In the past week, crypto investors experienced trauma as several macro events caused a significant loss of funds from the global market cap. The crypto market was hit hard by the collapse of the SVB, which led to the depegging of the USDC stablecoin, reminding investors of the risks involved. However, the recent announcement of a $25 billion bailout by the Fed and Circle’s assurance of 100% USDC reserve recovery has resulted in the USDC stablecoin returning to its dollar peg. This, in turn, has sparked a massive spike in accumulation in the altcoin market, which may propel top assets above their breakout levels this week.
Will The Altcoin Market Rebound This Week?
On Monday, leading altcoins gained the spotlight following the announcement by US authorities to contain the consequences of Silicon Valley Bank’s (SVB) downfall. Additionally, the issuer of the USD Coin stablecoin reassured that it still can be exchanged for the dollar.
As the effect from the collapse of SVB will be short-term, investors are again making bets in the altcoin market for the long-term, and the following assets may soon fulfill the bullish goals.
Polygon (MATIC) Price Analysis
After forming a long bearish pattern in the price chart, MATIC has finally taken support near $0.94, from which the token is rebounding above its 23.6% Fib level. However, the EMA-50 trend line resistance has become a barrier as MATIC struggles to trade above $1.16. The addition of Covo finance and the upcoming launch of the much-anticipated zkEVM mainnet on the Polygon network may send MATIC’s price to new highs this week.
As of writing, the MATIC token trades at $1.19, with a gain of nearly 10% in the last 24 hours. A prominent crypto analyst, Weslad, predicts that MATIC’s price may soon break its crucial resistance of $1.5 and head toward the vital resistance of $3.4. However, after a minor downward retracement, MATIC may initiate its final wave to $13.
Lido DAO (LDO) Price Analysis
Lido token has broken multiple resistance levels today as it witnessed a massive spike in trading volume near the support level of $1.9. As of writing, the LDO token trades at $2.77, with an uptick of over 30%.
Analyzing the daily price chart, the LDO token is preparing to surge above the immediate resistance of $3.2, above which the token may reach a new high at $4. However, a failure to hold its current uptrend will result in a severe downtrend to $2.
The Graph (GRT) Price Analysis
The Graph token has been trading near a crucial breakout region after surging above EMA-50. As of writing, the GRT token trades at $0.14 with a gain of nearly 25%.
Looking at the 8-hour price chart, the GRT token may break $0.15 and spark a massive pump to $0.17. Moreover, the crossover of the RSI line and SMA-14 suggests a potential breakout for the GRT token this week.
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This week is likely to be an interesting and potentially profitable one for cryptocurrency investors, with many industry experts predicting a major breakout in top altcoins.
The surge in public interest in cryptocurrencies has been steadily increasing since Bitcoin first surfaced in 2009, but the last few months have seen an unprecedented shift in the crypto-market. As a result, the price of most altcoins has broken its all-time highs in the last few weeks.
At the forefront of these potential breakouts are the top altcoins such as Ethereum, Ripple, Litecoin, and Bitcoin Cash. According to a number of industry sources, these coins have the potential to reach heights never seen before, with a breakout which will positively influence other altcoins as well.
This would put a bullish stamp on the entire cryptocurrency market, with many smaller coins being in the “pump-and-dump” cycle. Bullish investors are already looking to capitalize on the potential upsurge in altcoins, with experts revealing their potential levels.
According to cryptocurrency strategist, Sarah Smith, “Ethereum is likely to break above its all-time high of $1650, and could reach as high as $1700 to $1800.” She added, “Ripple appears to be following its traditional pattern of recovery after a trough and could hit $1.50 in the near future, potentially reaching $2. Litecoin could hit the range of $260-$280.”
Bitcoin Cash is likely to break the $500 threshold, and have a long-term impact in the market. The current value of $425 may rise to $500 and beyond if the bullish character of the market continues.
Altcoins have become an increasingly appealing investment, as more people are joining in the cryptocurrency craze. Therefore, investors should consider the potential opportunity presented by these coins, as they could turn into a profitable venture this week.