Amid increased whale and institutional activity, the cryptocurrency market has added over $140 billion to its global valuation over the past week. Following this, top altcoins regained momentum and broke out of their important resistance levels.
With the market leader, Bitcoin price holding its value above the $60k level, investors are curious about the price analysis of the top altcoins for the upcoming weeks. Planning on investing in Ethereum, Solana, and Dogecoin but concerned about its prospects? Fear not as this article may just be the one for you.
Ethereum (ETH)
With a trading volume of $7.401 billion, Ethereum has added ~1% to its price in the past 24 hours. Moreover, it has jumped 5.82% over the past week and with a YTD return of 2.99%, it has a market cap of $291.48 billion.
The technical indicators SMA and MACD have both recorded a rising bullish price action in their respective chart. This highlights an increase in the buying-over-selling pressure for the altcoin leader in the crypto market.
If the market continues to gain momentum, the ETH price will retest its upper resistance level of $2.8K in the coming time. Conversely, an intensified bearish action could pull the price toward its crucial support of $2,175.
Keen on learning the price targets of ETH in the long run? Read our Ethereum Price Prediction for a sneak peek into the future!
Solana (SOL)
Amid increased price volatility, the Solana price has jumped 5.56% over the past week. With this, it has successfully retested its crucial support level of $127. Presently, the SOL crypto token is on the verge of testing its resistance of EMA 200-day, the outcome of which is uncertain.
The Relative Strength Index (RSI) continues hovering close to its neutral trendline in the 1D time frame. Further, its average shows a bullish curve, suggesting that the price may continue gaining value during the upcoming week.
If the bulls push the SOL price above its 50-day EMA, the altcoin will head toward its upper resistance level of $155. On the flip side, a trend reversal could pull the price toward its low of $127.
Dogecoin (DOGE)
Despite recording a drop of 1.86% in the past 24 hours with a trading volume of $363.75 million. The DOGE price has jumped over 10% in the past day and ~18% this year alone. With a market cap of $15.408 billion, the leader of the memecoins has secured the 8th position.
The Moving Average Convergence Divergence (MACD) has recorded a constant rise in the green histogram. Further, its averages show a rising pattern. This highlights a bullish outlook for the memecoin in the crypto market.
Maintaining the price above its support trendline of $0.101 could set the stage for the Dogecoin price to head toward its upper level of $0.127. However, an intensified bearish action could pull the price toward its lower support level of $0.0780.
Credit: Source link
