With the recent market rebound, the Altcoin market cap had begun to make a move towards the north after hovering at $500 billion for more than a month. However, with the fresh rejection, the market cap may again drop back to the same levels from around $595 billion.
Amidst the bearish sentiments slowly coiling up, altcoins like Cardano(ADA), Polygon(MATIC) & Avalanche(AVAX) display their potential to keep up the bullish momentum.
Cardano (ADA) Price
Cardano‘s price was stuck up in the range of around $0.44 for quite a long time. The recent bullish price action uplifted the price close to $0.55 which attracted the bears ahead. Currently, the bulls are making every effort to maintain their dominance while the bears are mounting up huge pressure.
Therefore, the ADA price is compelled to swing within a limited range but displaying signs of outpouring bears.
The ADA price had a golden opportunity to break out from the descending triangle but with the recent price crash, the asset now appears to be primed to visit the lower support again. After a brief inverse movement, a flip from the lower support may ignite a firm rally, regaining the lost levels by surpassing the crucial resistance.
Polygon (MATIC) Price
Polygon’s price rally in the past couple of days is not less than a bombshell to the entire crypto space. The asset climbed extremely high during the past weekend uplifting the price close to $1. No doubt the asset quickly underwent huge rejection but eventually may continue forming higher highs and lows ahead.
The MATIC price was ranging within an ascending channel pattern ever since it flipped firmly from the lows. The price tested the lower support a couple of times and rebounded with bullish momentum. However, the past weekend kick-off uplifted the price close to the resistance. Hence despite the current rejection, the asset appears pretty bullish.
Therefore, a notable upswing may still be in place that may uplift the price beyond the $1.2 level in the coming days.
Avalanche (AVAX) Price
Similar price action was witnessed with the Avalanche price as the asset made a large move after visiting the lower support a couple of times before. Currently, the price remains elevated at more than 50% from the monthly lows. No doubt the price witnessed a minor pullback but also laid down a notable path towards the north.
The AVAX price has maintained the lower support amid the current price variation, displaying the possibility of a significant upswing very soon. The AVAX price currently is trying to re-enter the ascending channel, which may be successful after a minor consolidation. However, once the levels above $30 are sustained, the price may resume its rally ahead.
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Source: https://coinpedia.org/price-analysis/cardanoada-polygonmatic-or-avalancheavax-on-the-edge-of-a-mega-rally/