Only a few weeks ago, Bitcoin’s market dominance had finally surpassed 50% after a two-year lull, thanks to a wave of applications for spot Bitcoin exchange-traded funds from leading financial institutions. However, following Ripple’s partial win against the SEC, Bitcoin’s dominance has experienced a setback. A sudden increase in altcoin prices led to a temporary dip in Bitcoin’s market dominance, bringing it below the 50% threshold. Amid this, altcoins like XRP, LTC, and MATIC prices are set to explode next week.
A Crucial Week For Altcoin Market
The recent decline in Bitcoin’s market dominance coincides with the growing 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. 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 keenly watching these altcoins in the coming week.
Ripple (XRP) Price Analysis
XRP price is currently trading in a bearish zone after facing a heavy selloff yesterday. Analyzing the 4-hour price chart, bears are currently attempting to pull the price below EMA20 to intensify their bearish bets. As of writing, XRP price trades at $0.7, declining over 5.6% from yesterday’s price.
The RSI level has declined from its overbought region and is aiming to decline further, hinting that bulls are losing control and bears may soon take over.
However, a breakout above the $0.77-$0.8 region will bring a surge in buying pressure, and XRP price might again retest bulls’ patience at $0.9 next week.
On the other hand, if the price drops below $0.67, bears might trigger domination and plunge the token to $0.58.
Litecoin (LTC) Price Analysis
The bullish traders successfully maintained their position above the $92 support level despite facing a heavy selloff near $100. This suggests a shift towards a positive sentiment for Litecoin, with traders opting to buy during price dips. The rally has now approached the $95 mark, where it is expected to encounter substantial resistance.
If the buyers manage to hold their ground at the current levels, the chances of breaking above the $100 mark 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 surpassed, the price might surge toward the $115 mark.
Polygon (MATIC) Price Analysis
There is currently an attempt by the bears to drag Polygon beneath the EMA20 level, but the bulls are successfully resisting.
This resistance sparked significant purchasing driving the price up to $0.82, just below the target resistance of $0.85-$0.89.
The moving averages are nearing a bearish crossover, and the RSI is approaching the midline, suggesting that the bulls are losing the fight.
In the coming week, the price of MATIC may experience a resurgence around the $0.76 mark, which is likely to instill 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.
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