In March, Bitcoin’s market dominance experienced a notable surge compared to the rest of the cryptocurrency market. The market leader’s dominance climbed from 44% to a peak of 48%, coinciding with a 22.7% increase in the crypto’s price. However, the altcoin market failed to keep pace, resulting in underperformance or negative returns. These developments underscore the continued importance of Bitcoin as a key player in the cryptocurrency landscape.
Despite recent market fluctuations, there are indications that an altcoin market bull run could be imminent. Savvy investors and traders should keep a close eye on Ripple (XRP), Cardano (ADA), and Polygon (MATIC), as these three altcoins appear poised to lead the charge toward a bullish recovery in the coming week. As March draws close, these top contenders are worth watching for those seeking to capitalize on potential gains in the altcoin market.
Ripple (XRP)
Over the last fortnight, XRP has demonstrated a consistent pattern of higher lows and higher highs, culminating in forming an ascending price channel on the altcoin’s daily chart.
As of the latest update, the market is witnessing a fierce battle between the bears and bulls over the $0.56 resistance level, leading to a slight retracement in the altcoin’s price over the past 48 hours. If the nearest support level at $0.5 is breached, XRP’s value may plummet to the demand zone ranging from $0.46 to $0.4747, potentially paving the way for a bullish surge in the upcoming week.
The current position of XRP’s price is delicately balanced on the 9-day EMA line. However, if it fails to maintain this support, it could potentially plummet to $0.4617 in the upcoming week. Nevertheless, this bearish outlook can be overturned if XRP’s price surpasses the resistance level at $0.5176 within 24-48 hours. It’s crucial to keep a watchful eye on these developments to make informed decisions.
In the event of such an occurrence, the value of XRP will probably undergo a period of consolidation for a brief duration before ascending toward the subsequent resistance threshold of $0.5430.
Cardano (ADA)
ADA’s daily chart has also established an ascending price channel, mirroring the pattern on XRP’s chart. This development follows ADA’s impressive performance over the past two weeks, marked by consistently higher highs and higher lows.
ADA’s price is being bolstered by the 9-day EMA line, with the added advantage of trading above the 20-day EMA line. This indicates a bullish trend for ADA’s price. However, the price may experience a temporary dip and retreat to the support zone between $0.3709 and $0.3822 before resuming its upward trajectory in the upcoming week.
If bulls fail to intervene as ADA’s price enters the support zone, there is a looming possibility of a significant drop to as low as $0.3576 in the upcoming week. However, this bearish outlook can be overturned if ADA’s price stays above the $0.3822 threshold within 24-48 hours. In such a scenario, the altcoin’s price is expected to surge toward $0.4179 in the coming week. It is crucial to keep a watchful eye on these developments and make informed decisions accordingly.
Polygon (MATIC)
On the daily chart of MATIC, a bullish ascending triangle chart pattern has emerged, indicating a potential price surge toward the next significant resistance level in the upcoming week. If this pattern materializes, investors can expect a positive trend in the market.
Traders are advised to closely monitor the resistance level hovering at approximately $1.1578, as it holds significant importance. If MATIC’s price surpasses this level and closes above it within the next 24-48 hours, the altcoin’s value is expected to surge toward the subsequent resistance level at $1.2542. Traders must remain vigilant and keep a watchful eye on these key levels to make informed investment decisions.
An auspicious indication of the bullish trend can be observed with the 9-day EMA line surpassing the 20-day EMA line. This will serve as a clear signal that the bulls have taken charge and are providing the necessary support for MATIC’s price to skyrocket toward the anticipated $1.2542 mark in the upcoming week.
Alternatively, if the value of MATIC falls below the modest support threshold of $1.0850, it will likely persist in its downward trajectory and dip below $1 within the next week.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
