Bitcoin’s market dominance in comparison with the rest of the crypto market increased significantly in March. The market leader’s dominance rose from 44% to a peak of 48% as the crypto’s price rose around 22.7% during this time period. Despite this, the altcoin market underperformed or printed negative returns.
Nevertheless, an altcoin market bull run may be on the cards in the near future, and three altcoins that investors and traders will want to pay attention to are Ripple (XRP), Cardano (ADA) and Polygon (MATIC). With March coming to an end, these three altcoins seem to be the top contenders for resuming their bullish recovery in the upcoming week.
XRP’s price has printed higher lows and higher highs over the past 2 weeks. This has resulted in an ascending price channel forming on the altcoin’s daily chart.
Daily chart for XRP/USDT (Source: TradingView)
At press time, bears are fighting with bulls to defend the $0.56 resistance level – causing the price of the altcoin to retrace in the last 48 hours. Should the closest support level at $0.5 break, then XRP’s price could drop to the demand zone between $0.46 and $0.4747, which could result in an upward spike in XRP’s price in the coming week.
XRP’s price is currently resting on the 9-day EMA line. Should it lose the support of the EMA line, then it will likely drop to $0.4617 in the coming week. This bearish thesis will be invalidated if XRP’s price is able to close above the resistance level at $0.5176 in the next 24-48 hours.
Should this happen, XRP’s price will likely consolidate for a few days before rising to the next resistance level at $0.5430.
Similar to XRP’s daily chart, an ascending price channel has been established on ADA’s daily chart as well. This comes after ADA’s price also printed higher highs and higher lows over the last 2 weeks.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price currently has the support of the 9-day EMA line. Furthermore, this EMA line is also trading above the 20-day EMA line at press time, which signals that ADA’s price is currently in a bullish cycle. ADA’s price may retract back into the support zone between $0.3709 and $0.3822 before continuing its upward move this coming week.
Should bulls not step in once ADA’s price enters this support zone, then ADA’s price is at risk of dropping to as low as $0.3576 in the coming week. This bearish thesis will be invalidated if ADA’s price remains above the $0.3822 mark in the next 24-48 hours. Should this happen, the altcoin’s price will look to rise to $0.4179 in the coming week.
A bullish ascending triangle chart pattern has formed on MATIC’s daily chart. Should this pattern play out, MATIC’s price will make a move to the next key resistance level in the coming week.
Daily chart for MATIC/USDT (Source: TradingView)
A key level that traders will want to keep an eye on is the resistance level at around $1.1578. Should MATIC’s price close above this level in the next 24-48 hours, the altcoin’s price will make a move towards the next resistance level at $1.2542.
A potential early confirmation of this bullish move will be when the 9-day EMA line crosses above the 20-day EMA line. This will signal that bulls have stepped in to provide MATIC’s price the support needed to soar to the aforementioned $1.2542 in the coming week.
On the other hand, if MATIC’s price drops below the minor support level at $1.0850 then it will likely continue to drop to sub $1 in the coming week.
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Source: Cryptocurrency - investing.com
