Coins Getting Ready for Bull Run: Technical Analysis
As the global cryptocurrency market shows signs of recovery, traders and investors are keenly looking for coins that are potential for a bull run. The technical analysis can provide insights and a clear picture of the future trajectory of prices. This analysis will focus on XRP, Bitcoin (BTC), and Polygon (MATIC), as crypto coins with potential.
1. XRP (Ripple)
The legal challenges faced by Ripple have not stopped XRP from being a strong player in the crypto market. The coin is trading today at $0.43471, and demonstrates mixed signals across various technical indicators. Nevertheless, they indicate a possibility of a bullish trend.
The EMA values of various periods are consistently indicating a selling signal. Downward pressure is indicated in both short-term and long-term time frames.
The MACD level stands at -0.01507, suggesting a downward trend.
This indicates that the short-term moving average is lower than the long-term moving average, typically indicating a recommendation to sell.
XRP is approaching oversold levels with an RSI of 32.08. The RSI for XRP is low, indicating potential undervaluation and a possible upcoming price increase.
In accordance with Fibonacci levels, the critical resistance levels are positioned at $0.52038 and $0.56541.
Some of the support levels are at $0.40897 and $0.44216. For a bullish trend to be confirmed, XRP must surpass the resistance at $0.52038.
2. Bitcoin (BTC)
Bitcoin, as the dominant player, typically sets the tone for the general sentiment in the cryptocurrency industry. At a price of $56,679, the coin shows a mixture of bearish and bullish tendencies.
EMA values for BTC price, spanning from the 10-day to the 200-day, are showing a sell sentiment, further confirming a bearish trend.
The MACD Level of Bitcoin is indicating a downward trend. This signal shows that the short-term average is lower than the long-term average, suggesting a possible decrease in momentum.
An RSI of 28 for BTC indicates oversold conditions, usually coming before a possible upward correction. This low RSI level suggests that Bitcoin may be underestimated and could attract buying interest.
Based on Fibonacci retracement levels, Bitcoin encounters immediate barriers at $64,360 and $70,265. The critical levels of support are located at approximately $50,867 and $56,022. Surpassing these resistance levels would confirm a positive outlook for Bitcoin.
3. Polygon (MATIC)
Polygon’s scalability solutions for Ethereum have attracted a large following. Let’s examine MATIC’s technical patterns by using Fibonacci retracement.
At a price of $0.4844, MATIC displays technical signals suggesting the possibility of a bullish trend. Here is an analysis of its important technical signals:
The EMA values show a primarily negative trend in both long and short time frames, indicating a likelihood of lower prices.
The MACD level suggests a downtrend. This coincides with the MACD signal line being situated below the MACD line, which is commonly seen as a bearish signal.
The RSI for MATIC stands at 30.90, suggesting neutral to oversold status. This indicates that the coin could be nearing a possible shift towards a bullish reversal.
The Fibonacci retracement levels show resistance at $0.6054 and $0.6954. The levels of support are located at $0.3803 and $0.4703. Breaking through the resistance levels may initiate a positive momentum for MATIC.
Conclusion
XRP, BTC and MATIC exhibit differing technical signals, although they are likely to experience a potential bull run. Every coin encounters strong resistance levels that, if surpassed, may indicate a change in their current downward trends. Traders and investors need to keep a close watch on important technical indicators like EMA, MACD, RSI, and Fibonacci levels to take advantage of possible price changes in the short term.
The post Coins Getting Ready for Bull Run: Technical Analysis appeared first on CoinGape.
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