The crypto markets appear to have begun consolidating after being largely bullish for over a week. The bulls are currently relaxing as they have been drained after lifting the global market capitalization to $1.28 trillion. Presently, the levels have plunged to $1.25 trillion as the star crypto Bitcoin, after slipping below $30,000, has failed miserably to regain the levels since the early trading hours.
Besides, the money flow from Bitcoin to other altcoins may intensify in a while, as the dominance of the star crypto is waning every day. The present plunge in the Bitcoin price appears to have benefited the altcoins as they have been refueled. Therefore, a significant price action may be expected in the coming days.
In such case, below mentioned altcoins may begin a fine upswing shortly.
Arbitrum (ARB)
Although the price of Arbitrum witnessed a massive plunge soon after its inception, it has managed to recover nicely in the past week. By forming bullish flags constantly, the price has managed to rise beyond $1.6. Meanwhile, the immediate target could be around $2, a clear surge beyond $2.5 to $2.8 may pave way for the tokens to hit the target at $3 before the end of the quarterly trade.
Dogecoin (DOGE)
Dogecoin’s price has been bullish since the beginning of March and has maintained a consistent upswing. The price had earlier received a magnificent push as the Twitter CEO, Elon Musk, changed the logo of the company to DOGE. The momentum waned as the original logo was restored, but the bulls appear to remain stubborn about the impending trend.
Shiba Inu (SHIB)
The Shiba Inu price also broke above the narrow consolidation as the trend continues to remain elevated despite the prevailing bearish pressure. However, the ADX is hovering at the lower bands and looking out for a chance to trigger a rebound. Therefore, a significant upswing may be triggered that may rise the levels beyond $0.000013.
Polygon (MATIC)
The Polygon price has been trading within a massively expanding channel and trading close to the lower support of the pattern. The price is believed to maintain a firm upswing until it reaches the crucial levels around $1.245. Here if the price does not face bearish action, then the price may further rise high to secure levels at $1.3 initially and later test $1.4.
Besides these, popular altcoins like Cardano (ADA) and Ripple (XRP) prices may also witness a significant push which may trigger a notable rise soon. Also, the Ethereum price needs to be closely monitored as the rise in the ETH price with a stabalized BTC price may trigger a magnificent alt season very soon.
Source: https://coinpedia.org/price-analysis/top-altcoins-that-are-displaceing-bitcoin-as-the-dominance-drops-is-altseason-underway/