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The total crypto market cap was up 0.79% at press time – taking the total to approximately $1.20 trillion, according to CoinMarketCap. This follows after the majority of the crypto market printed 24-hour gains. Interestingly, the biggest contribution came from smaller-capped altcoins while the biggest cryptos printed minimal gains.
This bullish momentum seen in the altcoin market may continue for the next few weeks. Six altcoins in particular, Solana (SOL), SushiSwap (SUSHI), Polkadot (DOT), Zilliqa (ZIL), Arbitrum (ARB), and Pepe (PEPE), may be the best performers in the altcoin market in the next few weeks.
Solana (SOL)
At press time, SOL was one of the top 10 cryptocurrencies trading in the green. The altcoin was worth about $22.68 after a price increase of more than 4% over the past day. This was, unfortunately, not enough to drag its weekly performance out of the red as SOL was down by 2.21% over the last seven days.
SOL’s price has been printing higher lows over the past two months, which is a bullish sign that the Ethereum-killer’s price will dramatically break out of its current consolidation phase. This bullish thesis is supported by the weekly RSI. At press time, the weekly RSI was flagging bullish with the weekly RSI line trading above the weekly RSI SMA line.
In addition to this, the 9-week EMA line was looking to cross above the 20-week EMA line. Should this bullish cross take place, SOL’s price will target the next key resistance level at around $36 in the coming weeks.
SushiSwap (SUSHI)
SUSHI was another crypto trading in the green after a small price increase of about 0.90%. Despite this 24-hour increase, the crypto did experience a 0.31% loss over just the last hour leading up to press time.
SUSHI’s miniscule gains were also not enough for it to strengthen against the two market leaders. At press time, SUSHI was down against Bitcoin (BTC) and Ethereum (ETH) by 0.19% and 2.73% respectively.
SUSHI’s price has been trading within the consolidation range between $0.986 and $1.760 for the past 2 months. Currently, the altcoin’s price is being squeezed by the 9-week EMA line and the lower limit of the consolidation range.
Since the majority of the crypto market believes that the bottoms are in for this bear market, this squeeze may result in a significant surge in SUSHI’s price in the next few weeks. Should this bullish thesis be validated, SUSHI’s price will make a move towards the upper limit of the previously-mentioned consolidation range at $1.760.
Polkadot (DOT)
The last 24 hours were also quite lackluster for DOT, as the crypto recorded a small price increase of just under 1% throughout the past day. This did not do much to rectify the altcoin’s weekly performance as DOT was down 2.88% over the last seven days. DOT’s market cap of $6,839,019,041 ranked it the 11th biggest crypto.
DOT has also been trading in a consolidation channel between $4.273 and $7.746 for the past couple of months. Technically, the crypto’s weekly chart is looking bearish given the fact that the 9-week EMA is breaking bearishly away from the 20-week EMA. In addition to this, the weekly RSI line is breaking bearishly away from the weekly RSI SMA line.
Traders and investors will want to wait for DOT’s price to either close above the 20-week EMA line or trade near the lower bound of the current consolidation channel. Both instances will present a long-term buy opportunity for DOT.
Zilliqa (ZIL)
At press time, ZIL was trading hands at $0.02712 after a 0.20% price drop over the past 24 hours. Consequently, ZIL was trading between its 24-hour low of $0.02671 and its 24-hour high of $0.02748.
This pushed ZIL’s weekly performance even further into the red as the altcoin was down by more than 6% over the last seven days. ZIL’s price drop also means that it weakened against BTC and ETH by about 1.35% and 3.63% respsectively.
ZIL’s price has dropped below the 9-week and 20-week EMA lines in the last 3 weeks. As a result, a notable bearish flag is on the verge of triggering, with the 9-week EMA line about to cross below the 20-week EMA line. Should this cross happen, ZIL’s price could drop to as low as $0.02281 in the next few weeks before rebounding and entering into a rally.
Arbitrum (ARB)
ARB was another crypto trading in the red after a 0.71% price drop over the past day. This led to ARB’s weekly performance falling even more into the red at 5.04%.In addition to its daily loss, the altcoin also experienced a 0.02% price drop in the hour prior to press time.
ARB’s price has retraced from its all-time high (ATH) at $1.820. This pullback in the altcoin’s price has resulted in a drop below the $1.4293 support – flipping the level into resistance as well. Given the infancy of this project, ARB’s price may drop back down to around $1.1197 before a rebound to enter into a rally as early investors will want to take profit.
However, if ARB’s price is able to break above the $1.820 resistance, it will lead to the crypto establishing a new ATH in the upcoming weeks. This is, of course, if it is able to break past its previous ATH first.
Pepe (PEPE)
CoinMarketCap indicated that PEPE occupied the top position on its trending list after the meme coin saw a price increase of more than 40% over the past day. PEPE was turning heads throughout the whole week as the crypto was up by more than 700% over the last seven days alone.
Even more impressive was the fact that PEPE is up by 4846.29% over the last month. PEPE’s 24-hour trading volume also saw an increase of over 200%, and stood at $2,918,450,144.
PEPE is a very early-stage project and may be a risky investment given that there has already been a wave of profit-taking this week. However, retail investors may buy into the meme coin following this week’s stellar performance due to the Fear of Missing Out (FOMO). Should this happen, PEPE’s price will print a new ATH in the coming 2 weeks.
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