulls have succeeded in propelling Cardano above the resistance at $0.39. The price has now arrived at the critical resistance located at the neckline of the inverse head and shoulders (H&S) pattern.

ADA price is currently trading at $0.39, with a downtrend of over 1.5%. The positive territory of the RSI and the upward trend of the 20-day EMA ($0.36) suggest that the most favorable direction for Cardano’s price is upward. If buyers successfully drive the price above the neckline, it would finalize the reversal setup, potentially propelling the altcoin towards its pattern target of $0.60 next week. 

Polygon (MATIC) Price Analysis

As the Polygon network is active in bringing robust network developments, traders may witness a skyrocketing trend in the MATIC price chart next week. Although Polygon briefly exceeded the 20-day EMA ($1.12), it encountered resistance from bears. As a result, sellers are likely to make an effort to drive the price down to the crucial support level of $1.04.

MATIC price is currently trading at $1.11, with a minor uptick. If the price surpasses and consistently stays above the 20-day EMA, MATIC could endeavor to reach the overhead resistance at $1.31.

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