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Examining the price dynamics of seven different altcoins, including Polygon (MATIC), which is very close to reaching a new record high price.
On December 4, Bitcoin (BTC) plummeted and fell to a local low of $ 42,000. He then returned above $ 50,000 by creating a long bottom wick.
It is currently in the process of retesting the support line, but could potentially confirm it as resistance. The line coincides with the $ 52,500 resistance area, which is the resistance level of the 0.382 Fibonacci retracement.
Ethereum (ETH) has been falling since November 10, hitting an all-time high of $ 4,867. As with BTC, the fall accelerated on December 4 and ETH fell to a local low of $ 3,575.
However, it bounced back shortly thereafter and is currently trading at $ 4,400.
ETH is still trading above the previous $ 3,950 resistance area. While this is happening, the trend can be considered bullish.
A break of the descending resistance line will confirm the completion of the correction.
XRP (XRP) has been falling since November 10, when it peaked at $ 1.35. The decline continued until December 4, when the price fell to a low of $ 0.60.
Wick aside, the decline that began on Nov 10 has an exact 1: 1 ratio, as did the Sept 6-22 decline.
XRP came above the 0.786 Fibonacci retracement support level at $ 0.70. Therefore, it is possible that the correction has come to an end.
Loopring (LRC) has been declining in a downward parallel channel since Nov 10 after hitting an all-time high of $ 3.85.
The decline led to a low of $ 1.60 on December 4.
On the same day, the LRC bounced back and confirmed the channel’s support line. After three days, he regained the middle line of the channel. This is a very bullish sign indicating a possible breakout.
The Polygon (MATIC) rate fell sharply on December 4, dropping to a low of $ 1.54.
However, it recovered all of its losses and rallied above its previous high on December 7.
It is currently trying to break above the $ 2.40 resistance area, which is the last resistance before a new all-time high in price.
If it manages to move higher, the next resistance will be found at $ 3.26.
The Oasis Network (ROSE) has been following the upward support line since July 20. On December 6, it bounced off this support line, creating a long bottom wick (green icon).
Since then, it has been moving up.
The main area of resistance is at $ 0.375, which was last hit on December 3 (red).
Kadena (KDA) has been falling since November 11 after hitting a new record price of $ 28.30. The ensuing decline led to a December 6 low of $ 8.90. This is 68%.
Since then, the KDA has rebounded slightly, confirming that the 0.618 Fibonacci retracement level is support. However, it was not possible to start the upward movement.
If the support area fails to hold the price, the next support is likely to be found entirely at the $ 6.50 level.
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
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