The cryptocurrency market is experiencing bearish sentiment in the short term, driven by the leading crypto Bitcoin. Despite this, expectations for a potential rally are high. As a result, various cryptocurrencies stand out as investment potential due to the positive atmosphere around them. Crypto expert Justinas Baltrusaitis looks at 3 altcoin projects that should be on investors’ radar next week.
First ranked altcoin: Polygon (MATIC)
Polygon aims to overcome the challenges faced by Ethereum (ETH), especially high fees. Therefore, it remains an attractive cryptocurrency investment option. Being Ethereum Layer-2, Polygon’s primary goal is to solve the high transaction fees of Blockchains. Also, helping it overcome issues like slow processing times.
Ongoing partnerships complement Polygon’s expectations. For example, last year large companies such as Starbucks used Polygon’s Blockchain. Additionally, it recently partnered with Fox Corporation to verify the accuracy of news content. These partnerships show that Polygon continues to attract attention. Despite these positive developments, the altcoin price experienced a decline, reflecting the general trend in the cryptocurrency market. MATIC is struggling to maintain levels above a key $0.70 support zone. A potential rally in the market would likely help MATIC regain the $0.80 resistance zone. At the time of writing, MATIC is trading at $0.78. This reflects weekly losses of approximately 11%.
Ripple’s token, XRP, is next in line
XRP continues to be a focus for investors, especially amid the ongoing developments in the Ripple and SEC case. cryptokoin.comAs you follow from , Ripple recently took a stance against the SEC’s request. Thus, he turned down a request for information about the Blockcain company’s financial statements and corporate sales. Despite lengthy legal proceedings, the altcoin project positions itself as an attractive investment opportunity. The company continues to use Ripple’s underlying technology that facilitates cross-border transactions as a key driver for potential price rallies.
At the same time, recent market trends revealed a significant inflow of $2.2 million into XRP-related products as of January 16. This is a significant increase from the previous week’s $900,000. This rise is in line with speculation that XRP could secure an exchange-traded fund (ETF) after Bitcoin and offer an additional layer of potential growth. Short-term indicators point to a bearish trend for XRP. However, analysts remain optimistic about future rallies. Crypto analyst Crypto Rover points to a significant rally for XRP in the next eight weeks. At the time of writing, the altcoin was trading at $0.55. This reflects a decline of approximately 5% in the last seven days.
Last ranked altcoin: Cardano (ADA)
Amidst the recent downtrend, Cardano emerges as a potential investment opportunity for the coming week. Despite experiencing a period of consolidation, various factors, including network developments and technical analysis, indicate that ADA will witness a significant uptrend in the near future.
Analyst Ali Martinez points out parallels between Cardano’s current consolidation phase and its behavior in late 2020. Martinez suggests that if history repeats itself, ADA will continue its upward trend around April. According to the analyst, a continuation of this formation could lead to a significant upside, with potential altcoin price targets reaching $0.80, a short correction to $0.60, and a potential rise to $7.
It’s possible that Cardano’s resilience during the recent market sell-off could revive demand for ADA. Major Chang hard fork is coming, which will enable community governance. Founder Charles Hoskinson also strikes an optimistic tone for Cardano. Hoskinson refers to 2024 as the “Mithril Age.” Thus, it envisions a smooth-running network where node booting takes under 20 minutes. This forward-looking vision, combined with the 250% increase in development activity on Cardano at the beginning of the year, reflects the developers’ commitment to the altcoin project. At the time of writing, Cardano was trading at $0.51 with a daily gain of almost 3%. However, on the weekly chart, ADA is down over 7%.
The opinions and predictions in the article belong to experts and analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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