The SEC’s bold move on crypto exchange Kraken and suspension of the staking program has sent shockwaves to the altcoin market as many investors are leaving the sector. Hence, altcoin traders are wondering whether this is the start of another crypto winter or just a temporary correction in the market. However, market analysts state that this correction is temporary as the market gained astronomical value in January.
Altcoins Seem To Get Less Influenced From Market’s Dip
Though Bitcoin’s price has witnessed a massive fall, it did not influence altcoins to experience the same. Moreover, BTC investors are switching their attention to the altcoin market as altcoins’ dominance usually surges whenever the BTC price makes a dip.
Litecoin Price Analysis
The altcoin market has already started its recovery rally, and Litecoin is leading a significant role. LTC price has taken support at $90 after a steep fall from the $100 mark. Analyzing the daily price chart, Litecoin is preparing for a big test this week as it surges above the 23.8% Fib retracement.
As of writing, LTC trades at $93.5, with an uptrend of over 2% in the last 24 hours. It is predicted that LTC’s price may test its resistance at $95.79; if it breaks, we can see LTC’s price trade near the next resistance level of $97.77.
Aptos Price Analysis
Aptos labs is continuously expanding its sector as it recently invested in the web3 social media app, Chingari. Hence, the Aptos token has dominated the altcoin market and marked a remarkable price momentum in the last few hours. As of writing, APT is trading at $14.15 with a gain of nearly 10%.
As previously reported by Coinpedia, Aptos is validating our prediction as it has defended its support at $12 and made an upward retracement above the 31.8% Fib level. Therefore, if Aptos surges above the immediate resistance level of $15, it may follow our projected price trend and head toward its Bollinger band’s upper limit of $18.36, above which the altcoin may continue its bullish trend for the next few weeks.
Apecoin Price Analysis
Apecoin gets into the top position in the market’s gainer list as it surged over 6% in the last 24 hours and is currently trading at $5.24. The current price trend forms an ascending channel pattern which may push the Apecoin to its resistance of EMA-20 at $5.53 in the next few hours.
The Stochastic RSI makes a reversal with the spike in trading volume, and RSI-14 enters a bullish region near the level of 45, which creates more room for the altcoin to ride higher. A breakout above $6.1 will continue the bullish trend next week as investors are getting into this altcoin.