The leading cryptocurrency has once again surpassed the $69,000 mark, with bulls firmly reclaiming control. Should Wednesday’s inflation data come in low, investors may witness the beginning of new rallies. But what are the current predictions of experts? Has the accumulation phase for altcoins ended? Is the rise beginning?
Will Cryptocurrencies Rise?
After days of sideways price movement, most altcoins have turned back to green, recovering their losses. A popular cryptocurrency expert, Mags, recently shared a tweet highlighting an interesting development. According to this, the accumulation phase for altcoins has ended, and as the total market value of altcoins moves upward, another bull rally is starting.
Although altcoins have risen again in the last 24 hours, Mags’ mention is an ambitious prediction, and the reversal of gains is not as difficult as it seems. For example, if Wednesday’s inflation data comes in significantly higher than the previous month, or if a judge in the Coinbase/Binance cases decides that altcoins are securities (with the SEC freely determining which ones), things could turn around again.
XRP and DOT Coin Predictions
If altcoins enter the expected bull phase, cryptocurrencies that have not seen significant gains for months should start moving. DOT and XRP Coin are at the forefront of this. Both are favorites of many investors, but their annual performance gains are not that great.
The parallel channel we’ve been discussing for months still traps the XRP Coin price at the $0.58 support. The price, retreating back to this support, is recovering. Long lower wicks reflect ongoing demand, but the $0.61 resistance has not yet been breached. If successful, it could test $0.74 again after $0.63 and $0.67. The real significant movement will start once $0.936 is surpassed.
The DOT Coin price may have dipped below $8.47, but it has since reclaimed this region. In the coming days, if the $8.77 barrier turns into support, the rise could continue up to $9.74 and $10.46.
