Crypto Market Overview
The cryptocurrency markets are showing signs of a bullish trend, particularly in the last quarter of the year. Key cryptocurrencies are experiencing significant price movements: Bitcoin reached new yearly highs above $35,000, Ethereum surged to $1854, Chainlink (LINK) broke consolidation and hit $11.6, and Solana rose above $30. However, some altcoins like Cardano (ADA) and Polygon (MATIC) are displaying minimal price changes.
Cardano (ADA) Price Analysis
Since the beginning of the year, Cardano (ADA) has been trading within a falling wedge pattern. Despite a recent 20% price increase following a reversal from the lower support zone at $0.24, ADA failed to break the crucial resistance at $0.3. While indicators suggest a potential bullish trend, weakening bullish strength raises concerns.
The price managed to break above the falling wedge; however, it encountered interim resistance at $0.283, hindering further progress. ADA is attempting to hold these levels, anticipating a potential upswing after a brief consolidation. Despite the bullish signals from the DMI and the ADX flipping from lower support, increased bearish activity could nullify the bullish impact, keeping the token under bearish influence.
Polygon (MATIC) Price Analysis
Polygon showed strength earlier in the year but weakened after facing rejection from $1.5. The recent market upswing was expected to benefit tokens like MATIC. However, MATIC exhibited a minor upswing followed by a correction.
After breaking out of the falling wedge, MATIC is struggling to overcome higher resistance levels. The RSI is declining after testing overbought levels, indicating a potential trend reversal as seen previously. Nevertheless, a recent rebound suggests the possibility of a recovery after a brief consolidation. In this scenario, MATIC’s price may reach $0.7 by the year’s end.
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