Crypto Market Today: Bitcoin and Ether Rally, MATIC Skyrockets
Bitcoin
After a sharp decline, bitcoin price started a decent recovery wave above $48,000. BTC was able to clear the key $50,000 resistance zone. There was also a close above the $50,000 level. The price is now trading above $50,500, but it is facing resistance near the $51,500 level. The next hurdle for the bulls could be $52,000. A clear move above the $52,000 level could set the pace for a larger increase.
If the bulls fail, the price could start a downside correction below $50,500. There is a key bullish trend line forming with support near $50,000 on the hourly chart, below which the price could dive 3%-4%.
Ether (ETH)
Ether outperformed bitcoin with a move above the $4,250 resistance level. The upward move was such that the price even climbed above the $4,350 level. It is now facing resistance near the $4,400 level. The next key barrier is $4,440, above which the price could rise towards the $4,550 resistance zone.
If there is another decline, the price could test the $4,250 level. The next key support is near $4,220. A downside break below $4,220 may perhaps push the price to $4,150.
Polygon (MATIC)
MATIC started a fresh increase after it formed a base above the $1.50 level. There was a steady increase above the $1.80 and $1.85 resistance levels. During the increase, there was a break above a major bearish trend line with resistance near $1.80 on the daily chart.
The price even cleared the $2.00 resistance level. The bulls pushed the price above 76.4% Fib retracement level of the key decline from the $2.18 swing high to $1.50 low.
It is now trading nicely above the $2.20 level and the 21-day simple moving average. On the upside, MATIC is now facing resistance near the $2.35 level. A close above the $2.35 and $2.40 levels may perhaps send the price towards the $2.52 resistance zone or even a new all-time high.
An initial support on the downside is near the $2.20 zone. The first major support sits near the $2.00 level, below which there is a risk of a move towards the $1.85 level.
ADA, BNB, and DOT price
Cardano (ADA) started a decent increase after it cleared the $1.35 resistance. It even broke the $1.40 level and is trading in a positive zone. The next major resistance above is $1.45, above which it could revisit $1.50. If there is a downside correction, the price might find support near the $1.38 and $1.35 levels.
Binance Coin (BNB) is up 5% and it is trading above the $585 resistance level. However, the bulls are facing a strong resistance near the $600 level. If they successfully gain strength for a move above $600, the price could rise further. The next key resistance could be $625.
Polkadot (DOT) jumped over 10% and cleared the $28.50 resistance. It is now facing resistance near the $30.00 level. A close above $30.00 may possibly lead the price towards the $32.00 level. Conversely, it could correct lower towards the $28.50 level.
A few altcoins gained over 10% such as SOL, LUNA, and DOGE. Out of these SOL gained pace for a move above the $200 level, but it is struggling to continue higher.
This article was originally posted on FX Empire
