XRP, XLM, and HBAR Plummet—Could This POL-Based Contender Trigger a Market Recovery?

As leading digital assets face significant declines, investors are anxious about the market’s next move. A new contender built on POL technology is capturing attention.

This emerging asset could hold the key to reversing the downward trend. Could it be the catalyst that breathes new life into the market?

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Rippe (XRP)

XRP has experienced a turbulent period recently. Over the past week, its price dropped by 21.70%, and over the past month, it’s down by 3.70%. Despite these short-term declines, the cryptocurrency has surged by an impressive 366.73% over the last six months.

Currently, XRP is trading within a range of $2.29 to $3.04. The nearest support level is at $2.00, which could prevent further declines. On the upside, the nearest resistance is at $3.50. If the price breaks above this level, it might target the second resistance at $4.25.

Technical indicators show mixed signals. The 10-day simple moving average is $2.32, while the 100-day SMA is higher at $2.92. The RSI stands at 40.86, suggesting the asset is approaching oversold conditions. The MACD level is negative at -0.1555, indicating bearish momentum. Considering these factors, XRP may continue to face downward pressure in the short term. However, the strong growth over the past six months indicates potential for recovery if market conditions improve.

Stellar (XLM)

Stellar (XLM) has experienced a rollercoaster ride over the past six months, soaring by an impressive 251.97%. Despite this significant growth, recent weeks have seen a pullback. In the last month, XLM’s price dropped by 26.81%, and over the past week, it declined by 19.25%. Currently, the price hovers between $0.31 and $0.42, indicating a period of consolidation.

The nearest resistance level stands at $0.49. If Stellar breaks through this point, it could pave the way toward the second resistance at $0.60, potentially offering gains of over 40% from the current price. On the downside, the nearest support level is at $0.27. A fall to this level would represent a decrease of around 13%. The second support is at $0.16, which would be a more significant drop.

Technical indicators provide mixed signals. The 10-day simple moving average is $0.32, below the 100-day average of $0.40, suggesting short-term bearish momentum. The Relative Strength Index (RSI) is at 40.86, approaching oversold territory, which could hint at a potential rebound. The MACD level is negative at -0.0187, indicating possible continued downward pressure. However, the Stochastic indicator is at 57.13, sitting in a neutral zone.

Hedera (HBAR)

Hedera (HBAR) has seen significant price movements recently. Over the past week, its price dropped by 27.13%. In the last month, it decreased by 25.13%. However, over the past six months, HBAR’s price surged by 322.31%. This shows that despite recent declines, the coin has experienced substantial growth in the longer term.

Currently, HBAR is trading between $0.22 and $0.31. The nearest support level is at $0.18, while the nearest resistance is at $0.36. The 10-day simple moving average is $0.23, and the 100-day average is $0.29. The Relative Strength Index (RSI) is at 42.34, indicating neutral to slightly oversold conditions. The MACD level is negative at -0.0150, suggesting bearish momentum.

Based on these indicators, HBAR’s price might face further declines in the short term. If it breaks below the support at $0.18, it could test the second support at $0.0916. Conversely, if it gains momentum and surpasses the resistance at $0.36, it might reach the second resistance at $0.45. This would represent an increase of around 56% from the current price range. Traders are watching these levels closely, as they may signal potential price movements.

Polygon (ex-MATIC) (POL)

POL (POL), formerly known as MATIC, has faced significant price drops recently. Trading between $0.29 and $0.41, the coin has seen its value decrease by over 30% in the past week and more than 41% in the last month. Over a six-month period, the price has fallen nearly 20%. This downward trend highlights the challenges POL is currently experiencing in the market.

Technical indicators suggest that the bearish momentum may continue. The Relative Strength Index (RSI) stands at 38.31, edging closer to oversold territory. The Moving Average Convergence Divergence (MACD) level is negative at -0.0216, indicating potential for further decline. The simple moving averages reinforce this outlook, with the 10-day average at $0.30 falling below the 100-day average of $0.39.

Looking ahead, POL is approaching a crucial support level at $0.24. If the price slips below this point, it could signal additional losses. Conversely, the nearest resistance level is at $0.49. Breaking above this could indicate a reversal, requiring an increase of over 20% from current prices. The next significant resistance is at $0.61, while a drop could see the coin testing support around $0.12. Market watchers are keeping a close eye on these levels to gauge POL’s potential for recovery or further decline.

Conclusion

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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.

Source: https://nulltx.com/xrp-xlm-and-hbar-plummet-could-this-pol-based-contender-trigger-a-market-recovery/