Bitcoin’s price soared to a new all-time high this week, surpassing the eagerly awaited $100,000 mark, which led to a significant surge in the altcoin market. This surge followed a slight dip in Bitcoin’s value, creating a rush among investors to switch to altcoins. Should Bitcoin’s price face further corrections in the coming week, it’s possible that the prices of CRV, Hedera, and JasmyCoin could double.
Altcoin Season Index Skyrockets Above Trendline
Analyzing the altcoin season index chart, the metric has been skyrocketing over the last two weeks. The indicator is currently at 86, signalling that the altcoin season has kicked off. A reading of 75 signals the beginning of altcoin season.
If this value approaches 100, it will further confirm that altcoins are outperforming Bitcoin, suggesting they may continue to do so.
Curve Dao (CRV) Price Analysis
The long wick and tail on CRV’s candlestick indicate selling pressure at higher prices and buying interest during dips. After witnessing a strong surge, the price of CRV faced resistance around $1.34. As of writing, CRV price trades at $1.2, surging over 1.1% in the last 24 hours.
If CRV price maintains a price of $1, the CRV/USDT pair might aim for the high of $1.6, which sellers will likely staunchly defend. A sharp decline from this level could lead the bears to drive the price down to $0.9, potentially establishing a trading range.
On the other hand, if buyers overcome the $1.6 resistance, the pair could surge to $2.5 and possibly extend to $3.5. However, if sellers manage to pull the price below $0.9, they could regain control.
Hedera (HBAR) Price Analysis
HBAR price has experienced a pullback during a strong uptrend, signaling that traders are taking profits near the $0.4 mark.
The pullback is currently finding support within the range $0.27 and $0.32. Bulls will attempt to drive the price up to $0.4, where they are expected to encounter significant resistance from sellers.
Should the price drop and breach the $0.27 level, it could indicate the beginning of a sharp correction. In this scenario, the HBAR/USDT pair might fall to the 200-day EMA at $0.17. Following a significant pullback, the market might enter a consolidation phase as both buyers and sellers prepare for the next significant move.
JasmyCoin (JASMY) Price Analysis
Though Jasmy coin price made a bearish pressure below immediate Fib channels, it is poised to recover as buying pressure intensifies around the dip.
There is slight resistance at $0.06, but if this level is breached, the JASMY/USDT pair could climb towards the crucial resistance of $0.077, where sellers are likely to strongly contest further gains.
The first indication of a weakening trend will be if the price breaks below and closes beneath the EMA trend lines. This would imply that the bulls are losing control, potentially leading the pair to drop to $0.033.
