Market watchers are eager to find out which altcoins will take center stage and soar to new heights in the coming week.
The crypto market has been on a dizzying roller coaster that has left even the most seasoned investors holding their breath. Following the collapse of the First Republic Bank and a series of interest rate hikes by the Federal Reserve and the European Central Bank, the crypto market has experienced widespread turbulence, with Bitcoin struggling to hold $29,000.
As the Bitcoin price witnesses a fear zone near $29K-$30K, it has left investors considering other cryptocurrencies amid volatility to safeguard their gains. Additionally, there is currently increasing demand in the altcoin market, as it is less affected by macro news and continues to deliver profitable returns to investors.
Solana Price Analysis
Over the past three days, Solana has seen limited price fluctuations, indicating uncertainty between buyers and sellers. The relatively stable moving averages and the RSI near the midpoint imply that the SOL could continue to hover around the broad $20-$25 range for a while. A breakout can occur as soon as the SOL price tries to break above its current range-bound area and break above the 200-EMA. In that scenario, Solana could hit $30.
Solana is trading at $22, gaining 0.04% in the last 24 hours. However, a price drop is forecast if the SOL token remains below the 50-day EMA at $22, which would indicate that the bears have a short-term advantage. In that case, the price can potentially drop to $18.
XRP Price Analysis
The XRP price has become a hot topic amid the legal battle between Ripple and the SEC. XRP exhibited an intraday candlestick formation followed by a Doji candlestick pattern on May 5, indicating that both bulls and bears are cautiously approaching the market without placing large bets. Despite a modest rise in the price of XRP today, its technical stance on the daily chart remains unchanged.
The moving averages have experienced a bearish crossover and the RSI is in negative territory, suggesting that the bears have a minor advantage. They will try to push the price down towards the solid support level of $0.43. Meanwhile, XRP continues to trade within a tight range between the $0.44 support and $0.48 resistance.
XRP is trading at $0.45, down 1.5% from yesterday’s rate. A breakout can occur if the bulls gain control at $0.48 and push the price above $0.5.
ADA Price Analysis
Cardano fell below the 50-day SMA at $0.38 today, but the long tail of the candlestick indicates that the bulls are vigorously defending the support around the $0.37 mark. The ADA price is trading at $0.37, down 3.5%.
The buyers are currently trying to push the price above the 20-day EMA at $0.39, but the bears are holding their ground. The down-sloping 20-day EMA and the RSI just below the midpoint imply a slight advantage for the bears. To counter this decline, the bulls need to quickly push the price above the neckline of the inverse head and shoulders pattern, which could increase the probability of a rally to $0.46, and eventually $0.52.
By Audy Castaneda
