The altcoin market has been heading down for the past few days following the US jobs data. Investors gained some confidence after Bitcoin rallied above $30,000. However, the recent sharp decline and the possibility of further depreciation make the market nervous. In this article, let’s take a quick look at altcoins that are giving green signals for the next week from a technical standpoint.
These altcoins are ready for a potential exit
First, Solana is gaining strength near the $19.82 resistance level. The price action shows that while investors are taking advantage of the price drops, they have yet to start a significant recovery.
As of now, SOL price is trading at $21.06, down slightly from the last 24 hours. The 20-day EMA has started an uptrend. Also, the RSI is recovering from the bearish zone. Nu also shows a slight advantage for the bulls.
If the bulls manage to climb above $21.5, their next target will be the $23-25 zone. In this scenario, the price might try to rise towards $27. On the other hand, if it drops further from its current level, the bears will potentially head towards $16.
Binance Coin (BNB)
BNB price continues its downward trend. The price is currently approaching the critical support at $300. At the time of writing, it is trading at $310, up over 0.5% from yesterday’s price. In the short term, BNB will soon attempt to break above EMA200 on the 4-hour chart.
This move paves the way for the price to continue higher towards the $338 resistance. Currently, the bulls will target the $300-338 range next week.
Polygon (MATIC)
MATIC price is currently witnessing massive fluctuations as the bulls try to push the price out of the fear zone. MATIC price hovers around the $0.85 region, down more than 0.8% from yesterday’s price.
If MATIC price rises above $0.89, the bulls will aim for $0.99 next week. However, failure to move above $0.89 will strengthen the sellers’ position and MATIC price could drop below $0.8.
On the bitcoin side, the bulls succumbed to medium-term selling pressure after more than eight weeks of attempting to break above $31,000. The market in general is also accompanying this momentum, and the most important point is that Bitcoin transfers its dominance to altcoins.
Cryptocurrency market volume and Bitcoin dominance falling
According to the data, the total crypto market cap fell nearly 3.3% to $1.14 trillion on Friday, May 12. As market data from TradingView shows, Bitcoin’s dominance has quickly dropped below 48 percent. Meanwhile, crypto investors began to consider whether it would be long-term. According to most analysts, the expected altcoin season is getting ready to happen.
Also, according to Coinglass reports, over 82% of long positions in the crypto market have been liquidated in the last 24 hours. As a result, these traders are likely to shift their focus to short selling. If that happens, it will potentially fuel a long jam.
Timing of the next Bitcoin and altcoin bull season
At this point, popular crypto analyst CryptoTony suggested that the market will recover in the third quarter of 2023. cryptocoin.com As we reported, while the next Bitcoin halving is less than a year away, analysts especially interpret historical data as a bullish signal.
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