Last week brought a bullish comeback to the market as BTC price witnessed massive buying demand and surged toward the $65K mark. Though the dominance of BTC is currently rising, any minor pullback might trigger top altcoins to turn $1 into $10 this week.
Last week, Bitcoin’s market dominance saw a decline, prompting some cryptocurrency analysts to suggest it may have reached its peak. This indicates traders are increasingly turning their attention to altcoins.
Analysts believe that the period of Bitcoin’s dominance is potentially over, citing a recovery in altcoin value, suggesting a market bottom for altcoins may have been reached.
As altcoins begin to perform better in comparison to Bitcoin, it suggests that a rotation within the market is due this week.
The decrease in Bitcoin’s market share is often seen by market experts as a sign that an upswing in the altcoin market could be ahead. Investors are moving their funds from Bitcoin during price decline. If BTC price witnesses a plunge next week, these emerging altcoins might trigger a 10x rally.
Bullish traders recently drove the price of WIF towards the critical resistance of $3.5 mark. Despite the downward pressure that plunged the WIF price toward $2.2, buyers continued buying in the dip, triggering a solid rebound. As a result, the price of WIF has climbed to $3.37, marking an increase of over 13% from yesterday’s rate.
Currently, buyers are aiming to push the price above the nearby resistance level of $3.6. If they succeed, it could indicate the start of a new upward trend for the WIF/USDT pair, potentially reaching new all-time highs.
Nonetheless, there are concerns that this rally may encounter interruptions. The Relative Strength Index (RSI) has been hovering around the overbought zone recently, indicating that the market may be overheated. This could lead to a slight correction or a period of stabilization. It is crucial to monitor the support level at $2.9 in the event of a downturn.
GLM has successfully risen from a period of consolidation around the $0.43 level with a significant breakout. The momentum has carried the price to $0.57, marking an impressive 26% increase over the past 24 hours.
The continuation of buying activity, rather than profit-taking at these higher prices, suggests stable confidence among investors. There is a possibility that the price could temporarily pull back to its moving averages, which are anticipated to act as support. A robust recovery from these levels might set the stage for a surge beyond $0.75. Achieving this could send the GLM/USDT pair towards the $1.4 mark and possibly extend gains to $3.1.
However, a drop below the moving averages could indicate a shift towards selling among holders.
Bulls have struggled to push HNT price above the $6 resistance but remain hopeful. Currently, HNT price trades at $5.6, a 33% increase from yesterday.
A rising 20-day EMA at $5.4 and a positive RSI suggest potential growth, targeting next resistances at $6.4 and $11.2.
However, if HNT drops below $4, bears could take over, driving the price towards $3.4 next week.
Also read: Top Altcoins Facing Potential Crash In Coming Week
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