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- The latest round of crypto market rally has seen Dogecoin (DOGE) rising by 20% in the last seven days while XRP surges by 30%.
- Analysts have predicted that XRP could reach $14 in the near term while DOGE sets a new all-time high record.
The Altcoin Index has steadily moved up to the 33/100 level as the broad market valuation increases by 3% to $3.8 trillion.
According to CoinMarketCap data, the altcoin market rally was influenced by the massive surge in the Bitcoin price to a new all-time high at $123k. Meanwhile, XRP, Dogecoin (DOGE), Stellar Lumens (XLM), and Sui (SUI) are leading the market into a new altseason with the general Fear and Greed Index approaching the Extreme Greed territory.
XRP Price Analysis
XRP has recorded a 7% gain on its daily price chart, dragging its weekly growth to 30% while trading around the $2.9 resistance level. According to market data, XRP’s market cap has increased to $177 billion, solidifying its position as the third-largest crypto in the market. Fascinating, its current move is supported by the daily trading volume which has surged by 55% to $11 billion.
On its price prediction, Mikybull Crypto has disclosed that the asset is repeating its 2017 move, and could hit $14 in the near term, as noted in our earlier discussion. In another analysis, XRP was projected to reach a “conservative” target of $38.
Dogecoin (DOGE) Price Analysis
DOGE’s trading volume has also skyrocketed by 79% to $2.5 billion as the price attempts to break above a key resistance level at $0.2. On its 24-hour price chart, the asset has surged by 3%, pushing its weekly gains to 20%.
According to analyst Trader Tardigrade, DOGE is preparing to break its all-time high level of $0.72 in a 4,259% upsurge. As explained in our previous post, the asset appears to follow what is termed the “Doge Cycle,” historically rebounding from the lower boundary of this cycle to the highest.
Stellar Lumens (XLM) Price Analysis
Following the footsteps of XRP, XLM broke a crucial resistance level to hit $0.51 after “printing” 85% gains on its weekly chart. At the time of writing, XLM had taken a marginal nosedive to trade at $0.45, bringing its weekly gains to 79% and daily gains to 6%.
After breaking the $0.4594 psychological barrier, XLM is expected to recapture the $0.56 and the $0.67 levels as indicated in our recent publication. Also, each level is expected to act as an important step in the recovery process if the current support level holds.
SUI Price Analysis
Sui has recorded a 36% surge in the last seven days to trade at $3.9. According to market data, the asset’s trading volume has skyrocketed by 173% with $2.4 billion changing hands.
Speaking on its potential, asset manager VanEck disclosed in a recent report that SUI could rise by 350% before the year ends. As highlighted in our earlier discussion, this significant move could be influenced by the rising institutional demand and potential Exchange Traded Fund (ETF) approval.
