- Altcoins break off from Bitcoin as the crypto market regains the losses incurred in May.
- Ethereum settles above $3,200, but bulls have eyes on $3,600 and $4,000.
- MATIC soars over 22% to trade at $1.5 for the first time since June 18.
Altcoins have this week made great strides while Bitcoin remained under $47,000. However, the flagship cryptocurrency has sustained the price above $45,000, allowing bulls time to regroup for the ultimate rally beyond $50,000.
Intriguingly, some selected altcoins quickly became the darlings of the cryptocurrency market, including Ripple with its break above $1, Cardano, Polygon (MATIC), and TRON.
Ether made its way above $3,200 on Wednesday but stalled around $3,260. Investors anticipated a fast run-up to $3,600 before Ethereum stretched the bullish leg to $4,000.
However, the gigantic smart contract token failed to gather enough strength to sustain the uptrend. Meanwhile, ETH is pivotal at $3,200 while bulls battle to keep the uptrend going.
Realize that the overall technical picture favors the buyers, especially with the Moving Average Convergence Divergence (MACD) indicator having maintained a buy signal since July 22. Additionally, the MACD continues to move higher above the mean line; thus, reinforcing the bullish outlook.
A confirmed breakout above $3,200 would boost the price significantly upward. In turn, more buyers will be called into the market as speculation for Ether’s rise to $4,000 intensifies.
On the other hand, traders must know that the Relative Strength Index has settled above 70 but not highly. Therefore, bulls still have room to explore, but a correction still lingers due to the imminent overbought conditions.
ETH/USD Daily Chart
Polygon sunk to $0.62 in July but recovered a considerable chunk of its value. Initially, the recovery stalled between $1 and $1.1. For nearly three weeks, MATIC danced between the upper and the lower limit.
A recent break above $1.1 triggered massive gains as expected, with buyers streaming in to take advantage of the general altcoins’ uptrend. Polygon continued with the upswing past the 100-day Simple Moving Average (SMA), allowing gains to touch $1.5 for the first time since June.
MATIC/USD Daily Chart
Despite the technical leaning to the bullish side, Polygon has slowed down the price action. Currently, the token teeters at $1.415 as bulls gaze at lifting to $2 in the coming sessions or few days.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.