Last week, the cryptocurrency market experienced significant consolidation, with Bitcoin (BTC) price stabilizing above the $38,000 level. This led to a solid consolidation around $40,000, followed by a rally towards $43,000, significantly reducing the impact of the “selling news” event. As a result, emerging altcoins such as Manta, Sui, and Cartesi have broken out of the bearish trend and are poised to counter bearish pressure next week.
Altcoin season is approaching
Bitcoin’s dominance is once again increasing alongside the altcoin market. However, altcoins are currently gaining attention as they consistently outperform Bitcoin. The Altcoin Season Index chart shows this trend, recently crossing an important threshold of 75, signaling the start of the long-awaited altcoin season. Notably, this index has reached a peak of 84, the highest in the past 18 months, indicating a growing investor preference for altcoins.
However, as Bitcoin regains market dominance following stabilization following the “news-selling” event, interest in altcoins may decline as investors return to Bitcoin. This could lead to a market correction for altcoins next week, with only high-demand altcoins continuing their upward trajectory.
MANTA price analysis
Manta ray prices rose significantly last week, registering more than a 50% weekly increase. However, the price continues to struggle to break above the upward resistance level as the bears intensify selling pressure to protect the level. Nevertheless, the support level around $3 seems to be holding firm, indicating increased buying interest.
Lately, Manta’s price has struggled to break through the $3.9 barrier, with increasing selling pressure leading to a decline. As a result, Manta’s value has fallen below its 20-day exponential moving average (EMA) of $3.6 on the 15-minute chart. If it continues to trade below this 20-day EMA, there is a risk of further decline towards the $3 level.
On the other hand, if Manta’s price manages to stabilize and sustain above the 20-day EMA, it would signal a possible breakout above $4 next week.
Sui (SUI) price analysis
Sui’s price recently reached a peak of $1.5, increasing buying pressure. However, altcoins are currently facing resistance in continuing their upward trend. Currently, Sui is trading at his $1.4, which is an increase of over 0.3% since yesterday.
Facing resistance near the 23.6% Fibonacci retracement level, prices have started to decline, indicating that bearish momentum is increasing. This suggests that the bears may push the price below the immediate support line and further short positions may increase below the 20 EMA.
Alternatively, if Sui rises above $1.5, it would indicate the end of the current correction and the price could head towards $2 next week.
Descartes (CTSI) price analysis
CTSI has recently fallen towards its 20-day exponential moving average (EMA) of $0.23, making it difficult to break above the $0.3 mark. Despite this, the price never fell below the 61.8% Fibonacci retracement level. CTSI is currently trading at $0.235, representing an increase of over 4.6% from the previous day’s rate.
Cartesi price is facing volatility and could rebound towards $0.3. If buyers can consistently keep the price above this level, the CTSI/USDT pair could rise towards $0.36 and even $0.55. The $0.551 level is likely to encounter significant resistance, but a breakout could lead to further significant upside.
