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Cryptocurrencies performed well this week, with bitcoin surging to $30,000.
Most of the altcoins such as Cardano, Pepe and Matic also rose.
Further upside will depend on Bitcoin clearing $31,000.
Cryptocurrencies performed well this week as investors focused on TradFi and the positive comments of Federal Reserve Chairman Jerome Powell. Bitcoin The price surged over 20% over the past seven days, with Ethereum surging 14%. The near-term price dynamics of cryptocurrencies will depend on whether BTC surges above the year-to-date high of $31,000. So what’s next for MATIC, Stellar, and Cardano?
Cardano It has been in a strong bearish trend over the past few months. It fell to $0.2295 from its April 16 low of $0.4592. The low was conspicuous because it was the lowest level for December.
The recent rally should be welcomed, but buyers should be cautious considering the coin forms an inverse pattern of cups and handles. The current rebound is part of the handle section. In price movement analysis, a reversed C&H pattern is usually a bearish sign. Therefore, Cardano price may resume its bearish trend in the near future.
If so, the next level to watch will be $0.2414. A break below this level would confirm the bearish theory and suggest that ADA price may drop to the critical support level of $0.20, about 30% below current levels.
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polygon MATIC prices have plummeted in recent months. This decline has come as Layer 2 networks face significant competition from the likes of his Optimism and Arbitrum. On the daily chart, the price fell to $0.5079 in June, but turned bullish again this week. It is now retesting key resistance at the low of $0.6905 last September 20th.
MATIC is still below the 25-day and 50-day moving averages. Therefore, I believe this recovery will not hold. If this happens, the coin will retest the month-to-date low of $0.50, about 26% below current levels.
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The daily chart shows that XLM price crashed to a low of $0.075 on June 15th. This was a significant level as it coincided with the lowest level of March 11 this year. Stellar is currently trading just above the 25-day and 50-day moving averages. It has also formed a pattern that looks like a double bottom pattern with a neckline of $0.1145.
So you have the following possibilities: Stella The coin is likely to continue its rally as buyers target the key resistance at $0.10, about 11.31% above current levels.
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