Altcoins are Going Against the Market Trend: BNB & MATIC Price to Hit ATH in H1 2024

Altcoins are Going Against the Market Trend: BNB & MATIC Price to Hit ATH in H1 2024

Story Highlights

  • Altcoins have gained significant control over the market as BTC dominance has witnessed a major drawback in recent times

  • Besides, Binance Coin and Polygon have been undergoing a remarkable upswing, indicating a decoupling from the market trend

The day’s trade has begun on a bearish note as a 2.22% decline in the global crypto market cap has been recorded. The recent plunge of the Bitcoin price below $43,000 can be considered a major reason behind this. However, altcoins continue to remain in a good position as some of them continue with their bullish streak. Polygon & Binance Coin maintain a healthy upswing amid the negative waves that have been trying to settle within the crypto markets. 

Polygon (MATIC) Price Analysis

The polygon price has been printing bullish candles for consecutive three days and broke above the decisive symmetrical triangle that it has traded for over a year. With this, the token has confirmed a breakout from the bearish claws as the price regained levels above $1 after 6 months.  Therefore, the MATIC price is believed to set up a fine upswing until the yearly close, which may lay down a strong bullish foundation for 2024.

The MATIC price has broken the upper resistance of the descending parallel channel and is testing the crucial resistance at $1.046. If the bulls manage to hold the price above the levels until the day’s close, a fresh bullish wave may begin. Moreover, this level can be considered as the final barrier as the token has undergone multiple trend reversals here. As the mounting buying pressure suggests, the MATIC price may soon reach the resistance zone between $1.195 and $1.228. 

A clearance from here could propel the Polygon (MATIC) price to surpass the 2023 highs at reach $2 in the first few weeks of 2024.

Binance Coin (BNB) Price Analysis

The BNB price has withstood extreme bearish pressures after the negative rounds revolved around the Binance exchange for a while. Regardless of this, the token defended the lower support at $210 strongly and triggered a rebound in no time. Currently, the BNB price has been bullish for the second consecutive week. A bullish close for the week may pave the way for a fresh upswing towards the crucial resistance zone. 

The BNB price has been trading within a descending parallel channel, and the recent price movement lifted the levels close to interim resistance levels. The volume has risen to some extent, dominated by the bulls. This suggests the price is due for an extended upswing that could elevate the price beyond $300 anytime from now. However, the main resistance lies between $328 and $354 and a rise above these levels may certify the beginning of a strong upward trend. 

The BinanceCoin (BNB) price appears to be bullish at the moment and is speculated to achieve new highs somewhere in the first half of 2024. 

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