In March, Bitcoin’s market dominance, as measured by its proportion of the cryptocurrency’s total market capitalization, increased significantly from around 44% to a high of 48%. Despite a 22.7% rise in the price of Bitcoin over the same period, many altcoins underperformed or posted negative returns. Nonetheless, a few altcoins may continue to show strong bullish signals in April.
These Altcoins Will Dominate Next Week
With March over, investors want to know which altcoins to watch in April. At the moment, Ripple (XRP), Cardano (ADA) and Polygon (MATIC) seem to be the best contenders to resume their bullish recovery in the coming week.
Ripple (XRP) price analysis
XRP’s candlestick exhibits a long wick, indicating that the bears are fiercely guarding the $0.56 resistance. XRPUSDT’s candlestick pattern formed an inside day, signaling ambiguity between bulls and bears. If the price breaks below $0.5, the token could revisit the breakout point at $0.49, a crucial level to watch as a breach could extend the correction to the 20-day EMA (0 $.45).
At the time of writing, the price of XRP is trading at $0.51, down almost 5% from yesterday’s performance. However, the token is expected to take support near $0.5 and initiate a fresh bounce this week. If XRP manages to break above the resistance zone between $0.56 and $0.59, its price could rally from its current level, potentially reaching $0.65 and $0.80 the following week.
Cardano (ADA) Price Analysis
Cardano has been on a strong uptrend for the past few days and is expected to rise further next week. After two days of indecision, the bulls managed to propel Cardano above the resistance at $0.39. The price has now arrived at the critical resistance located at the neckline of the reverse head and shoulders (H&S) pattern.
ADA price is currently trading at $0.39, trending down over 1.5%. The positive territory of the RSI and the rising trend of the 20-day EMA ($0.36) suggest that the most favorable direction for the price of Cardano is on the upside. Should the bulls manage to push the price above the neck line, it would complete the reversal setup, potentially propelling the altcoin towards its pattern target of $0.60 next week.
Polygon Price Analysis (MATIC)
As the Polygon network is active to bring robust network developments, traders might witness an upward trend in the MATIC price chart next week. Although Polygon briefly rose above the 20-day EMA ($1.12), it encountered resistance from the bears. As a result, the sellers are likely to make an effort to drive the price down to the crucial $1.04 support level.
The MATIC price is currently trading at $1.11, with a slight uptick. If the price breaks above and remains consistently above the 20-day EMA, MATIC might strive to reach the overhead resistance at $1.31.