Following a few days of consecutive price drops, bitcoin went on the offensive once more and neared $38,000. Most altcoins are also in the green today, with impressive price recoveries from Binance Coin, Dogecoin, Avalanche, MATIC, CRO, NEAR, and others.
Bitcoin Eyes $38K
The primary cryptocurrency slumped by more than $10,000 in a few days from January 20th to January 24th when it dumped to its lowest price point since late July below $33,000.
This resulted in a large number of liquidations for over-leveraged traders and harmed the overall sentiment for the entire crypto market. Since that low, though, the asset reacted well and started to recover some of the lost ground gradually.
As reported yesterday, bitcoin shot up by about $4,000 and tapped $37,000. In the following hours, the cryptocurrency retraced by $1,000 before it went on the attack again. This time, it touched $38,000, where it’s situated now as well.
As such, its market capitalization has reclaimed the $700 billion tag.
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BTCUSD. Source: TradingView
Altcoins See Green: MATIC 10% Gains
The alternative coins suffered as well during the most recent price slides, but most are currently well in the green today. Ehtereum was even close to breaking below $2,000 at one point. Now, though, the second-largest cryptocurrency is at around $2,500 after a 3% daily increase.
Similar price increases are evident from Cardano, Solana, Shiba Inu, Ripple, and Chainlink. More impressive gains come Dogecoin (8%), Avalanche (9%), MATIC (10%), CRO (8.5%), and NEAR (12%).
The situation with the lower- and mid-caps is similar. The most significant gainer on a daily scale is Waves (40%), followed by LRC (17%), GALA (15%), HNT (14%), SCRT (13%), ENJ (13%), SNX (12%), and others.
The cryptocurrency market cap now stands at $1.7 trillion, which means that the metric is up by $200 billion since the low two days ago.
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After a great performance where the price hit $2.9, MATIC lost momentum and is now correcting towards the key support at $2. The level at $2.4 was confirmed as resistance, and the price has formed lower highs since then.
On the way up, MATIC has formed a large bearish wedge (represented in blue on the first chart) and now the price appears to be on the decline. The cryptocurrency is likely to enter into a correction and longer consolidation.
Chart by TradingView
Technical Indicators
Trading Volume: Somewhat expectedly, the volume decreased after the all-time high, and MATIC entered into a correction on low volume.
RSI: The daily RSI is making lower highs which are typical of a bearish trend. This is likely to continue as MATIC searches for new support.
MACD: The daily MACD turned bearish after the price hit $2.9, and since then, the trend has been bearish. So far, MATIC failed to turn around, and the correction continues. Until the MACD completes a bullish cross, it is unlikely for the price to make new highs.
Chart by TradingView
Bias
The bias for MATIC is bearish.
Short-Term Price Prediction for MATIC
MATIC’s stellar performance in December 2021 was followed by a significant correction in January. The price decreased by over 30% before recovering. The trend remains bearish, and MATIC will likely test the $2 support level again. If that doesn’t hold bears in check, then MATIC is likely to fall lower.
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After nearing $52,000 earlier this weekend, bitcoin has lost some ground but still stands around the coveted $50,000 mark. The altcoins are untypically calm, with ETH close to $4,000. In contrast, MATIC is up by more than 6% on a daily scale.
Bitcoin Down to $50K
Just days before Christmas, the primary cryptocurrency had dropped to $48,000 after failing to overcome $50,000. However, the bulls came to play at this point and pushed the asset north.
In the following hours, bitcoin started to add value rapidly and surged above its round-numbered nemesis. Moreover, BTC kept rising and neared $52,000 on Saturday. This became its highest price line in over two weeks.
However, it failed to continue upwards and started to lose value gradually. Earlier today, it dipped below $50,000 and, as of now, stands at around that level once again. As a result, BTC’s market capitalization is just under $950 billion.
BTCUSD. Source: TradingView
Alts Stall: MATIC Pumps 6%
Ethereum struggled below $3,800 before the Holidays but surged above $4,100 during the market recovery. Now, though, the second-largest cryptocurrency has retraced slightly and stands at just over $4,000.
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Binance Coin is also down by around 1% to $540. The majority of the larger-cap alts are also quite stable. Solana, Cardano, Terra, and Polkadot are slightly in the green, while Ripple, Dogecoin, and Shiba Inu have lost minor gains.
Avalanche has lost the most in a day (-4.5%) and is down to $110. In contrast, MATIC is up by more than 6% and trades above $2.7.
More gains come from Cosmos (12%), Curve DAO Token (10%), Audius (8%), and Fantom (8%).
The crypto market cap is down by around $30 billion to $2.350 trillion.
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This week, we take a closer look at Ethereum, Ripple, Cardano, Polkadot, and Polygon.
Ethereum (ETH)
Ethereum had a very volatile week with prices falling close to $3,600 before reversing back above $4,000 yesterday in a surprising move. Unfortunately, at the time of this post, ETH lost the $4,000 level again, ending the past seven days with a 7.5% decline.
The price action has made both a lower low and a lower high this week. Because of this, the trend remains bearish, and unless buyers come in force to push prices higher, it is tough to expect a reversal in this trend. ETH found good support on the $3,700 level, and this is likely to be retested soon if buyers fail to stop the downtrend. The resistance sits at $4,000.
The indicators on the daily timeframe remain bearish, and ETH also suffered a 10% pullback versus Bitcoin, losing most of the recent gains on the ETH/BTC pair. For this reason, Bitcoin has increased its dominance in the overall crypto market share. Looking ahead, the best hope for bulls is for ETH to stop its downtrend and consolidate under $4,000 before attempting another break above this key level.
Chart by TradingView
Ripple (XRP)
This week, XRP continued to consolidate in a tight range between the $0.89 resistance and $0.75 support levels, lacking the strength to break out. Overall, XRP had a poor week, with a 6.6% loss in price compared to seven days ago.
However, there are some early signs that this consolidation may prepare the stage for a possible breakout. The daily MACD completed a bullish cross three days ago, and the RSI has been making higher lows and higher highs. This calls for some optimism in the future, as XRP bulls may attempt another break of the key resistance level. That would set the stage for XRP to reclaim its $1 valuation.
Looking ahead, XRP is facing two challenges. The first is trying to break out from this range, and the second is doing so in an environment where the overall market is bearish (see ETH above). This will not be easy, but XRP is known to diverge from the overall market at times.
Chart by TradingView
Cardano (ADA)
ADA lost a critical support level last week, falling under $1.36 to find support on the $1.2 level. In doing so, it fell below a key trendline that has held since March 2020. Because ADA’s price closed below this level, the chances of recovery are becoming less likely with each passing day. However, the selling pressure has not been significant since then and ADA only lost 4.9% in the past seven days.
Currently, ADA’s price is consolidating in a tight range, similarly to XRP. The $1.36 level now acts as a resistance, and a fall below the key support level at $1.2 may push ADA to the $1 level.
Looking ahead, it is crucial for the cryptocurrency to stop the downtrend and not lose its key support level. Should that be successful, then ADA can attempt a recovery.
Chart by TradingView
Polkadot (DOT)
DOT’s poor performance has continues this week as well, having failed to stop the downtrend discussed last time. For this reason, it registered another 7.6% loss in the past seven days.
The current price action is barely holding onto the $26 support level. Should DOT fail here, then the next key support will be found at $20. During this downtrend, the daily RSI entered the oversold area from where it quickly bounced up, forming a bullish divergence as price went lower. Because of that, this downtrend could come to an end soon, particularly as MACD just did a bullish cross on the daily timeframe.
Looking ahead, DOT could have a nice relief rally to pause the current downtrend. Buyers will surely be very interested in DOT considering its price is at a 50% discount compared to its all-time high at $55. In such a scenario, the resistance at $32 is the biggest challenge for bulls.
Chart by TradingView
Polygon (MATIC)
MATIC’s rally has come to an end. After a very strong performance in the past, this week, MATIC ends in red with a 3.6% loss in price. Moreover, the bearish divergence discussed in our last analysis appears to hold true so far as MATIC’s price approaches the end of the ascending triangle (in blue).
If the cryptocurrency fails to push higher and break the $2.2 resistance, then price may fall to the key support at $1.6, confirming the bearish divergence on the RSI. On top of that, the daily MACD has been bearish for the past five days with no clear sign of a reversal yet.
Volume has also decreased since the last attempt to break the resistance. This setup puts MATIC under a lot of pressure from bears. Looking ahead, MATIC is likely to exit from this ascending triangle in the coming week. Best to be prepared for that, particularly if price falls lower.
Chart by TradingView
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MATIC’s uptrend has formed a steep ascending triangle (in blue), and the price has hit the resistance at $2.2 before being pushed back down. The price is currently found in the apex of this formation, and there is little room left for MATIC to move. Therefore a breakout can be expected at any moment. Should MATIC fall, the price should find good support at $1.7 and $1.
Considering the current market conditions, it would be mindful to consider that a continuation might fail, despite the strong performance. This is because the weakness in ETH and BTC can pull MATIC down despite showing tremendous strength during the December 4th crash.
Chart by TradingView
Technical Indicators
Trading Volume: The volume during the uptrend was strong, but it’s now fading. A break below the ascending triangle may embolden the bears to push MATIC towards a correction.
RSI: The daily RSI has made a large bearish divergence with a lower high despite price pushing above $2.2 for a brief period. This is a sign that buyers need to be careful, as a correction may follow if this divergence is confirmed.
MACD: The daily MACD is bearish, and MATIC is unlikely to rally until the moving averages return on the uptrend.
Chart by TradingView
Bias
The bias for MATIC is neutral. A break from this formation will change the bias to bullish or bearish. Right now, the bearish case seems to have more weight to it, considering the indicators.
Short-Term Price Prediction for MATIC
MATIC had a fantastic rally and show of strength in December, with prices moving higher while most of the crypto market entered a deep correction. It would be impressive if it can continue to keep this momentum, but given the overall crypto sentiment, it seems less likely.
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The popular Ethereum layer 2 solution Polygon has introduced a new javascript library to interact with its own bridge. Shortly after the announcement went live, the protocol’s native token surged by double-digits to a six-month high.
Polygon’s New Javascript Library
The announcement informed that the new open-source javascript library, dubbed matic.js, will provide APIs for deposits, withdrawals, and other types of transfers on the Polygon network.
This is the latest version (v3), operating as an “all-in-all improvement over its predecessor,” which was already used in numerous applications. It aims to help developers in creating and deploying applications seamlessly while also ensuring it could support different ecosystems.
Some of the improved features include support for Ethereum’s native token – ether, reduced bundle sizes, and plugin support for shipping different functionalities in separate packages.
This is the latest development coming from the Ethereum L2 solution, which was also recently integrated into the workflow automation platform PARSIQ, as CryptoPotato reported.
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MATIC Soars to New 6-Month High
The price of Polygon’s native digital asset reacted quite well to the matic.js update. It went from a daily low of around $1.95 to a high of $2.4, which represented a 24-hour surge of more than 20%.
Looking at a slightly larger scale, MATIC is up by 60% since November 28th, when it stood around $1.5. By tapping $2.4 earlier today, the cryptocurrency marked its highest price level since late May.
Moreover, it came about 15% away from its all-time high, also registered in May at $2.8.
According to CoinGecko, MATIC is now the 15th largest digital asset by market capitalization as its own exceeds $16 billion.
MATICUSD. Source: TradingView
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Ethereum managed to increase by 6.4% this week as it continues to climb higher inside an ascending price channel. The price channel formed at the start of October after ETH found support and reversed at $2800.
Last week, ETH found resistance at $3600, causing the coin to fall into the support at $3400. ETH bounced from $3400 on Wednesday as it hit the lower boundary of the price channel. Yesterday, ETH managed to break $3600 and push higher into resistance at $3790 (bearish .786 Fib).
Looking ahead, if the bulls break $3790, the first strong resistance lies at $4000. This is followed by $4060 (1.414 Fib Extension – blue), $4200, $4282, and $4400.
On the other side, the first support lies at $3670. This is followed by $3580 (.236 Fib & lower boundary of the price channel), $3400 (.382 Fib & 50-day MA), $3350, and $3200.
ETH/USD Daily Chart. Source: TradingView.
The struggle continues this week for ETH against BTC as it continues to trend lower inside a descending price channel. ETH has been falling against BTC since the start of September when it fell from 0.078 BTC. It continued to fall throughout the two months and eventually broke crucial support at 0.0643 BTC (.618 Fib) last week.
This week, ETH fell as low as 0.06 BTC on Tuesday. More specifically, it found support at a downside 1.414 Fib Extension 0.0615 BTC and the 200-day MA. Since hitting this support, ETH bounced higher but is struggling to overcome resistance at 0.066 BTC.
Looking ahead, the first resistance lies at 0.066 BTC. This is followed by 0.068 BTC (upper angle of the price channel), 0.0691 BTC, 0.07 BTC (50-day MA), and 0.072 BTC.
On the other side, the first support lies at 0.0632 BTC. This is followed by 0.062 BTC (200-day MA), 0.0615 BTC (downside 1.618 Fib Extension), 0.06 BTC, and 0.0588 BTC.
ETH/BTC Daily Chart. Source: TradingView.
Ripple
XRP managed to climb by a small 5% this week as it remains above the 50-day MA. Like ETH, XRP is also trading inside an ascending price channel that formed at the start of October. At the start of this week, XRP managed to push above the 50-day MA at $1.10, and it reached as high as $1.25 (Feb 2018 highs).
Unfortunately, XRP could not overcome the resistance at the upper angle of the channel and started to roll over from there. It has remained above the 50-day MA and is testing the support at the lower angle of the channel.
Looking ahead, the first support lies at $1.10 (50-day MA). This is followed by $1.05 (20-day MA), $1.00 (200-day MA), and $0.95 (100-day MA).
On the other side, the first resistance lies at $1.15. This is followed by $1.25 (Feb 2018 highs), $1.36, $1.40, and $1.60 (bearish .786 Fib).
XRP/USD Daily Chart. Source: TradingView.
XRP lost crucial ground at 1940 SAT this week as the coin slips into a fresh 2-month-low price today after hitting 1860 SAT (.786 Fib). The coin has been in a descending price channel since the start of September and has been continuously declining.
Last week, the buyers found support at 1940 SAT after slipping beneath 2000 SAT. It was looking like the support at 1940 SAT would hold, but this eventually broke today.
Looking ahead, the first support lies at 1860 SAT (.786 Fib). This is followed by 1800 SAT (July 2020 low), 1735 SAT (.886 Fib), and 1700 SAT.
On the other side, the first resistance lies at 1940 SAT (previous support). This is followed by 2000 SAT, 2075 SAT (20-day MA), 2150 SAT (100-day MA), and 2250 SAT (200-day MA).
XRP/BTC Daily Chart. Source: TradingView.
Cardano
Cardano struggled this week after falling by 5%, causing it to remain beneath the 20-day MA. The coin found support at $2 at the end of September and has since been trading in a range between $2 and resistance at $2.35 (bearish .382 Fib) in October.
Additionally, ADA is also trading beneath a falling trend line that dates back to the start of September. A break of the trend line and the upper boundary of the range would allow ADA to start to recover back toward the all-time highs again.
Looking ahead, the first resistance lies at $2.20 (20-day MA). This is followed by $2.35 (bearish .382 Fib), $2.40 (50-day MA), $2.50 (bearish .5 Fib), and $2.65 (bearish .618 Fib).
On the other side, the first support lies at $2.00 (100-day MA & .618 Fib). This is followed by $1.88 (downside 1.414 Fib Extension), $1.80, and $1.72 (200-day MA).
ADA/USD Daily Chart. Source: TradingView.
ADA is also suffering tremendously against BTC as it sets a new 2-month-low at 3620 SAT this week. The coin had dropped beneath a descending price channel last week but managed to find support at 4000 SAT.
Unfortunately, ADA would drop beneath 4000 SAT on Monday as it fell beneath the 200-day MA to find support at 3760 SAT (.786 Fib). This support was broke today as ADA slipped to 3620 SAT.
Looking ahead, if the bears push beneath 3620 SAT, the first support lies at 3500 SAT. This is followed by 3410 SAT (downside 1.272 Fib Extension), 3200 SAT, and 2065 SAT (.618 Fib & August support).
On the other side, the first resistance lies at 3760 SAT. This is followed by 4000 SAT (200-day MA), 4295 SAT, 4500 SAT (100-day MA), and 4670 SAT.
ADA/BTC Daily Chart. Source: TradingView.
Polkadot
DOT is up by a very strong 18% this week as the coin finally pushes back above $40. DOT found support at $26.22 toward the end of September and rebounded from there. It continued higher in the first week of October, allowing it to reach resistance at $37.50 (September resistance).
The September highs were penetrated on Wednesday when DOT surged above $40 to reach as high as $42.50. It has since dropped slightly and is trading around $40.
Looking ahead, the first support lies at $39.20 (.236 Fib). This is followed by $37.50, $34.70, $32.40 (.618 Fib & 50-day MA), and $30.
On the other side, the first resistance lies at $41.35 (bearish .786 Fib). This is followed by $42.50, $45.30 (bearish .886 Fib), $46.70 (1.272 Fi bExtension), $48.50, and $50.
DOT/USD Daily Chart. Source: TradingView.
ADA is currently trying to recover back toward the September highs against BTC. The coin found support at the 200-day MA around 6000 SAT earlier in the week and rebounded higher from there.
It would break above the 50-day MA during the week to reach as high as 7500 SAT on Wednesday. More specifically, ADA was unable to close a daily candle above 7286 SAT (bearish .618 Fib) and has since dropped to the 50-day MA.
Looking ahead, the first support lies at 6500 SAT (20-day MA). This is followed by 6000 SAT (200-day MA), 5760 SAT (.5 Fib), and 5500 SAT (100-day MA).
On the other side, the first resistance lies at 7000 SAT. This is followed by 7285 SAT (bearish .618 Fib), 7500 SAT, and 8000 SAT. Added resistance lies at 8310 SAT (bearish .786 Fib), 8500 SAT, and 9000 SAT (bearish .886 Fib).
DOT/BTC Daily Chart. Source: TradingView.
Polygon
MATIC is up by 20% this week as the coin reached as high as $1.60. MATIC was inside a descending price channel through most of September until support was met at the 200-day MA at around $1.05. From there, it rebounded and broke above the price channel at the start of October.
As October progressed, MATIC struggled to break above $1.35. This caused it to drop to $1.20 on Wednesday, where it rebounded. Today, MATIC exploded to reach as high as $1.60.
Looking ahead, the first resistance lies at $1.60. This is followed by $1.75 (bearish .618 Fib), $1.80 (September highs), $2.00, $2.05, and $2.15.
On the other side, the first support lies at $1.40. This is followed by $1.31 (.382 Fib), $1.17 (.5 Fib), and $1.05 (.618 Fib).
MATIC/USD Daily Chart. Source: TradingView.
Against BTC, MATIC started the week by falling beneath support at 2277 SAT to reach as low as 2015 SAT (downside 1.414 Fib Extension) on Tuesday.
The bulls regrouped and eventually pushed back above the 200-day MA today to reach as high as 2750 SAT (bearish .5 Fib).
Looking ahead, if the buyers break 2750 SAT, the first resistance lies at 3000 SAT (bearish .618 Fib). This is followed by 3175 SAT (bearish .786 Fib), 3000 SAT, and 3630 SAT.
On the other side, the first support lies at 2500 SAT (200-day MA). This is followed by 2430 SAT (.786 Fib), 2277 SAT (.886 Fib), 2113 SAT, and 2015 SAT.
MATIC/BTC Daily Chart. Source: TradingView.
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Ethereum dropped a sharp 10% this week as the cryptocurrency currently sits at around $3400. The cryptocurrency surged to $3975 last Friday, where it met the resistance at a 1.272 Fib Extension level.
It was unable to overcome it over the weekend and eventually collapsed from there on Tuesday during the market wipeout. ETH dropped as low as $3000 during the sell-off but eventually recovered by the end of the day to close the daily candle at $3428 (.382 Fib).
It held this support over the past two days but recently slipped beneath it today, reaching as low as $3350.
Looking ahead, the first support lies at $3350. This is followed by added support at $3240 (.5 Fib), $3100 (50-day MA), $3000, and $2890.
On the other side, the first resistance lies at $3500 (20-day MA). This is followed by $3790 (bearish .786 Fib), $3975 (1.272 Fib Extension), $4000, and $4135.
ETH/USD Daily Chart. Source: TradingView.
Against BTC, ETH was above 0.0785 BTC over the weekend. On Sunday, ETH slipped beneath 0.078 BTC to hit 0.076 BTC. ETH briefly slipped beneath 0.07 BTC during the Tuesday market capitulation but would close the daily candle at 0.0733 BTC (.382 Fib).
It did rebound from there on Wednesday but met resistance at 0.0765 BTC (bearish .786 Fib). It has since dropped from 0.0765 BTC and is now back at the 0.0733 BTC support.
Looking ahead, if the bears drop beneath 0.0733 BTC, the first support lies at 0.072 BTC. This is followed by 0.07 BTC (.618 Fib), 0.0691 BTC, and 0.0678 BTC (.786 Fib & 50-day MA).
ETH/BTC Daily Chart. Source: TradingView.
Ripple
XRP fell by a solid 13% over the past week to $1.10. The cryptocurrency was trading inside an ascending price channel over the weekend and pushed higher on Monday to break the August highs and hit $1.40.
XRP collapsed on Tuesday’s market wipeout as it fell as low as $0.94. By the end of the day, XRP had recovered to close the daily candle at around $1.12. Since then, XRP has been slowly grinding lower as it hit the support at $1.05 today (.5 Fib).
Looking ahead, the first support lies at $1.05 (.5 Fib). This is followed by $1.00 (50-day MA), $0.957 (.618 Fib Retracement), and $0.9 (200-day MA).
On the other side, the first resistance lies at $1.15. This is followed by $1.20 (20-day MA), $1.25 (Feb 2018 highs), $1.36 (1.618 Fib Extension), and $1.40.
XRP/USD Daily Chart. Source: TradingView.
XRP also suffered against BTC this week as it currently trades around 2360 SAT. It managed to break 2600 SAT on Monday and reached as high as 2728 SAT (August high-day closing price). On Tuesday, the cryptocurrency collapsed and fell beneath 2600 SAT to spike as low as 2200 SAT (50-day MA). The bulls had rebounded to close the daily candle at 2400 SAT by the end of the day.
Over the following few days, XRP slowly went lower to hit the support at 2290 SAT (.382 Fib) today.
Looking ahead, the first support lies at 2290 SAT (.382 FIb). This is followed by 2290 SAT (.382 Fib), 2200 SAT (50-day MA), 2150 SAT (.5 Fib & 100-day MA), and 2000 SAT (.618 Fib & 200-day MA).
On the other side, the first resistance lies at 2450 SAT (20-day MA). This is followed by 2670 SAT (bearish .5 Fib), 2730 SAT (1.618 Fib Extension), 2915 SAT (bearish .618 Fib), and 3000 SAT.
XRP/BTC Daily Chart. Source: TradingView.
Cardano
ADA fell by a sharp 16% over the past week as it currently trades around $2.50. The coin was testing resistance around $3.00 (1.272 Fib Extension) over the weekend but was unable to break it. On Tuesday, it slipped beneath the 20-day MA and spiked as low as $2.00 (50-day MA).
By the end of the day, ADA had recovered to the $2.50 support (.382 Fib). It has held this support throughout the rest of the week.
Looking ahead, if the bears push beneath $2.50, the first support lies at $2.25 (.5 Fib). This is followed by support at $2.05 (50-day MA & .618 Fib), $1.80 (100-day MA), and $1.60.
On the other side, the first resistance lies at $2.60. This is followed by $2.75 (20-day MA), $3.00, and $3.20 (1.414 Fib Extension).
ADA/USD Daily Chart. Source: TradingView.
ADA also fell against BTC this week after it slipped from 6000 SAT to reach the current 5340 SAT support (.236 Fib). It was already decreasing against BTC throughout the weekend to hit the support at 5340 SAT. On Tuesday, it spiked lower to reach the 4590 SAT support (.5 Fib).
The bulls recovered by the end of the day to close the candle above 5340 SAT (.236 Fib).
Looking ahead, if the bears break 5340 SAT, the first support lies at 5000 SAT. This is followed by 4925 SAT (.382 Fib), 4590 SAT (.5 Fib & 50-day MA), 4250 SAT (.618 Fib & 100-day MA).
On the other side, the first resistance lies at 5500 SAT. This is followed by 5670 SAT (20-day MA), 6000 SAT, and 6200 SAT (1.414 Fib Extension).
ADA/BTC Daily Chart. Source: TradingView.
Solana
SOL saw a strong 43% price hike this week as the coin set a new ATH price at $216. The coin started to surge from $140 on Monday to break above $160. On Tuesday, SOL did spike as low as $130 but quickly recovered and ended up closing the daily candle at $170.
SOL continued to rise over the following few days to hit resistance at $200 (1.618 Fib Extension). Yesterday, SOL managed to spike above $200 to set the new $216 ATH price. Unfortunately, it was unable to close the daily candle above $200 and has since rolled over to $180.
Looking ahead, the first support lies at $170 (.236 Fib). This is followed by $142 (.382 Fib), $120 (.5 Fib), and $100.
On the other side, the first resistance lies at $200 (1.618 Fib Extension). This is followed by $220, $230 (1.618 Fib Extension – purple), $256 (1.272 Fib Extension – blue), and 277 (1.414 Fib Extension – blue).
SOL/USD Daily Chart. Source: TradingView.
SOL is also performing very well against BTC as it sets a new ATH at 46,980 SAT this week. The coin has been surging inside an ascending price channel since mid-August, and it recently found resistance at the upper angle of this price channel.
On Monday, SOL surged higher from 26,850 SAT as it started to soar. By Wednesday, the cryptocurrency was already testing the upper angle of the price channel. It spiked above the channel yesterday to set the new ATH but could not close above it.
Looking ahead, the first support lies at 37,380 SAT (.236 Fib). This is followed by 35,000 SAT (lower angle of price channel), 31,560 (.382 FIb), and 30,000.
On the other side, the first resistance lies at 43,000 SAT (1.618 Fib Extension & upper angle of the channel). This is followed by 45,000 SAT, 46,980 SAT (1.618 Fib Extension – purple), and 50,000 SAT.
SOL/BTC Daily Chart. Source: TradingView.
MATIC
MATIC is down by a small 5% over the past week of trading. The coin surge over the weekend to break the August high and meet resistance at $1.75 (bearish .618 Fib). It couldn’t overcome this resistance and rolled over from there on Sunday.
During the Tuesday market collapse, MATIC slipped as low as $1.10. It recovered by the end of the day to close the daily candle at the 50-day MA. It is now sitting above an ascending trend line and is using it as support.
Looking ahead, if the bears push beneath the trend line, the first support lies at $1.30 (.382 Fib). This is followed by $1.23 (100-day MA), $1.17 (.5 Fib), $1.05 (.618 Fib), and $1 (200-day MA).
On the other side, the first resistance lies at $1.40 (20-day MA). This is followed by $1.60, $1.75 (bearish .618 Fib), $2.00, and $2.05 (bearish .786 Fib).
MATIC/USD Daily Chart. Source: TradingView.
MATIC is also above an ascending trend line against BTC as it uses support at 2865 SAT (.5 Fib) as support. The coin surged from beneath 3000 SAT on Saturday to reach resistance at 3630 SAT (bearish .382 Fib) on Sunday.
It rolled over from there and started to head lower throughout the week. On Tuesday, MATIC spiked as low as 2500 SAT but managed to recover by the end of the day to close the candle at 2865 SAT (.5 Fib & 100-day MA).
It is now using the ascending price channel as support.
Looking ahead, the first resistance lies at 3000 SAT (50-day MA). This is followed by 3200 SAT, 3500 SAT, 3630 SAT (bearish .382 Fib), 3865 SAT (1.272 Fib Extension), and 4000 SAT.
On the other side, the first support lies at 2865 SAT (.5 Fib). This is followed by 2685 SAT (.618 Fib), 2500 SAT, 2400 SAT (200-day MA), and 2300 SAT.
MATIC/BTC Daily Chart. Source: TradingView.
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After touching a multi-month high above $51,000, bitcoin has retraced slightly and currently stands around the coveted $50,000 mark. Most altcoins have also stalled on a 24-hour scale, except for Polygon, which has surged by roughly 20% in a day.
Bitcoin Stands Around $50K
Ever since the primary cryptocurrency recovered from its dip to $46,300 at the start of the month, the bulls have had control over the market. They pushed the asset to and beyond $50,000, as reported yesterday.
Furthermore, bitcoin went to just over $51,000, which became the highest price tag since the mid-May correction. However, as it happened with the previous attempts to overcome this particular level, BTC was rejected and dumped by a few thousand dollars.
This resulted in a drop to around $49,000 hours ago. As of now, though, bitcoin has reclaimed some ground and currently sits just beneath $50,000 once again.
Its market capitalization is just shy of $950 billion, while BTC’s dominance over the alternative coins stands still at over 41%.
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BTCUSD. Source: TradingView
Alts Stall While MATIC Surges
Most alternative coins have also calmed since yesterday. Ethereum went to a high of just over $4,000 but has failed to continue upwards. A quick retracement has driven the second-largest cryptocurrency down beneath $3,900.
Further declines come from Cardano (-2%), Ripple (-2.5%), Solana (-5%), and Polkadot (-3%).
On the other hand, Binance Coin, Dogecoin, Uniswap, and Litecoin are slightly in the green.
Polygon is the most significant gainer from the larger-cap altcoins. MATIC has surged by nearly 20% in a day to around $1.75.
Quant’s performance has trumped the rest of the top 100 coins. QNT has skyrocketed by 27% and has neared $250. IOTA (16%), Axie Infinity (15%), Filecoin (12%), and Siacoin (10%) follow suit.
Consequently, the cumulative market cap of all crypto assets has remained rather stable as well and is just below $2.3 trillion.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin saw a slight 2.3% price hike this week as it trades near $32,500. The cryptocurrency saw a very interesting week in which it spiked lower and produced a daily candle beneath $30K. It quickly rebounded from there and broke back above 30K to reach the 20-day MA at around $32,700. In doing so, BTC is now above a long-term descending wedge that it has been trading inside since mid-May.
The coin was trading inside a descending triangle pattern at the start of the week and went on to break beneath the floor at around $31,200 on Monday. On Tuesday, it dipped further, reaching as low as $29,300 and producing the daily candle close beneath $30K.
From there, BTC quickly rebounded on Wednesday to reach the upper angle of the long-term falling wedge that it was trading within. It broke above this wedge yesterday as it continues to test the resistance at the 20-day MA.
On the short-term chart, the drop beneath $30K caused BTC to break beneath the descending price channel it was trading inside since the start of July. However, the quick recovery allowed BTC to climb back into the channel and now test the upper angle.
Looking ahead, once the buyers break the 20-day MA at $32,700, the first resistance lies at $33,500. This is followed by the 50-day MA at $34,360, $36,000 (July high), and $36,620. Added resistance lies at $38,000 and $40,000.
On the other side, the first support lies at $32,000. This is followed by $31,200, $30,000 (lower angle of short-term price channel), and $29,500. Added support leis at $28,650 and $27,750.
BTC/USD Daily Chart. Source: TradingView.
BTC/USD 4-Hour Chart. Source: TradingView.
Ethereum
Ethereum saw a stronger 8.1% price hike this week as the coin breaks back above $2000. It was trading beneath $2000 at the start of the week and reached the June lows at $1710 on Tuesday.
ETH quickly rebounded from $1710 to break a short-term descending trend line on Wednesday. It is now above the 20-day MA and is testing resistance at the 200-day MA and the June descending trend line at $2100.
The short-term chart shows ETH breaking above the July descending price channel that it was trading inside, signaling a short-term potential bull push higher.
Looking ahead, if the buyers can break the combined resistance at $2100, added resistance lies at $2200 (50-day MA), $2340 (bearish .236 Fib & July resistance), $2400, and $2540 (100-day MA).
On the other side, the first strong support lies at $2000. This is followed by $1888, $1800, $1710 (June support), and $1625 (downside 1.272 Fib Extension).
ETH/USD Daily Chart. Source: TradingView.
ETH/USD 4-Hour Chart. Source: TradingView.
ETH managed to maintain support at 0.058 BTC (.786 Fib) during the price drop this week. From there, it quickly rebounded and broke back above 0.06 BTC on Wednesday. Yesterday, ETH continued to break the 20-day MA at 0.0625 BTC and is now testing the 50-day MA at 0.0635 BTC.
Looking ahead, the first resistance lies at 0.065 BTC. This is followed by 0.069 BTC (bearish .618 Fib), 0.07 BTC, and 0.072 BTC (long term bearish .618 Fib). Added resistance lies at 0.075 BTC and 0.077 BTC.
On the other side, the first support lies at the 20-day MA at 0.0625 BTC. This is followed by 0.06 BTC, 0.058 BTC (.786 Fib), and 0.056 BTC.
ETH/BTC Daily Chart. Source: TradingView.
Ripple
XRP is at $0.6, trading at the same price it was during the start of the week. The coin was trading inside the June descending price channel as the week started. It went on to drop beneath the 2019 highs at $0.556 on Tuesday to reach as low as $0.515.
From there, it quickly rebounded and pushed back above the 2019 high on Wednesday. Finally, yesterday, XRP managed to break above the June descending price channel and tested the 20-day MA today at around $0.612 (20-day MA).
Looking ahead, if the bulls break the 20-day MA, the first resistance lies at $0.7 (July highs & 50-day MA). This is followed by the resistance between $0.75 (200-day MA) and $0.78 (bearish .236 Fib). Finally, added resistance is found at $0.82 (2020 highs) and $0.9.
On the other side, the first support lies at the 2019 highs at $0.556. This is followed by $0.515 (weekly low), $0.5, $0.478, and $0.442.
XRP/USD Daily Chart. Source: TradingView.
XRP has been trading inside a descending price channel since the start of June against BTC. The coin dropped beneath 1800 SAT this week but found support at the lower boundary of 1750 SAT. It since rebounded from there and is testing the upper boundary of the price channel today.
Looking ahead, if the bulls can break above the price channel, the first resistance lies at 1900 SAT (July 2020 low & 20-day MA). This is followed by 2000 SAT, 2050 SAT (50-day MA), and 2100 SAT (bearish .236 Fib).
On the other side, the first support lies at 1800 SAT. This is followed by 1750 SAT (lower angle of the price channel), 1700 SAT (200-day MA), and 1660 SAT (downside 1.618 Fib Extension).
XRP/BTC Daily Chart. Source: TradingView.
Cardano
ADA saw a small 4% price fall this week as it battles with resistance at $1.20. The coin started the week above $1.20 as it was trading inside a descending price channel. On Tuesday, the coin fell beneath the price channel, reaching as low as $1.00. Luckily, it closed the daily candle at $1.05 and rebounded higher from there on Wednesday.
Yesterday, ADA managed to break above the price channel as it sat above the 200-day MA at around $1.15. However, it is now struggling with the $1.20 resistance level.
Looking ahead, if the buyers break $1.20, the first resistance lies at $1.26 (20-day MA). This is followed by $1.30, $1.37 (50-day MA), $1.45 (100-day MA), and $1.50 (bearish .382 Fib & July highs).
On the other side, the first lies at $1.15 (200-day MA). This is followed by $1.10, $1.05, and $1.00. Finally, beneath $1, added support is found at $0.98 (June low) and $0.91.
ADA/USD Daily Chart. Source: TradingView.
Against BTC, ADA is also trading inside a descending price channel. The coin spiked beneath the channel this week to reach the support at 3440 SAT (.5 Fib) but managed to close the daily candle above the lower angle at 3540 SAT.
It has since rebounded back above the 100-day MA and is attempting to push above the descending price channel today.
Looking ahead, the first resistance toward the upside lies at 3820 SAT (late June support). This is followed by 3870 SAT (20-day MA), 4000 SAT (50-day MA), and 4200 SAT (July highs).
On the other side, the first support lies at 3630 SAT (100-day MA). This is followed by 3540 SAT, 3440 SAT (.5 Fib), and 3200 SAT.
ADA/BTC Daily Chart. Source: TradingView.
Polygon
MATIC is up by a strong 5% this week as the coin trades above $0.91. MATIC was trading inside a long-term descending price channel at the start of the week and dropped as low as $0.6 on Tuesday, finding the 200-day MA support.
On Wednesday, MATIC quickly rebounded and managed to break the above the descending price channel, signaling a potential bullish move higher. However, it is now battling resistance at around $0.92, provided by the 20-day MA.
Looking ahead, if the bulls break the 20-day MA, the first resistance lies at $1.00 (bearish .236 Fib). This is followed by $1.15 (100-day MA & 50-day MA), $1.22 (bearish .382 Fib), and $1.42 (bearish .5 Fib).
On the other side, the first support lies at $0.8. This is followed by $0.726 (.86 Fib), $0.67 (200-day MA), and $0.6.
MATIC/USD Daily Chart. Source: TradingView.
MATIC also broke above the June descending trend line against BTC this week. It dropped into the 2210 SAT support (.786 Fib) during the week but quickly bounced from there to break the descending trend line on Wednesday.
Again, MATIC is now battling with the 20-day MA at around 2850 SAT.
Looking ahead, if the bulls break the 20-day MA, the first resistance lies at 3000 SAT (100-day MA & bearish .236 Fib). This is followed by 3370 SAT (50-day MA), 3500 SAT (bearish .382 FiB), and 4000 SAT (bearish .5 Fib).
On the other side, the first support lies at 2500 SAT. This is followed by 2210 SAT (.786 Fib), 2000 SAT, and 1670 SAT (200-day MA).
MATIC/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
