The cryptocurrency market is becoming more mainstream, especially following the recent passing of the GENIUS Act. This news has propelled Bitcoin to even higher levels of dominance, with most of the money flowing into Bitcoin rather than altcoins. However, as investors begin to buy during the altcoin dip, popular altcoins such as XRP, Sui, and Pudgy Penguins are poised to reach new all-time highs in the upcoming week.
Bitcoin’s dominance has surged in recent weeks, now accounting for over 60% of the market. This has caused many altcoins to experience price drops, leading to a potential influx of more funds into Bitcoin and putting pressure on altcoins. Despite this, top altcoins like XRP, Sui, and Pudgy Penguins could break out and achieve new highs in the coming week.
In terms of XRP, the cryptocurrency recently approached all-time highs above $3.60 before facing selling pressure due to large outflows from a wallet associated with Ripple co-founder Chris Larsen. Concerns have arisen about potential sell-offs, as Larsen still holds a significant amount of tokens to sell. Currently, XRP is trading at $3.40, showing a 5.5% increase in the last 24 hours.
The price of XRP may attempt to retest its resistance at $3.60 if worries about sell-offs diminish. The RSI level is increasing, potentially leading to a new all-time high if XRP breaks above $3.60. However, failure to hold above the EMA20 trend line on the 4-hour chart could result in a drop in open interest, dampening hopes of a new all-time high.
Moving on to Sui, the cryptocurrency has surpassed the $4.20 resistance level, with buyers maintaining the price above this breakout point. Currently trading at $4.30, Sui has surged over 13% in the last 24 hours. If the price surpasses immediate Fibonacci levels, Sui may continue its uptrend and reach its previous all-time high of $5.35. However, the overbought level on the RSI poses a risk of correction or consolidation in the near future, with a potential drop to the 20-day EMA if the price falls below $4.
As for Pudgy Penguins, the price is currently hovering around the $0.045 mark, facing a battle between buyers and sellers. A drop and close below the EMA20 level could push the price down to $0.036. Conversely, a strong bounce from $0.046 would indicate buyer interest at resistance levels, potentially leading to a breakout above the ascending resistance line at $0.051 and a surge to a new all-time high next week.
Overall, while Bitcoin’s dominance may initially restrict altcoins, top cryptocurrencies like XRP, Sui, and Pudgy Penguins show promising potential for reaching new highs in the near future. Investors should keep a close eye on these altcoins as they navigate the volatile cryptocurrency market.