As Bitcoin’s price action hovers within a tight range, investors are beginning to turn their attention to altcoins, which have started to exhibit volatile and promising price movements. This shift in focus comes as the leading cryptocurrency experiences a slight downtrend, leading market observers to speculate about the potential onset of an altcoin season. It is anticipated if the Bitcoin price takes support in the next few days, it may send the following altcoins to new highs.
Bitcoin’s Decline To Bring Strong Buying Pressure In Altcoin Market
Bitcoin has recently seen its price enter a consolidation phase, trading in a narrow range. While the market leader is struggling to establish a clear direction, this has opened the door for altcoins to take center stage next week.
Cardano (ADA) Price Analysis
Cardano’s price has surged today, breaking through the neckline of the inverse head-and-shoulders (H&S) pattern, thus completing the bullish reversal setup. In typical market behavior, the price tends to experience a pullback following a breakout from a pattern, retesting the level from which it broke out. In this instance, the ADA price may experience a slight dip toward the neckline.
If the price rebounds from this level, it would indicate that the bulls have successfully transformed the neckline into a support zone. This development could set the stage for an upward movement next week, potentially targeting the $0.60 mark as per the pattern’s projection.
As of writing, Cardano trades at $0.457, gaining over 4.7% in the last 24 hours. An analyst suggests that Cardano’s price may experience a pullback to $0.4, from which it can surge to $0.55 next week.
Binance Coin (BNB) Price Analysis
Binance coin has witnessed a noticeable breakout this week, surging above its monthly resistance level of $320. BNB’s price managed to remain above the 20-day EMA at $319, indicating a shift towards positive sentiment as traders seized the opportunity to buy the dips. With the 20-day EMA beginning to trend upward and the relative strength index (RSI) climbing above 60, signs point to a changing tide in the market, favoring bullish momentum.
As of writing, BNB’s price trades at $334, with an uptick of 2.5% from yesterday. If BNB breaks above $340, it may attain a high of $350 next week.
Polygon (MATIC) Price Analysis
On April 12, Polygon experienced a brief slip below the symmetrical triangle pattern’s support line, but the candlestick’s long tail reveals that bulls aggressively purchased at lower price points. Hence, MATIC price rallied and broke through the 20-day EMA at $1.12. This upward movement caught aggressive bears off guard, potentially leading to a short squeeze.
As the price approached the triangle’s resistance line, it faced significant challenges from bears, highlighting the ongoing tug-of-war between bullish and bearish forces in the market.
Currently, MATIC price trades at $1.18, with a surge of 3%. According to a crypto analyst, TradeView, MATIC whales may increase the accumulation rate if the altcoin surges above $1.25, pushing the price to $1.5 by next week.
