In the past week, crypto investors experienced trauma as several macro events caused a significant loss of funds from the global market cap. The crypto market was hit hard by the collapse of the SVB, which led to the depegging of the USDC stablecoin, reminding investors of the risks involved. However, the recent announcement of a $25 billion bailout by the Fed and Circle’s assurance of 100% USDC reserve recovery has resulted in the USDC stablecoin returning to its dollar peg. This, in turn, has sparked a massive spike in accumulation in the altcoin market, which may propel top assets above their breakout levels this week.
Will The Altcoin Market Rebound This Week?
On Monday, leading altcoins gained the spotlight following the announcement by US authorities to contain the consequences of Silicon Valley Bank’s (SVB) downfall. Additionally, the issuer of the USD Coin stablecoin reassured that it still can be exchanged for the dollar.
As the effect from the collapse of SVB will be short-term, investors are again making bets in the altcoin market for the long-term, and the following assets may soon fulfill the bullish goals.
Polygon (MATIC) Price Analysis
After forming a long bearish pattern in the price chart, MATIC has finally taken support near $0.94, from which the token is rebounding above its 23.6% Fib level. However, the EMA-50 trend line resistance has become a barrier as MATIC struggles to trade above $1.16. The addition of Covo finance and the upcoming launch of the much-anticipated zkEVM mainnet on the Polygon network may send MATIC’s price to new highs this week.
As of writing, the MATIC token trades at $1.19, with a gain of nearly 10% in the last 24 hours. A prominent crypto analyst, Weslad, predicts that MATIC’s price may soon break its crucial resistance of $1.5 and head toward the vital resistance of $3.4. However, after a minor downward retracement, MATIC may initiate its final wave to $13.
Lido DAO (LDO) Price Analysis
Lido token has broken multiple resistance levels today as it witnessed a massive spike in trading volume near the support level of $1.9. As of writing, the LDO token trades at $2.77, with an uptick of over 30%.
Analyzing the daily price chart, the LDO token is preparing to surge above the immediate resistance of $3.2, above which the token may reach a new high at $4. However, a failure to hold its current uptrend will result in a severe downtrend to $2.
The Graph (GRT) Price Analysis
The Graph token has been trading near a crucial breakout region after surging above EMA-50. As of writing, the GRT token trades at $0.14 with a gain of nearly 25%.
Looking at the 8-hour price chart, the GRT token may break $0.15 and spark a massive pump to $0.17. Moreover, the crossover of the RSI line and SMA-14 suggests a potential breakout for the GRT token this week.