Crypto Market Analysis: Altcoins Could Be Top Performers and Outpace Bitcoin!
The Bitcoin price today is trading within a very narrow range without any major signs of a breakout or breakdown. Besides the best altcoins like Ethereum and BinanceCoin trade within a tight range. Interestingly, Ripple (XRP) and Cardano (ADA) have been riding high, leading the winners’ charts with double-digit gains.
Here are the best Altcoins to thrive while Bitcoin sits on the sidelines
Ripple (XRP)
XRP price is exploding as the bears seem to have lost control of the rally from the past few days. The anticipation of Ripple vs SEC’s ruling, which is expected to be rolled out in a few days from now, has mainly ignited the rally higher towards the sky. As the price approaches the curial resistance, a bullish breakout could lead to a noticeable rally in the coming days.
The price rose above the major resistance around $0.51 and ranged near $0.6. Although price continues to be under bullish interference, the possibility of a bearish breakdown haunts the rally. Therefore, a notable pullback could kick in before visiting the crucial $0.65 resistance.
Cardano (ADA)
Cardano price underwent a “v-shape” recovery and rose high to reach the first target of around $0.385. The buying pressure has increased nicely, which could lift the price nicely to reach the major resistance above $0.42. However, the technicals suggest that a bullish breakout may be imminent.
The ADA price is currently trading within an ascending triangle and has just studied back from the lower support of the triangle. The RSI is rising, which could push prices northwards going forward. However, prices can certainly hover below the resistance for a while, which could help the token gather some strength to break out of the consolidation.
Polygon (MATIC)
Polygon has maintained a significant rally ever since it experienced a giant price drop during the first half of 2022. The previous attempt to rise above the resistance failed and resulted in a giant price drop stuck along the support.
The MATIC price is currently trading within an ascending triangle and has currently ignited a pullback from the lower support. As the RSI is still flashing bullish signals, the price is expected to sustain a noticeable rally in the next few days to test the $1.5 upper resistance. However, a bearish retracement can be expected, but it can only be for a short time ahead, after a bullish return.
