In a week marked by dramatic changes in the crypto landscape, the market witnessed a rollercoaster of ups and downs across major digital assets. These fluctuations have shaped market sentiment and left investors on edge. Currently, the entire crypto market is awash in a red sea, and expectations for future movement remain uncertain. However, with the price of Bitcoin having fallen sharply from $30K, it brings hope for a potential altcoin season in the coming week. Although several altcoins have already posted massive gains recently, traders are now waiting for the next altcoins to break out.
These altcoins may take over soon
The discontinuation of Bitcoin’s (BTC) dominance rate rise, which refers to its share of the overall cryptocurrency market, suggests the possibility of altcoins outperforming in the near future. Investors recently shifted their focus to the leading altcoins as the sudden drop in the price of Bitcoin failed to meet bullish targets, resulting in a surge in demand for altcoins.
XRP Price Analysis
Recently, the bulls tried to push XRP price above the EMA-20 resistance, but the bears put significant selling pressure, creating resistance near $0.473. On the hourly chart, the price of XRP experienced a misleading breakout of the local support level at $0.4412. Traders are now closely monitoring the close of the bar, as its proximity to resistance could signal further growth towards the $0.48 area.
At the time of writing, XRP price is trading at $0.47, up more than 3.7% in the last 24 hours. After a sharp decline, the bulls controlled the price chart and XRP took support near the EMA-100 at $0.44. XRP has risen above its 23.6% Fibonacci level since then, and a break above its critical $0.49 level will send the altcoin back into its initial bullish consolidation range of $0.51-$0.53. .
Binance Coin (BNB) Price Analysis
BNB experienced a notable rally from the $318 support level near the 50-EMA, breaking above the 20-day EMA. This indicates that the bulls are putting up a solid fight to avoid further declines and hold the $318 threshold. The market will closely watch whether your efforts successfully maintain the value of the coin.
Currently, the BNB price is trading at $330, up more than 2% from yesterday’s price. BNB price is facing minor resistance to hold $330 and may soon make a downward correction. However, if the bulls break above the 23.6% Fibonacci level, they can smoothly rally to its next resistance at $344.
Cardano (ADA) Price Analysis
The ADA price has been on a sharp decline recently after being triggered by the sell-off in the crypto market. On April 20, the bears managed to drag Cardano’s ADA below the neckline of the inverse head and shoulders (H&S) pattern. However, the altcoin has recovered slightly and is trading at $0.39 with a gain of more than 2%.
After taking support at $0.37, ADA price rallied above its 38.6% Fibonacci channel and is currently facing minor resistance at the EMA-200 on the daily price chart. If the bulls send the ADA price above $0.4, expect a bullish rally towards $0.45 next week.
This post Top altcoins to watch next week: BNB, XRP, ADA price may break out soon
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