Investors are now more bullish as the overall market capitalization has recovered, surpassing $1.7 trillion. This recovery is partly due to anticipation surrounding Bitcoin’s upcoming halving event, which could potentially lead to a price increase. Recently, Chainlink and Celestia experienced notable price growth, dominating the market, whereas XRP’s value dipped following a security breach. Nevertheless, predictions for the upcoming week suggest these cryptocurrencies may outperform, leading to significant gains against sellers.
Investors Might Stay Focused On Bitcoin
Bitcoin’s recent rebound could attract investors to maintain their investments in it rather than in altcoins, as indicated by its growing market dominance, signaling a bullish comeback. This has led to a suppression of major altcoins, capping their collective dominance at approximately 12.5%.
Moreover, the altcoin season index has experienced a sharp downturn after being unable to sustain levels near its peak of 84, now trading around 65. Consequently, Bitcoin is likely to continue drawing the bulk of investment interest in the upcoming week.
Chainlink (LINK) Price Analysis
Chainlink experienced a positive shift in its trading pattern, breaking above the $17.7 mark. This indicates that buyers have gained the upper hand over sellers. However, sellers are now strongly defending a surge above $20.
Nevertheless, it’s expected that the sellers will not retreat easily and will attempt to drive the price back down below the breakout level. Should they succeed, it could catch several overconfident buyers off guard, potentially leading to a decline towards the 50-day EMA at $16.1.
Conversely, if the buyers succeed in keeping the price above $19-$20, it would confirm the breakout as legitimate. Buyers are defending the breakout point currently and they might aim for $22 next if $20 resistance becomes weak.
Celestia (TIA) Price Analysis
TIA’s price witnessed a bullish rally after bulls successfully pushed the altcoin above $16. Over the last 24 hours, TIA price has been on a bullish path as bulls continue to accumulate, sending the price to immediate Fib lines. As of writing, TIA price trades at $18.1, surging over 2.2% from yesterday’s rate.
However, there might be a significant selling near $20 which might plunge the TIA price. If bulls hold the price above that level, TIA price might hold its buying momentum. It is to be noted that a drop below the ascending support line might send RSI to the oversold region, intensifying the selling pressure.
Ripple (XRP) Price Analysis
Sellers pushed XRP’s price below the $0.50 support level, but the prominent long tail on the day’s candlestick indicates that there was significant buying at the lower prices.
Should XRP overcome the descending resistance line, it could pave the way for a potential rally towards the 200-day EMA. Further surges will consolidate the price at around $0.66.
However, a decline below the crucial support of $0.47 might weaken the bullish strength. This will result in a comeback in selling pressure, plunging the XRP price toward the critical $0.4 level.