The cryptocurrency market is increasingly gaining mainstream recognition, particularly in light of the recently enacted GENIUS Act. This development has significantly bolstered Bitcoin’s dominance, making it the primary recipient of current investments over altcoins. However, as investors seize the opportunity to buy low during the altcoin dip, notable altcoins like XRP, Sui, and Pudgy Penguins are projected to reach new all-time highs in the forthcoming week.
Bitcoin’s Restraining Influence on Altcoins
Bitcoin’s market control has been on the rise in recent weeks, maintaining over 60% dominance. Consequently, many altcoins have experienced a dip in their prices. If this trend persists, Bitcoin could continue to attract more investments, putting a strain on altcoins. Regardless, leading altcoins such as XRP, Sui, and PENGU could potentially overcome this and achieve new all-time highs in the week ahead.
XRP Price Outlook
XRP recently approached its all-time high, reaching over $3.60. However, the euphoria was short-lived due to massive outflows from a wallet associated with Ripple co-founder Chris Larsen. Investors were cautioned about potential “exit liquidity” after Larsen transferred 50 million tokens to exchanges. He currently holds approximately $9 billion in tokens.
If concerns about an XRP sell-off diminish, the XRP price might attempt to retest its $3.6 resistance level. At the time of writing, XRP is trading at $3.4, having increased by over 5.5% in the last 24 hours. The RSI level is currently rising, moving towards the midpoint. If buying pressure continues and XRP exceeds $3.6, it could establish a new ATH next week. However, failing to remain above the EMA20 trend line on the 4-hour chart might dampen the chances of a new ATH.
Sui Price Outlook
SUI has successfully surged above the $4.2 resistance level, and the bulls have managed to keep the price above this breakout level, indicating that buyers are trying to convert the $4.2 level into support. As of now, SUI is trading at $4.3, having risen by over 13% in the last 24 hours. If the price breaks above immediate Fib levels, the SUI/USDT pair could sustain its upward trajectory, potentially taking the SUI price to its previous ATH of $5.35.
Despite the bullish trend, the overbought level on the RSI suggests potential for a correction or consolidation in the near term. If the price dips and closes below $4, the pair could decline to the 20-day EMA.
Pudgy Penguins Price Outlook
The PENGU price is currently caught in a tight battle between buyers and sellers around the $0.045 mark. If the price drops and closes below the EMA20 level, sellers might push it down to $0.036. But if the price rebounds strongly from $0.046, it would suggest that buyers are purchasing at resistance levels. In that scenario, they are likely to attempt a breakthrough of the ascending resistance line at $0.051. If they succeed, the Pengu price could hit a new ATH next week.
