The crypto markets have just turned bullish, with the trade advancing in the last quarter of the year. Bitcoin price marked new yearly highs above $35,000; Ethereum reached $1854; Chainlink (LINK) broke the prolonged consolidation and hit $11.6; and Solana surged above $30. Meanwhile, other altcoins like Cardano (ADA) & Polygon (MATIC) are registering negligible price movement.
Ever since the start of the year, the Cardano (ADA) price has been trading within a falling wedge pattern. The latest reversal from the lower support zone at $0.24 led to a price rise of nearly 20% but failed to achieve the pivotal resistance at $0.3. Although the indicators point towards an extended bullish trend, the weakening strength of the bulls raises huge concerns.
The price broke above the falling wedge, but the interim resistance at $0.283 hindered the progress of the rally. The token is trying to hold these levels tightly so that a fine upswing could resume after a brief consolidation. Although the DMI is bullish with the ADX flipping from the lower support, the enhanced bearish activity could nullify the bullish impact. Hence, leaving the token under bearish influence.
Polygon had displayed its strength in the first few months of the year, but the bulls weakened quickly after the rejection from $1.5. The recent upswing in the markets was believed to lift other tokens, including MATIC. Unfortunately, the token displayed a minor upswing wave, which was followed by a correction.
The MATIC price after breaking out of the falling wedge, is facing a hindrance in surpassing higher resistance. Besides, the RSI is plunging after testing the overbought levels, signaling the price could face a trend reversal as it happened before. However, the recent rebound also flashes the possibility of a rebound after a short-lived consolidation. In such a case, the MATIC price may reach $0.7 by the end of the year.
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.