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Altcoin Season Hopes Revived by These 3 Leading Altcoins

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Just a few days ago, only six out of the top 50 altcoins outperformed Bitcoin (BTC). But today, that has changed, fueling fresh speculation of an altcoin season.

The interesting part of this development is not only the addition of three new cryptocurrencies but also the fact that the new entrants are all in the top ten by market cap. They include Solana (SOL), Ethereum (ETH), and Ripple (XRP).

Is the Rotation to Altcoins High Risk, High Reward?

It is important to note that altcoin season starts when at least 75% of the non-Bitcoin cryptos perform better than BTC. Still, only nine are doing that, meaning that the altcoins’ dominance period has yet to be confirmed.

As mentioned above, the performance of SOL, ETH, and XRP is boosting the market’s confidence. Glassnode founders Jan Happel, Rafael Schultze-Kraft, and Yann Allemann also echo this assertion. 

Using their joint X account Negentropic, the founders of the on-chain analytic platform, noted that the rotation of capital into riskier assets may soon begin in the crypto market.

Firstly, they compared the changes in the traditional market and used that as an inference for potential switches in the crypto market.

“Will we also see this is BTC and Alts? Well – in November 2020, we had a day just like yesterday. IWM soared and continued up for the coming months. This was the starting signal to the strongest part of the Alt-rally for the coming 4 months as Total3 rallied by ~400% in just 4 months. Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!” Negentropic posted on July 12.

Furthermore, Solana, Ripple, and Ethereum’s entrance into the fold can be linked to their price action. 

Over the last seven days, SOL’s price increased by 9.31%, ETH jumped by 9.56%, and XRP was the surprising gainer with an incredible 21.97% hike.

Here is how the cryptos may perform as the much-anticipated altcoin season nears.

Solana (SOL) Eyes Higher Prices After 9% Increase

The current SOL/USD daily chart shows that the altcoin has formed a symmetrical triangle. This chart pattern is characterized by converging trendlines which connect a series of lower highs and higher lows.

The lower highs act as resistance, while the higher lows act as support. In addition, the price of SOL is looking to break through the triangle. If this happens, Solana will exit the consolidation phase and head toward a huge breakout.

Furthermore, the Fibonacci Retracement indicator spots potential resistance and support points for the token. As seen in the chart below, SOL may elevate toward $162.79 in the coming days.

Read More: What Is Altcoin Season? A Comprehensive Guide

Solana price analysis
Solana Daily Analysis. Source: TradingView

This is where the 0.618 Fibonacci positions. If successful, this can drive the altcoin price to retest $174.59. However, in the case of a pullback, SOL’s price can retrace to $135.97.

Ethereum (ETH) Breaches Key Resistance, Set for $3,622

At press time, ETH trades at $3,360. The price is also trading above the 20-day EMA (blue). EMA is an acronym for Exponential Moving Average, and it measures changes in price direction over a period of time.

If the EMA is above the price, it means the trend is bearish. But since ETH changes hands above the 20 EMA, it implies that the trend is bullish. Further, the Relative Strength Index (RSI) supports this bias.

The RSI measures momentum, and since it is above the neutral line, it means bulls are in control of ETH’s movement. Evidence of this is the break past the resistance at $3,255 and the defense at $2,946. 

Ethereum price analysis
Ethereum Daily Analysis. Source: TradingView

Should the momentum remain bullish and the hype around the spot Ethereum ETF launch persist, the price may reach $3,622. However, if selling pressure comes into play, ETH’s price may decrease to $3,132.

Ripple (XRP) Breaks Out of Descending Channel

Initially, XRP encountered a multi-month descending channel, with downward trendlines connecting lower highs and lower lows. However, analysis shows that the altcoin exploded after buying interest intensified at $0.42. This later led to the token’s hike to $0.53.

At press time, the Money Flow Index (MFI) reveals that high demand for XRP remains present. As such, it is not out of place to expect a price increase to $0.55. If successful, the price of XRP might reach $0.57. 

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Ripple (XRP) price analysis
XRP Daily Analysis. Source: TradingView

However, $0.57 is crucial for the token, especially as it has been rejected at this point a number of times. If bulls breach the resistance, Ripple can look toward $0.60. However, another rejection at this point may force the price back to $0.52.

All in all, it seems that the altcoin season for this cycle is getting closer by the day. However, traders in the market need to watch Bitcoin, considering that it has been able to reclaim $62,000. 

If the price of BTC continues to increase and Bitcoin dominance jumps, this will invalidate a rise in the prices of altcoins.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Este artículo también está disponible en español.

Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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