- MATIC held support at $0.59 and the price could rise to $0.68 depending on the RSI.
- While ADA retraced slightly, the positive MACD might water down reappearing resistance.
- AVAX’s volatility tried exiting contraction and could be overbought at $12.26 without the AO backing.
Polygon (MATIC), Cardano (ADA), and Avalanche (AVAX) were the biggest gainers out of the top 20 tokens in the last 24 hours. This rise has been possible due to the resurgence of Bitcoin (BTC) over the previous few days.
Furthermore, the coin’s return above $25,000 and breaking the $27,500 resistance has pushed it into an upward momentum while the broader market followed the same direction.
MATIC Beats Resistance
Out of the aforementioned three, MATIC gained the most. As bullish sentiment gradually returned, the token reached a 7-day high of $0.65.
From the chart above, MATIC was able to build on the $0.59 support and cross the $0.62 resistance between June 18 and 20. This also coincided with the time Bitcoin rose above the $27,500 resistance.
If MATIC demand increases, there is a good chance that the token might rise as high as $0.68. However, this could be subject to the Relative Strength (RSI).
At 68.56, the RSI suggests that MATIC could soon be overbought. Therefore, traders might need to be wary of a retracement should Bitcoin fail to reach $29,000.
In another development, Polygon announced its plan to create a Zero-Knowledge (ZK) Proof-of-Stake (PoS) system on its network. This could have also sustained MATIC’s rise.
ADA Watches Out for a Hindrance
ADA hovered significantly above the $0.257 support point. According to the ADA/USD 4-hour chart, the token climbed above $0.28. However, its pullback to $0.278 signifies the struggles buying momentum faced.
At press time, the Moving Average Convergence Divergence (MACD) was 0.0023. Although this is considered bullish, it appears that the 26-day EMA (orange) might be a stumbling block to ADA’s continuous rise.
But in the event that the MACD rises well above the point mentioned above, then traders may need to refrain from taking short positions.
AVAX Needs to Overcome the Bears
Like ADA and MATIC, AVAX also rose to a 7-day high. As of this time, its intraday trading price was $12.27. But the Bollinger Bands (BB) showed that the token may have hit an overbought point. This was because the upper band of the indicator touched its price at $12.26.
However, the Awesome Oscillator (AO) at $0.34 might fend off a possible bearish outlook and cut out the reversal.
In conclusion, if Bitcoin manages to break above the $29,000 mark and initiates a strong bullish rally, several altcoins, including MATIC AVAX, and ADA, could benefit from the upward momentum.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
