In a surprising turn of events, Bitcoin's market dominance, which had recently surpassed the 50% mark, has taken a hit. This development follows Ripple's partial victory against the SEC, leading to a temporary dip in Bitcoin's market dominance and bringing it below the 50% threshold. This shift has sparked renewed anticipation within the crypto community for the resurgence of the “altcoin season.”
Several altcoins, which the SEC has also claimed to be securities, have seen their prices surge by double digits. The market's attention is particularly focused on Ripple (XRP), Litecoin (LTC), and Polygon (MATIC). These three altcoins are set to be the center of attention in the coming week, with potential price surges on the horizon.
In-Depth Altcoin Analysis: Ripple, Litecoin, and Polygon
Ripple (XRP), currently trading in a bearish zone, has experienced a significant selloff, with its price declining over 5.6% to $0.7. However, a breakout above the $0.77-$0.8 region could trigger a surge in buying pressure, potentially pushing the XRP price to retest the $0.9 mark next week. Conversely, if the price drops below $0.67, we could see a bearish domination, plunging the token to $0.58.
Litecoin (LTC) traders have managed to maintain their position above the $92 support level despite a heavy selloff near $100. The rally is now approaching the $95 mark, where it is expected to encounter substantial resistance. If buyers manage to hold their ground at current levels, the chances of breaking above the $100 mark will increase. In such a scenario, the LTC price could aim to retest the crucial resistance level at $106 next week. If this level is surpassed, we might witness a surge toward the $115 mark.
Polygon (MATIC) is currently experiencing an attempt by the bears to drag it beneath the EMA20 level. However, the bulls are successfully resisting, driving the price up to $0.82, just below the target resistance of $0.85-$0.89. In the coming week, the price of MATIC may experience a resurgence around the $0.76 mark, instilling buying confidence. This upward momentum could potentially reach the $0.9 level, where the bears are expected to mount significant resistance to thwart a rise to $1.
As the crypto community gears up for the potential resurgence of the altcoin season, it's crucial to remember that the cryptocurrency market is highly volatile and unpredictable. Investors should always conduct thorough research and consider their risk tolerance before making investment decisions.
Stay tuned for more updates and insights into the ever-evolving world of cryptocurrencies.