The cryptocurrency market has been experiencing significant volatility, with Bitcoin’s price oscillating around the $30K mark. However, the focus has shifted to altcoins, which are expected to follow the bullish trend set by Bitcoin. Among these, Polygon (MATIC), Litecoin (LTC), Ripple (XRP), AAVE, and Terra Luna Classic (LUNC) have been making headlines.
Last week, the crypto market surpassed the $1.2 trillion market cap, with major coins registering massive gains. MATIC, LTC, and XRP are three altcoins poised to surge past resistance in the coming week. MATIC has gained over 10% in the last 7 days and is expected to recover towards the 50-day EMA at $0.78 next week. As Litecoin approaches its halving, it has seen an uptick of over 16% over the last week and is expected to test the 100-day-EMA line before a bullish reversal. Despite the ongoing SEC lawsuit, XRP has seen its recovery gain traction, with the price expected to break above $0.53 next week.
In addition to these altcoins, AAVE has shown remarkable performance, exploding by over 25% in the past 24 hours and bringing its total weekly gains above 40%. Synthetix Network (SNX) is also up by almost 20% during the day and 25% during the week. Meanwhile, Bitcoin’s price is consolidating around the $31K mark, suggesting a potential period of volatility. Ethereum is pushing above $1.9K and is seemingly up against the crucial technical and psychological level of $2K.
In other developments, a team of Terra Luna Classic senior full stack engineers, known as the Six Samurai, has put forward a proposal for the Q3 of 2023. The team proposes to have a six-member team of senior full stack engineers working towards “a true revival of the ecosystem.” The proposal includes migrating from Columbus-5 to Columbus-6 and updating to the Cosmos SDK. The team also plans to pursue Terra Classic listing on Keplr’s Web Interface and Mintscan. The LUNC community has so far reacted positively towards the proposal.
The recent developments in the altcoin market indicate a promising future. As Bitcoin continues to dominate the market, altcoins like MATIC, LTC, XRP, AAVE, and LUNC are showing potential for significant growth. Investors are advised to keep an eye on these altcoins as they may offer lucrative opportunities in the coming weeks. However, it’s crucial to conduct thorough research and consider market volatility before making any investment decisions.
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