Altcoins Undergo Their Best Crypto Week since 2017, Polkadot and XLM Prices Expected to Rally Even Higher
Bitcoin has served to onboard more interest in the cryptocurrency industry, with its recent surge to top $40,000. With BTC’s surge on the market, altcoins have also rallied higher, and cryptocurrency traders have speculated that some altcoins may perform bullishly and experience higher price gains in the long run.
The demand for cryptocurrencies has been on the rise now more than ever, perhaps triggered by the fact that many traders are forced to stay at home. With the current coronavirus pandemic, institutional and corporate investors have regained interest in cryptocurrencies. Crypto trader Lark Davis commented on this and said:
"This market is fundamentally insanely bullish, we will go much higher. $40,000 is not the high water mark for #bitcoin, #altcoins will go insane."
Currently, Polkadot and Stellar Lumens (XLM) are bullish, and traders are expecting them to rally higher. Here is why.
Polkadot (DOT) price
Polkadot (DOT)'s price has broken the rising trendline and is now expected to experience some sideway movements. As long as the price stays above the blue trend line, Polkadot is expected to rise again. Currently, it is trading around $9.36, and it has increased by 4.62% in the past week.
XLM price analysis
For XLM, we can observe that its price is currently traded in the channel after its recent surge. Traders can look for trading opportunities or watch out for channel breakout. The 0.25 area is expected to hold and give strong support to the price. XLM is likely going to surge higher if it manages to break the resistance level of 0.34.
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Bitcoin Tops $40,000 for The First Time but Experts Warn of Looming Price Correction