Bitcoin dropped momentarily to $44.3k however has since bounced to commerce at $46.5k at press time. Avalanche, Polygon, and Cosmos confirmed comparable bounces on their charts previously few hours. Nevertheless, regardless that their momentum was bullish, Polygon introduced the opportunity of a retracement of the latest beneficial properties.
Avalanche (AVAX)
Supply: AVAX/USDT on TradingView
Based mostly on the transfer from $82.25 to $101.98, a set of Fibonacci retracement ranges was plotted. The 61.8% retracement degree at $89.8, in addition to the $91.6 help degree proper above it, had already been examined a number of instances previously few days.
On the identical time, the $98-$102 space has posed stiff resistance to the value.
On the time of writing, the RSI on the hourly chart was above impartial 50 and denoted bullish momentum was current. The CMF was additionally above +0.05 to point out shopping for stress. Therefore, though not a shopping for alternative, it was potential that AVAX would try to interrupt the $100 mark as soon as extra.
Polygon (MATIC)
Supply: MATIC/USDT on TradingView
MATIC has fashioned a spread (orange) previously week stretching from $1.57 lows to the $1.74 highs. The mid-point of this vary at $1.655 has additionally been revered as help and resistance previously few days.
On the time of writing, MATIC was advancing towards the vary highs, which had confluence with the horizontal resistance degree at $1.74. Therefore, this was seemingly a promoting alternative. A transfer again towards the mid-range or vary lows might play out within the days to come back.
Nevertheless, the RSI and the OBV confirmed bullish momentum and regular demand, indicative of additional upside.
Cosmos (ATOM)
Supply: ATOM/USDT on TradingView
The $31 space (purple field) is a robust zone of provide. The $29.81 space (cyan field) is one other short-term demand zone. This zone was flipped to produce a few days in the past, however ATOM has superior previous this degree as soon as extra.
Subsequently, one other try to crack the $31 resistance might be seen within the hours to come back. The Superior Oscillator was above the zero line to mirror the bullishness following ATOM’s impulse transfer upward from $27.7. The CVD additionally confirmed that purchasing stress was selecting up.
