The total crypto market cap has reached $1.20 trillion. This happened after the majority of the crypto market posted 24-hour gains. According to analysts, we can see this upward momentum seen in the altcoin market in the next few weeks. Eight altcoins, notably Solana (SOL), SushiSwap (SUSHI), Polkadot (DOT), Zilliqa (ZIL), Arbitrum (ARB), Cardano (ADA), XRP and Pepe (PEPE), are among the best in the altcoin market in the next few weeks. performing altcoins. Here are the details…
Solana (SOL) is at the top of the altcoin list to watch out for.
SOL has become one of the top 10 cryptocurrencies traded in the green. The altcoin was worth around $22.68 after a price increase of over 4% the past day. Unfortunately that wasn’t enough to take its weekly performance out of the red as SOL has dropped 2.21% in the last seven days. The price of SOL has been at lower levels for the past two months. This is a bullish sign that the price of the Ethereum killer will exit the current consolidation phase dramatically.
This bullish thesis is supported by the weekly RSI. At the time of writing, the weekly RSI is bullish, with the weekly RSI trading above the SMA line. In addition, the 9-week EMA line wanted to break above the 20-week EMA. Should this rally materialize, the price of SOL will aim for the next key resistance level around $36 in the coming weeks.
SushiSwap (SUSHI) is also on the altcoin list
SUSHI was another crypto trading in the green after a small price increase of around 0.90%. Despite this 24-hour increase, crypto has lost 0.31% in the last hour to press time. SUSHI’s small gains were also not enough to strengthen against the two market leaders. At press time, SUSHI lost 0.19% and 2.73% against Bitcoin (BTC) and Ethereum (ETH), respectively. The price of SUSHI has been trading in the consolidation range between $0.986 and $1.76 for the past 2 months. Currently, the altcoin’s price is being squeezed by the 9-week EMA line and the lower boundary of the consolidation range.
As the majority of the crypto market believes bottoms are forming for this bear market, this squeeze could cause a significant increase in the price of SUSHI in the next few weeks. If this bullish thesis is confirmed, SUSHI’s price will likely make a move towards the upper limit of the aforementioned consolidation range at $1,760.
What’s next for Polkadot (DOT)?
The last 24 hours have also been pretty sluggish for DOT as crypto has posted a small price increase of just under 1% over the past day. This has not corrected the altcoin’s weekly performance as DOT has dropped 2.88% in the last seven days. DOT’s market cap of $6,839,019,041 ranks it as the 11th largest crypto. The DOT has also been trading in a consolidation channel between $4,273 and $7.74 for the past few months. Technically, the coin’s weekly chart is bearish given the fact that the 9-week EMA is bearish from the 20-week EMA. In addition, the weekly RSI line is bearish from the weekly RSI SMA line.
Traders and investors will want to wait for the price of the DOT to close above the 20-week EMA line or trade near the lower boundary of the current consolidation channel. Either situation will present a long-term buying opportunity for the DOT.
There is hope for Zilliqa (ZIL)
ZIL was trading at $0.02712 after a price drop of 0.20% in the last 24 hours. As a result, ZIL traded between the 24-hour low of $0.02671 and the 24-hour high of $0.02748. This pushed ZIL’s weekly performance further into the red as the altcoin has dropped more than 6% in the past seven days. ZIL’s price drop also means that it has weakened by around 1.35% and 3.63% against BTC and ETH, respectively.
ZIL’s price has dropped below the 9-week and 20-week EMA lines in the last 3 weeks. As a result, a notable bearish flag is on the verge of being triggered as the 9-week EMA line is about to cross below the 20-week EMA. If this crossover occurs, ZIL’s price could dip as low as $0.02281 in the next few weeks before it recovers and enters a rally.
What to expect for Arbitrum (ARB)?
ARB was another crypto trading in the red after the 0.71% price drop the past day. This led to ARB’s weekly performance falling further into the red at 5.04%. ARB’s price slumped from its all-time high (ATH) to $1,820. This pullback in the altcoin’s price caused it to drop below the $1,4293 support and turned the level into resistance. Considering that this project is still in its infancy, the price of ARB could drop to around $1,1197 before recovering to enter a rally as early investors will want to take profits.
However, if the price of ARB can climb above the $1,820, it should lead the coin to form a new ATH in the coming weeks. This will of course be possible if he can get past his previous ATH first.
Pepe (PEPE), which does not fall off the agenda, is also on the list
CoinMarketCap noted that PEPE topped the trending list after seeing a price increase of more than 40 percent in the past day. PEPE has been in the spotlight all week as crypto has surged more than 700% in the last seven days alone. Even more impressive was that PEPE rose 4846.29% last month. PEPE’s 24-hour trading volume also increased by over 200% to $2,918,450,144.
PEPE is a very early stage project. It can be a risky investment given that there has already been a wave of profit taking this week. However, retail investors can buy the meme coin due to Fear of Losing (FOMO) after the excellent performance this week.
The last two altcoins on the list: XRP and ADA
Finally, the price of XRP has become a popular topic amid the legal battle between Ripple and the SEC. XRP exhibited an intraday candlestick pattern followed by a Doji candlestick pattern on May 5, showing that both bulls and bears are cautiously approaching the market without placing big bets. Despite the modest rise in the price of XRP today, its technical stance on the daily chart has not changed. The moving averages are bearish and the RSI is in the negative territory, indicating that the bears have a slight advantage. They will try to push the price towards the solid support level of $0.43. Meanwhile, XRP continues to trade in a tight range between the $0.44 support and the $0.48 resistance.
Cardano, on the other hand, slipped below the 50-day SMA to $0.38 today, but the long tail on the candlestick shows that the bulls are fiercely defending the support around $0.37. ADA price is down 3.5% to trade at $0.37. Buyers are currently trying to push the price above the 20-day EMA at $0.39, but the bears remain stable. The downward sloping 20-day EMA and the RSI just below the midpoint mean a slight advantage for the bears.
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