Polygon And One of These Top Altcoins Raise Concerns; Bullish & Bearish Case Emerge

The post Polygon And One of These Top Altcoins Raise Concerns; Bullish & Bearish Case Emerge appeared first on Coinpedia Fintech News

Crypto markets are turning more skeptical nowadays as the trend has been flipping between bulls and bears over the past month. This has caused market participants to need clarification about the upcoming price action. Meanwhile, some of the altcoins flash the possibility of rising beyond the interim resistance, triggering a bullish wave and also the possibility of a bearish breakdown. 

Polygon (MATIC) 

After maintaining a steep bearish fall from the yearly highs of around $1.5, the MATIC price triggered a strong rebound, recording consecutive bullish weekly candles. Therefore, the bulls appear to be well in position to trigger a significant upswing. However, the bearish influence over the crypto appears to have increased to some extent as the weekly close approaches. 

The MATIC price has just rebounded from the lower support of the rising wedge in the longer time frame but is facing acute hindrance in clearing the interim resistance at 0.2 FIB levels. The bears are attempting to break the bullish streak, and if they are successful, they may drop back to the 0 FIB levels at $0.5, which appears less likely. The token sticking above $0.75 substantiates the bullish claim, and hence, after a minor consolidation, the MATIC price may break above the $0.91 resistance to reach the interim target of $1. 

Ripple (XRP) 

After the giant upswing following its partial victory against the SEC, XRP’s price has been maintaining a descending trend. The token has shed more than 15% of its gains, further displaying the chances of preserving a steep descending trend hereafter. The volume continues to remain at decent levels, which may conserve the volatility within. 

It has been more than a week since the price raised above the 0.8 FIB level and has successfully sustained, which is a signal of strength. Although the possibility of a drop looms, it also carries higher chances of a fresh price rise.

As long as the XRP price continues to trade above the crucial support at $0.73 and retracement support at $0.687, the short-term bullish outlook remains strong and valid. Now that the XRP is being relisted on major exchanges and more positive upgrades are fast approaching, the price is believed to trigger a fresh bullish wave soon.