Top altcoins to watch next week: Bonk (BONK), Terra Luna Classic (LUNC), and Cardano (ADA) could post more gains.
As 2023 comes to a close, Bitcoin remains strong above $44,000, setting a positive year-end tone. This bullish trend is impacting the altcoin sector, with several altcoins breaking monthly resistance. Additionally, meme coins have experienced a solid surge in recent days. In particular, coins such as Bonk, Terra Luna Classic, and Cardano have surpassed key resistance levels, indicating trend continuation.
Altcoin market capitalization has surpassed the cumulative range.
Technical analysis of altcoin market caps shows significant deviations from their cumulative ranges going back to 2022. According to the analysis, the altcoin on the chart with a market capitalization of $723 billion is currently in a “retest” phase.
If this phase follows the pattern of the last cycle, it could potentially trigger significant growth in the next phase of the altcoin market, often referred to as “altseason.” According to the analysis, the market capitalization of altcoins could reach new peaks of over $1.8 trillion in 2024.
However, there is a possibility that this re-test phase will not be successful and the market will return to the accumulation phase again. Such developments could invalidate the current analysis and delay the anticipated altseason.
Bonk (BONK) Price Analysis
In the past 30 days, BONK price has surged more than 700% due to increased buying demand. Now, despite the rejection, it continues to hit record highs, creating favorable momentum for buyers.
The bulls are likely to make a further push and break the immediate resistance at $0.000015. Achieving this could see Bonk prices rise significantly, potentially reaching new highs in the coming weeks.
On the other hand, if it falls below the 20-day exponential moving average (EMA), it indicates profit-taking sentiment, so the rate of decline is faster than the surge.
Terra Luna Classic (LUNC) price analysis
LUNC price has recently triggered a correction mode, which could be a profitable investment opportunity. There are hopes for strength next week as RSI is still hovering above the mid-line at the 65 level.
The bulls will try to reignite the upward momentum and send the price towards the key resistance level of $0.00028 if $0.000126 is defended. This price range could trigger a strong selling effort by bears.
A break near support will intensify selling pressure and confirm a bearish trend if buyers exit the market.
Cardano (ADA) Price Analysis
Cardano has been performing strongly since breaking above the $0.40 resistance level. Buyers sent the price as high as $0.65, but were unable to stay ahead due to increasing bearish positions.
The next notable resistance level is $0.69. However, overbought conditions in the RSI indicate that there is likely to be some correction or stabilization period in the near term. If the bulls maintain their positions close to current levels, this could set the stage for a surge to $0.89 next week.