Bitcoin price is struggling to rise above $28,000 after several rejections. As a result, altcoins currently seem uncertain about the upcoming trend, while a major shift is fast approaching. This could lead to altcoins gaining the upper hand compared to Bitcoin. However, this certainly may not mean the start of the alt season, but it is not ruled out.
Bitcoin’s dominance has been flashing extremely bullish signals over the past few months. It is believed that this could eventually outperform the average altcoin in the future. However, the latest trading setups suggest that BTC’s dominance could continue to rise and reach close to 60%, but before reaching these levels, rejections could occur.
As shown in the above chart, BTC’s dominance is expected to rise before the halving event, which could push the price above $35,000 to $38,000. However, as the price faces a small relaxation phase after the event, the dominance is also expected to fall. This could be the time when the altcoin season may be triggered, thereby lifting the prices of most altcoins.
This week’s highlights:
Thursday
The United States released its September CPI data, and the current market forecast is 3.6%, compared with the previous value of 3.7%.
The U.S. SEC holds a hearing with Binance.U S holding company BAM.
Friday
The US SEC can no longer appeal the Grayscale case ruling.
Sunday
RadiantCapital (RDNT) launches Ethereum mainnet.
Altcoins to Consider This Month
Ripple (XRP)
XRP price has been in an uptrend since the beginning of the year. Although the outcome of Ripple vs. SEC pushed the price close to $1, it failed to hold above the gains, causing the price to fall back to the initial position. The price has been in an uptrend for more than a month and has been holding the $0.5 support level since the beginning of this month. Therefore, a significant bullish action is expected that may initially push the price above $0.55 and if the bulls show some strength here, a jump to $0.6 may soon be possible.
Polygon (MATIC)
Polygon is one of the projects that has been working on the fundamentals and delivering a strong, viable product. This has made market participants optimistic about the long-term value of the token. Although the price has fallen by more than 65% since the beginning of 2023, the rebound triggered in the last days of September highlights a possible recovery. Therefore, the MATIC price seems ready to mark its temporary resistance level at $0.6 and subsequently rise to $0.65.
Avalanche (AVAX)
The price of Avalanche has declined significantly along with the market trend, forming lower highs and lower lows. Nonetheless, the coin has shown great strength in the past few days, hence the possibility of a strong recovery. The cryptocurrency has reached double digits and is attempting to form a solid base around these levels. In the coming days, the bulls are expected to gain strength and push the price towards the main resistance at $13.69.
ANCHOR
ANKR can be paid proper attention in the near future. The main force is frequently accumulating shares. Once the upper pressure is broken, it will explode. You can buy in batches with small funds when it falls back, and set the stop loss at 0.0185, which is only seven or eight points.
September is the golden month, October is the silver month. Are you ready for the new October? Have you decided which coins to invest in?
That’s all for the sharing~ Thank you for reading. If you like it, please like and follow. See you next time!
