Bitcoin and Ether Start Recovery, MATIC Forms Bullish Candle
Key Insights:
- Bitcoin (BTC) declined sharply and tested $30,000.
- Ether (ETH) is recovering losses from $2,200.
- MATIC seems to be setting up for a key upside break.
Bitcoin
In the past few sessions, the bitcoin (BTC) price saw a major decline below the $35,000 level. There was a steady decline and the price traded below $32,000.
It tested the key $30,000 support and recently started an upside correction. There was a decent increase above the $31,000 and $31,500 resistance levels. Bitcoin cleared a key bearish trend line and the 21 simple moving average (H1).
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However, the price is struggling to settle above $32,000 and $32,200. If the bulls gain strength, the price could recover to $33,800. Conversely, it could start a fresh decline towards the $30,000 support zone.
Ethereum (ETH)
ETH also followed a downtrend and traded below the $2,400 support. It even declined below $2,300 and tested the $2,200 zone.
It is slowly rising and trading above the $2,350 resistance. There was a move above a major bearish trend line at $2,380 on the hourly chart. Ether price is now consolidating above $2,400 and the 21 simple moving average (H1).
On the upside, there is a key barrier near $2,480 and $2,500. A close above $2,500 might start a steady increase in the near term.
Polygon (MATIC)
MATIC started a major drop from the $1.50 resistance zone. The bears gained strength for a move below the $1.30 and $1.20 support levels.
The price settled below the $1.10 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.80 support. A base is formed above the $0.80 level and there is a strong bullish candle in place on the daily chart.
It is now facing a strong resistance near the $0.98 and $1.00 levels. There is also a major bearish trend line with resistance near $1.02 on the daily chart.
A close above the $1.00 and $1.02 levels may perhaps send MATIC price towards the $1.15 resistance zone or even $1.20. If not, there is a risk of a fresh decline below the $0.85 level.
ADA, BNB, and DOT price
Cardano (ADA) tested the $0.60 and recovered over 10%. The price is now attempting a close above the key $0.70 resistance zone.
Binance Coin (BNB) declined heavily and even spiked below $300. The next major resistance is now forming near the $335 level.
Polkadot (DOT) tested the $10.00 support zone, where the bulls emerged. The price is now rising and trading above $11.00. On the upside, the $12.00 level presents a major hurdle.
A few trending altcoins are SHIB, TRX, and EGLD. Out of these, EGLD is gaining momentum above the $110.00 resistance level.