Logo
Cardano Ecosystem

Coinpedia

12/29/2023

·

71 views


Polygon Slips Back Below $1, While Cardano & BinanceCoin Lose Track: What’s Next?

While Bitcoin maintains a narrow trade, the majority of the altcoins face huge turbulence and drop with a significant margin. MATIC drops to $0.99 while ADA breaks below the decisive phase and BNB price prints a massive bearish candle

Polygon Slips Back Below $1, While Cardano & BinanceCoin Lose Track: What’s Next?
Altcoin Market Outlook

The crypto markets are trembling at the moment as the star crypto, Bitcoin, continues to chop around $42,500. Meanwhile, the cryptos that had recorded huge gains in the recent past are struggling hard to sustain their gains. Hence, it appears that the markets may soon initiate a fresh reversal, which may push them towards a consolidated close for 2023. 

Amid the current market conditions, some of the top altcoins like Polygon (MATIC), Cardano (ADA), & Binance Coin (BNB) appear to be in a crucial phase. 

Polygon (MATIC) Price Analysis

  • The MATIC price faces rejection after testing the upper resistance of the rising wedge, that suggests bearish action could be in play
  • After recording huge volume in the recent past, the token continues to trade on a bearish note, hence poised to hit the lower support zone between $0.958 and $0.945
  • As long as the markets maintain a choppy trend, the Polygon price is expected to trade just above the support zone and may trigger a breakout in the first few days of 2024

Cardano (ADA) Price Analysis

  • Ever since the Cardano price rose beyond the consolidation in the first week of December, the trend has shifted in a bullish direction within a symmetrical triangle
  • After the ADA price faced rejection from the upper resistance, the price plunged to test the lower support
  • As the Bolinger bands are closer to going parallel, the choppy trend may prevail and eventually reach the apex of the triangle, followed by a breakout towards upper targets.

BinanceCoin (BNB) Price Analysis

  • After breaking above the descending triangle in the first few days of the week, the BinanceCoin price surged high, aiming to test the upper resistance
  • However, the RSI is testing the upper levels and displays the possibility of a minor pullback. This suggests that the price may hover within the zone for a while and trigger further price action
  • The volume is on a constant rise, which suggests the BNB price remains within the bullish zone and further triggers a healthy upswing above $400 soon

Was this writing helpful?

No Yes

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Back to top button

AD

TapTax - Cardano Crypto Taxes Made Simple. Available Now!

Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!


Read Original Article on Coinpedia

ORIGINAL SOURCE

https://coinpedia.org/price-analysis/pol...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Coinpedia

See more
Cardano (ADA) & Ripple (XRP) Sailing in a Sinking Ship: Here is When They May Reclaim $0.6
Coinpedia
Cardano (ADA) & Ripple (XRP) Sailing in a Sinking Ship: Here is When They May Reclaim $0.6

last Wednesday at 8:34 AM

·

8 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)