The 25 bp interest rate hike on the back of a strong report on job growth in the US economy has sent a shock wave through the cryptocurrency market. While the prices of leading assets like Bitcoin and Ethereum hover around an uncertain price point, the altcoin market is performing relatively well and meeting investor bullish expectations.
Furthermore, the development teams behind the prominent altcoins are ready to bring new improvements to the network, which can lead to fruitful ROI in the coming week.
These altcoins are poised for bullish breakouts next week
The altcoin market is currently leading the charge, as popular assets like Cardano, Litecoin, and BNB are posting impressive price chart gains.
Furthermore, the downtrend in BTC prices has attracted whale investors to try their luck with altcoins as they seek to maximize their profits with the exponential rise in altcoin prices. If the Bitcoin price follows its golden cross next week and a bull market begins, it may push the altcoin market north 10 times.
Cardano Price Analysis
As the Cardano Network slowly approaches a major network upgrade, which is the mainnet hard fork scheduled for February 14, it creates very optimistic expectations in the ADA community. Additionally, on-chain analytics firm, Santiment, noted that the number of $100K worth of ADA transactions had hit a 12-month high, signifying increased buying pressure and hype from whale holders.
At the time of writing, the ADA price is trading at $0.4026, down 0.26% from yesterday’s price. By analyzing the daily price chart, Cardano may surprise investors with a continuation of its historical bull market trend.
As seen during the bull run of 2018 and 2020, ADA price achieved ROI of 6,500% and 16,150%, and this year ADA may generate even more surges with bullish developments in the network. For the next week, a break above $0.43 may force investors to accumulate more ADA tokens and create intense buying pressure on the price chart.
Litecoin Price Analysis
It looks like the LTC price is on a mission to reach new heights this week, as it recently broke through its psychological $100 price level. Although the recent rise may tempt short-term investors to book profits, it leaves long-term holders hoping for a prolonged uptrend.
At time of writing, Litecoin is trading at $99.79 after facing minor rejection near $102. The RSI-14 trend line hints at a minor correction to the $90 price level to make an entry level for bulls to strengthen the bull run next week. If the LTC price bounces off the 20 EMA level, it may reach the upper limit of the $140 Bollinger band next week.
Binance Coin Price Analysis
The Binance coin is building potential to jump to its next resistance levels next week as buyers do not allow the BNB token to fall below the immediate support level of $318. However, the Stoch RSI may test the patience of the bulls as it is trading in an overbought region, which may start a downtrend to $310.
BNB price is predicted to consolidate above the 20-EMA level and target a break above $350, extending its uptrend to $400.
This post These altcoins are the best bets for the week ahead! Here’s what traders need to keep in mind
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