Just a few weeks ago, Bitcoin’s market dominance finally topped 50% after a two-year lull, thanks to a flurry of bitcoin spot exchange-traded fund requests from top-tier financial institutions. . However, after Ripple’s partial victory against the SEC, Bitcoin’s dominance suffered a setback. A sudden increase in altcoin prices caused Bitcoin’s market dominance to drop temporarily, bringing it back below the 50% threshold. In this context, the prices of altcoins like XRP, LTC and MATIC are expected to explode next week.
A crucial week for the Altcoin market
Bitcoin’s recent decline in market dominance coincides with growing anticipation within the crypto community for the resurgence of “altcoin season.” Several altcoins, which the SEC has also claimed to be securities, have seen double-digit price increases. This market development is particularly relevant in light of the focus on Ripple (XRP), Litecoin (LTC) and Polygon (MATIC). As such, the crypto community will be watching these altcoins closely in the coming week.
Ripple (XRP) price analysis
XRP price is currently trading in a bearish zone after facing a strong selloff yesterday. Analyzing the 4-hour price chart, the bears are currently trying to pull the price below the EMA20 to step up their bearish bets. At the time of writing, the price of XRP is trading at $0.7, down more than 5.6% from yesterday’s price.
The RSI level has declined from its overbought region and is aiming to drop further, hinting that the bulls are losing control and the bears may soon take over.
However, a break above the $0.77-$0.8 region will lead to increased buying pressure, and the price of XRP may again test the patience of the bulls at $0.9 this week. next.
On the other hand, if the price breaks below $0.67, the bears could trigger dominance and plunge the token to $0.58.
Litecoin (LTC) Price Analysis
Bullish traders managed to hold their position above the $92 support level despite a strong sell-off near $100. This suggests a shift towards positive sentiment for Litecoin, with traders opting to buy during price declines. The rally has now approached the $95 mark, where it should encounter substantial resistance.
If the buyers manage to maintain their position 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 breached, the price could surge towards the $115 mark.
Polygon Price Analysis (MATIC)
The bears are currently trying to drag Polygon below the EMA20 level, but the bulls are successfully resisting.
This resistance triggered significant buying, driving the price up to $0.82, just below the target resistance of $0.85-$0.89.
The moving averages are approaching a bearish crossover and the RSI is approaching the middle line, suggesting that the bulls are losing the fight.
Over the coming week, the price of MATIC may experience a resurgence around the $0.76 mark, which should inspire buyer confidence. This upward momentum could potentially reach the $0.9 level, where the bears would need to mount significant resistance to thwart a rise to $1.
