Bitcoin (BTC) price remained in ‘limb’ in the range of 28-30 thousand dollars throughout the week. The uncertain movements of the market leader are shaping the bear formation in the altcoin market. New technical analysis says giants like DOGE, MATIC, and PEPE will be doomed.
“SUI, PEPE and ARB are altcoins that will drop hard next week”
It was among the prominent performances of the week in 3 altcoins. Altcoin Sherpa on Twitter expects Bitcoin to rise next week, thus keeping the altcoin market under pressure.
Sui Network (SUI), in particular, has risen throughout the week and is attracting investors’ attention. Altcoin Sherpa predicts the price will drop back to the $1.29-1.27 region based on the Fibonacci retracement levels. However, he warns that if Bitcoin drops, the SUI could drop further to $1.24. cryptocoin.comAs we reported, Sui Network switched on the mainnet this week and rose 4 digits with its stock market listings.
Our engineers are working to fix any $SUI orders that are stuck from the auction. Sorry for any inconvenience caused. https://t.co/pAvuNLxJw0
— OKX (@okx) May 3, 2023
Pepe (PEPE)
Sherpa then predicted that Pepe and other meme coins would fall hard. According to the analyst, PEPE variants are currently in vogue, but they will all expire and be left behind as a short-lived rally. The analyst believes that the next few weeks will be a terrible upheaval as always. Pepe is now starting to melt slightly after the rally in the last weeks.
Arbitrum (ARB)
Finally, Altcoin Sherpa has predicted a possible drop in the price of Arbitrum to the $1.15-1.20 region. He claims this is caused by lower liquidity as a result of the recent meme coin rally.
In this article, we have included the current forecasts of other analysts who expect a decrease in the ARB price.
Bears gain strength as MATIC continues to pull back
MATIC price is losing some of its gains today as bears aim to take control of the price. The price broke below the 50-day and 200-day SMA with a bearish trend in the short and long term. Also, the RSI is in neutral territory at 40.24. However, the indicators are moving to the downside and if the bears prevail, it could drop into the oversold 30 zone.
MATIC is trading near the $0.9451 support level. The bears led the price down from the $1,0064 resistance level. According to technical analysis, if the current conditions of the altcoin market continue, a drop to the next support level to $0.9231 is possible. However, MATIC is currently in a sideways trend reflecting the hesitancy of traders in the market. The bulls are likely to drop to the $0.9451 resistance before they rise again.
Meanwhile, Securitize, a trading firm, has launched a new fund on Polygon Blockchain. Investors can use these funds to collect secured loans and access liquidity on the platform. Also, this fund was in collaboration with the exclusive Hamilton Lane (Nasdaq: HLNE) on the Polygon network. MATIC bulls will now try to move the price again with important news.
Graph (GRT) price ready for further decline
David, an analyst at Azcoinnews, says that the price of GRT technically points to a 20% drop. Its price started to rise after bottoming at $0.52 in November 2022. However, $0.17 is acting as a stiff resistance. The analyst warns that if it breaks the $0.1 value, it will see its price drop by more than 20%. According to the technical chart:
Altcoin bulls are moving away from Dogecoin
The Dogecoin market saw a significant price drop to $0.077 on May 4, but eventually rose 5.19% the next day. Despite bearish pressure, Dogecoin bulls are struggling to regain positive market sentiment. But on Sunday they failed once again.
Dogecoin market sentiment is bearish as May 6’s Fear and Greed Index is 27 (Fear). This indicates a relatively low investor sentiment towards DOGE and indicates that the market may be experiencing fear or uncertainty. It should be noted that as of today, investors have regained their risk appetite.
In summary, Dogecoin’s status will depend on the purchasing power of the bulls. Its price is currently positioned in the $0.07706 region, where it is losing 4.5% weekly.
