In one week, influenced by a series of macro news, the crypto market has taken a heart-wrenching rollercoaster ride that has left even the most seasoned of investors gasping for breath. Following the collapse of the First Republic Bank and a series of rate hikes by the Federal Reserve and the European Central Bank, the crypto market has seen widespread turbulence, with Bitcoin struggling to hold onto $29,000. Amid this stormy backdrop, market watchers are eager to discover which altcoins will take center stage in the coming week and soar to new heights.
A bullish week for these Altcoins
As the price of Bitcoin witnesses a fear zone near $29,000 – $30,000, it has prompted investors to consider other cryptos amid volatility to secure their gains. Moreover, there is currently growing demand in the altcoin market as it is less affected by macro news and continues to provide investors with profitable returns.
Solana Price Analysis
For the past three days, Solana has seen limited price swings, indicating uncertainty among both buyers and sellers. The relatively stable moving averages and RSI close to the midpoint imply that the SOL reading may hover within the broad $20 to $25 range for some time to come. A breakout can happen once the SOL price tries to break above its current range area and overcome the EMA-200. In that scenario, Solana could hit $30.
At the time of writing, Solana is trading at $22, up 0.04% in the past 24 hours. However, a price drop is predicted if the SOL token stays below the 50-day EMA at $22, which would indicate bears have a near-term advantage. In that case, the price could potentially drop to $18.
XRP price analysis
The price of XRP has become a hot topic in the legal battle between Ripple and the SEC. XRP showed an inside-day candlestick formation followed by a Doji candlestick pattern on May 5, indicating that both bulls and bears are cautiously approaching the market without placing large bets. Despite a modest rise in the price of XRP today, the technical position on the daily chart remains unchanged.
The moving averages have undergone a bearish crossover and the RSI is in negative territory, suggesting that bears have a slight advantage. They will try to push the price down towards the robust $0.43 support level. In the meantime, XRP continues to trade within a narrow range between $0.44 support and $0.48 resistance.
At the time of writing, XRP is trading at $0.45, down 1.5% from yesterday’s price. A breakout could happen if bulls gain control at $0.48 and push the price above $0.5.
ADA Price Analysis
Cardano dipped below the 50-day SMA at $0.38 today, but the long tail on the candlestick indicates that bulls are vigorously defending support around $0.37. The ADA price is trading at $0.37, down 3.5%.
Buyers are currently trying to push the price above the 20-day EMA at $0.39, but the bears remain steadfast. The down 20-day EMA and the RSI just below the midpoint mean a slight upside for the bears.
To counter this decline, bulls need to quickly push the price above the neckline of the inverted head-and-shoulders pattern, which could increase the chance of a rally to $0.46 and eventually $0.52.