Crypto Market Analysis: Altcoins Could be the top Performers, Outshining Bitcoin!
Bitcoin price nowadays is trading within a very narrow range without any major signs of a breakout or breakdown. Besides the top altcoins like Ethereum and BinanceCoin are trading within a tight range. Interestingly, Ripple (XRP) and Cardano (ADA) have been soaring high leading the gainers lists with a double-digit profit.
Here Are the Top Altcoins Which May Thrive While Bitcoin Sits on the Edge
XRP price is exploding as the bears appear to have lost control over the rally from the past few days. The anticipation of the Ripple vs SEC’s judgment which is assumed to be rolled out in a few days from now has mainly lit the rally higher towards the skies. While the price is approaching the curial resistance, a bullish breakout may light a notable upswing in the coming days.
The price surged beyond the major resistance at around $0.51 and ranged close to $0.6. Although the price continues to be under bullish interference, the possibility of a bearish breakdown haunts the rally. Therefore, a notable pullback may kick in before visiting the crucial resistance at $0.65.
Cardano price underwent a ‘v-shape’ recovery and surged high to reach the 1st target at around $0.385. The buying pressure has mounted finely which may lift the price finely to reach the major resistance above $0.42. However, the technicals suggest a bullish breakout may be imminent.
The ADA price currently is trading within an ascending triangle and just rebounded from the lower support of the triangle. The RSI is rising which may push the prices toward the north ahead. However, the prices may certainly hover below the resistance for a while, which may help the token accumulate some strength to break out from the consolidation.
Polygon has maintained a significant upswing ever since it experienced a giant price drop during the first half of 2022. The previous attempt to rise beyond the resistance failed and resulted in a giant price drop which was held firmly along the support.
The MATIC price is currently trading within an ascending triangle and currently has ignited a rebound from the lower support. As the RSI still flashes bullish signals, the price is believed to maintain a notable upswing for the next few days to test the upper resistance at $1.5. However, a bearish retracement could be expected but it may prevail only for a short while ahead, following a bullish rebound.