During a week marked by a plethora of tantalizing news, the cryptocurrency market experienced significant volatility, with Bitcoin’s price constantly hovering around $30,000. The recent rally in Bitcoin has resulted in the recovery of its 50% market dominance. Consequently, investors have turned their attention to other digital assets that could potentially participate in this rally. The altcoin market is expected to join this bullish trend and experience a surge in the coming days, benefiting from the momentum generated by Bitcoin.
Essential altcoins for next week’s rally
Last week was a really good one for the crypto market as it surpassed the $1.2 trillion market cap and major coins made massive gains. The price of Bitcoin is up 16% in the last 7 days and prominent altcoins have made impressive gains over the past week. While memecoins like PEPE dominated, investors are now looking for the next altcoins to explode, and among these are Polygon (MATIC), Litecoin (LTC) and Ripple (XRP) three altcoins that are poised to break the resistance. overcome in the near future. week.
Polygon (MATIC) price analysis
The MATIC price witnessed a remarkable increase after witnessing a sharp decline. In the past 7 days, the price of MATIC has risen more than 10%, attracting whale investors near the current dip. At the time of writing, Polygon is trading at $0.677, down more than 0.26% in the past 24 hours.
Polygon’s MATIC is experiencing an increase above the $0.69 critical level; however, it continues to face strong resistance from bears.
If the bulls manage to take and hold the price above $0.69, we could see a more robust recovery towards the 50-day EMA at $0.78 next week. This level can present another challenge, but if it is overcome, the MATIC prize can skyrocket to $1.
Litecoin (LTC) price analysis
As Litecoin’s halving approaches, the price is experiencing a massive upside, rising more than 16% in the past week. Currently, the LTC price is trading at $89.67, down more than 2.5% from yesterday’s price.
Buyers ramped up their buying pressure after the LTC price broke above $78, forcing sellers to liquidate their short positions. The 20-day EMA at $84 has started to rise and the RSI has shifted to the positive zone, suggesting that the bulls are taking control. There is a minor resistance at $92, but if it is surpassed, the LTC price pair could skyrocket to the crucial $103 level.
However, for next week’s trend, LTC price is predicted to test the 100-day EMA line before a bullish reversal takes place.
Ripple (XRP) price analysis
The price of XRP is currently limited to a range below $0.5 as the final outcome of the pending SEC lawsuit is yet to be determined. However, XRP’s recovery gained traction, with the bulls propelling the price above the 20-day EMA at $0.45.
The extended wick on the day’s candlestick indicates that the bears are not ready to give in easily. If XRP price moves above $0.53, it could validate a smooth uptrend next week.