The bitcoin price is struggling to rise above $28,000 after facing a couple of rejections at these levels. Due to this, altcoins currently appear to be uncertain about the impending trend, while a major shift is fast approaching. This could result in altcoins having an upper hand compared to Bitcoin. However, this certainly may not suggest the start of an Altseason, but it does not rule out the possibilities either.
Over the last few months, Bitcoin dominance has been flashing extreme bullish signals. It was believed that this may eventually outperform the average altcoin in the time to come. However, the latest trade set-up indicates BTC dominance could continue to rise and reach close to 60%, but before reaching these levels, a rejection may occur.
As seen in the above chart, BTC dominance is expected to rise until the halving event, which could propel the price beyond $35,000 to $38,000. However, as the price has been facing a minor relaxation phase after the event, the dominance is also expected to drop. This could be when the AltSeason could trigger, elevating the prices of the majority of altcoins.
Altcoins to Consider This Month
Ever since the start of the year, the XRP price has been maintaining an ascending trend. Although the Ripple vs. SEC outcome lifted the price close to $1, it failed to hold above the gains, causing the price to drop back to its initial position. The price has been trading in an ascending trend for over a month and has been holding support at $0.5 since the beginning of the month. Therefore, a notable bullish action is expected that may lift the price above $0.55 initially, and if bulls display some strength here, a jump to $0.6 could be imminent.
Polygon is among the projects that have been working on its fundamentals and delivering a strong, workable product. This has kept market participants optimistic about the value of the token in the long term. Although the price has dropped by more than 65% since the start of 2023, the rebound that ignited in the last few days of September highlights the probable recovery. Hence, the MATIC price appears to be primed to mark its interim resistance at $0.6 and later head towards $0.65.
Following market trends, Avalanche’s price dropped heavily, forming constant lower highs and lows. Nevertheless, the token has displayed extreme strength in the past few days, due to which the possibility of a strong recovery emerges. The crypto has reached a 2-digit figure and is trying to form a strong base around these levels. In the coming days, the bulls are expected to gain strength and lift the price towards the major resistance at $13.69.