Just a few weeks ago, Bitcoin’s market dominance had finally passed 50% after a two-year hiatus, thanks to a wave of requests for spot Bitcoin exchange-traded funds from leading financial institutions. However, after Ripple’s partial victory against the SEC, Bitcoin’s dominance has suffered a setback. A sudden surge in altcoin prices led to a temporary dip in Bitcoin’s market dominance, pushing it below the 50% threshold. Amidst this, the prices of altcoins like XRP, LTC and MATIC will explode next week.
A crucial week for the Altcoin market
The recent decline in Bitcoin’s market dominance coincides with growing anticipation within the crypto community for the resurgence of the “altcoin season.” Several altcoins, which the SEC also claims are securities, have seen their prices increase by double digits. This shift in the market is particularly relevant in light of the upcoming focus on Ripple (XRP), Litecoin (LTC), and Polygon (MATIC). As such, the crypto community will be keeping a close eye on these altcoins over the coming week.
Ripple (XRP) price analysis
XRP price is currently trading in a bearish zone after having a heavy sell-off yesterday. Analyzing the 4-hour price chart, bears are currently trying to pull the price below EMA20 to intensify their bearish bets. At the time of writing, XRP price is trading at $0.7, down more than 5.6% from yesterday’s price.
The RSI level has dropped from overbought territory and is aiming to fall further, suggesting that bulls are losing control and the bears may soon take over.
However, a breakout above the $0.77-$0.8 region will bring strong buying pressure, and XRP price could test the bulls’ patience again next week at $0.9.
On the other hand, if the price drops below $0.67, bears could cause domination and drop the token to $0.58.
Litecoin (LTC) price analysis
Bullish traders successfully maintained their position above the USD 92 support level despite a heavy sell-off near USD 100. This suggests a shift to positive sentiment for Litecoin, with traders choosing to buy during price drops. The rally has now approached the $95 mark where it is expected to meet significant resistance.
If the buyers manage to hold their position at the current level, the chances of breaking above $100 will increase. In such a case, the LTC price pair could aim to retest the crucial resistance level at $106 next week. If this level is crossed, the price could rise to the $115 mark.
Polygon (MATIC) price analysis
There is currently an attempt by the bears to drag Polygon below the EMA20 level, but the bulls are successfully resisting.
This resistance led to significant buying, pushing the price to $0.82, just below the target resistance of $0.85-$0.89.
The moving averages are approaching a bearish crossover and the RSI is approaching the midline, suggesting that the bulls are losing the battle.
In the coming week, the price of MATIC may experience a rebound around $0.76, which is likely to boost buying confidence. This upside momentum could potentially reach the $0.9 level, where the bears are expected to put up significant resistance to thwart a rise to $1.