The altcoin market is seeing more ups and downs because of whales every time Bitcoin gets close to the $100K mark. With Trump signing several executive orders that support the crypto market, altcoins have been performing really well. As traders are going long, some altcoins are likely to stand out next week with significant surges. In particular, the Official Trump meme coin, Ripple’s XRP, and Gate token might be the top altcoins to invest in next week.
Altcoins Still Dominate Despite Bitcoin’s Domination
The end of 2024 kicked off the altcoin season because the Bitcoin Dominance Index (BTCD) seemed to hit its peak. However, the BTCD has dropped, but not as much as expected. Also, the total value of altcoins hasn’t hit a new record; it’s just hovering below its 2024 high. For a real altcoin season to take off, we need to see the BTCD fall further and the altcoin market value break out past its previous high.
Although the altcoin season index chart doesn’t show the start of an altcoin trend, it’s displaying a positive trend despite Bitcoin’s dominance. With Bitcoin’s market dominance close to 59%, the altcoin season index remains at a neutral 53. Analysts think that if Bitcoin’s price drops next week, several altcoins could hit new all-time highs.
Official Trump (TRUMP) Price Analysis
Donald Trump’s meme coin recently declined heavily due to rising bearish threat. TRUMP price lost its ATH of $75 and dropped by 63% over the last week. As of writing, TRUMP price trades at $27.8, declining over 16% in the last 24 hours.
The excitement is likely to increase as the meme coin, backed by the incoming president, boosts trader confidence. The Trump price is hovering below the declining resistance line and it might retest $29.
If the meme coin surpasses $30, we might see its price skyrocketing toward $35 next week. However, a failure to hold above $29 might consolidate the price within a bearish range.
XRP Price Analysis
XRP has been holding steady above the $2.91 breakout level, suggesting that buyers are currently dominating. As of writing, XRP price trades at $3.13, declining over 1.2% in the last 24 hours.
While there is some resistance at the downtrend line, if the bulls can push past it, the XRP/USDT pair might begin its next upward movement. The momentum could potentially increase, taking the price to $3.4 and possibly even to $4.
However, this positive outlook could be short-lived if the price starts to drop and falls below the 20-day EMA of $3.1. Such a move could lead to a downward correction towards the 50-day SMA of $2.51.
Gate Token (GT) Price Analysis
Gate Token is holding above the ascending support line, triggering buying pressure among traders. As of writing, GT price trades at $25, surging over 1.3% in the last 24 hours.
The GT/USDT pair might climb to the 50-day SMA at $26, an important short-term resistance level. If buyers can push the price beyond this point, the pair could rise to a new ATH above $30.
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