Altcoins are gaining strength with the prices of the top cryptos ranging high, aiming to mark new highs in the coming days
Tokens like Polygon which have been trading within a parallel consolidation do not appear to have impacted the bullish market sentiments and hence pose huge bullish signals
A new milestone is loading as the crypto markets are about to unlock a crucial milestone. After struggling to hold above $1.65 trillion for a long time, the crypto market cap has soared above $1.8 trillion. With the growing strength among the bulls, the BTC price is believed to lay down a fine ascending trend. Meanwhile, the altcoins are also displaying strength as the ETH price holds strong, close to $2,500.
Amid the growing market sentiments, some altcoins, like Polygon, do not appear to be impacted as the price remains in a narrow range. The MATIC price continues to trade around $0.82 with a slight rise in levels. While the majority of the cryptos have flashed acute bullish signals, Polygon Price appears to have been waiting for some bullish signals.
Therefore, it can be concluded that the MATIC bulls are accumulating strength and once they break above the range, the pace of the rally may be undisputed.
In the long term, the crypto markets and the MATIC price face significant bearish action, while in the short term, the facts are turning bullish. The Polygon price has been trading along the ascending trend line in the short term. It also resembles a trade within an ascending triangle, while the apex could be pretty distinct. The RSI in the 4-hour chart is heading towards the lower support, which may drag the price slightly lower.
The Polygon price has been trading relatively bullish alongside Bitcoin’s recent push upwards. However, after the recent retest to the lower support, the price is expected to bounce back and this could be a great place for a high-risk entry. Now that the BTC price is expected to hit $50,000 anytime from now, massive bullish signals have been flashing for the altcoins as well. This may eventually elevate the Polygon (MATIC) price beyond $1, probably before the end of this month.