• The crypto market experienced a rollercoaster of surges and plunges across leading digital assets this week.
• Bitcoin’s sudden price dip created hope for an upcoming altcoin season.
• Investors have recently shifted their focus to leading altcoins like XRP, BNB and ADA.
Crypto Market Fluctuations
The entire cryptocurrency market was awash in a sea of red this week, as investors witnessed dramatic shifts in the crypto landscape. Bitcoin price made a sharp dip from $30K, leaving traders uncertain about future movement in the market. With Bitcoin’s dominance rate showing signs of decline, there is hope for an altcoin season in the coming days.
XRP Price Analysis
Bulls tried to drive XRP’s price above EMA-20 resistance but faced strong selling pressure near $0.473. On the hourly chart, XRP experienced a deceptive breakout from local support level at $0.4412 which could indicate further growth towards $0.48 zone if bar closure is successful. Currently trading at $0.47, it has climbed over 3.7% in 24 hours after taking support near EMA-100 at $0.44 and surpassing its 23.6% Fib level since then with a potential breakout above critical level of $0.49 sending it to bullish consolidation range of $0.51-$0.53 .
Binance Coin (BNB) Price Analysis
BNB had a notable rebound from the support level at around $318 near EMA-50 and surged past 20-day EMA indicating bulls are fighting hard to maintain this threshold and prevent further declines . Market observers will be carefully watching whether their efforts can successfully sustain the current levels .
ADA Price Analysis
Cardano (ADA) saw an impressive surge after hitting its support line near 0Fibonacci retracement levels on April 17th , followed by another breach past crucial resistance at 0Fibonacci retracement levels on April 21st . This indicates that ADA may continue its uptrend towards next resistance levels of around 0in the near future .
As Bitcoin’s sudden price dip failed to fulfil bullish goals, investors have shifted their focus towards leading altcoins such as XRP, BNB and ADA that show signs of potential explosive growth in the upcoming week if they are able to break out above critical resistance levels