These Altcoins May Bounce Back Once the Market Initiates a Recovery!

The post These Altcoins May Bounce Back Once the Market Initiates a Recovery! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Avalanche(AVAX)

Avalanche(AVAX) is considered one of the most significant blockchains which is more focused on transaction speed, low costs and being eco-friendly. The AVAX token rallied more than 4800% in 2021 and was attempting to undergo a similar rally to hit the $200 milestone at the earliest. However, the market trembled drastically since the previous day which had squeezed almost all tokens with a double-digit loss. 

And hence the AVAX price also faced a 120% drop since the beginning of 2022 and a 50% loss from the past trading day. However, with each correction, the asset tends to recover quickly and attain its initial positions within a very short time frame. Therefore, once the market manages to halt the downtrend and consolidates, the asset may quickly jump into a recovery mode.

Cosmos(ATOM)

Cosmos (ATOM) price was on the verge to form a new ATH while the market collapsed to some extent. Many reasons are presumed that fueled the market crash, but for the altcoins, a huge drop with Bitcoin price can be the major reason for their drop. Cosmos had rarely experienced such a plunge for two consecutive days and hence it is a little premature to understand the strength of the rally at present. 

Nevertheless, the asset is quite strong as amid the silent trend of Bitcoin, ATOM went high to hover very close to the current ATH. And hence it is expected that the asset could flip immediately as it gets a minute opportunity. However, the RSI has never dropped beyond the lower levels and the price never trended within oversold levels in the higher time frame. And hence manifesting acute strength in the rally since the beginning. 

Polygon(MATIC)

Polygon is one of the thriving blockchains that work as a layer-2 solution for Ethereum. The MATIC price also underwent a huge roller coaster ride throughout the year 2021 and since the beginning of the year 2022, the trend reversed into a deep drowning well. All the attempts for a notable recovery went in vain as MATIC price is currently very close to the $1.5 major support levels. 

Yet amid the previous downtrends, the asset managed it strongly and consolidated if it lagged the momentum to dive higher. And hence a similar strategy is badly in need which could prevent the asset from plunging much below $1. However, the RSI is not on the verge to hit the lower levels and a small rebound can be expected very soon.

Curve.Finance(CRV)

Curve Finance amid the recent sell-off is hovering very close to the levels last registered in October 2021. The plunge has drained a notable amount value since the previous day and despite an interim relief, yet the bear still appears to be pretty strong to compel the price to maintain with the same downtrend. 

Yet the price currently has broken the head and shoulder pattern in the higher time frame and hence as an outcome it plunged hard. However, once the lower support levels are reached, a huge influx of volume may be expected which could uplift the price beyond $3.