Cryptocurrencies Price Prediction: Polygon, Cardano & Bitcoin — Asian Wrap 04 Aug
|MATIC price goes cold, as Polygon financial metric offers an interesting twist
MATIC price is up 47.66% since July 21, establishing one of the better rallies in the cryptocurrency complex over that time. The rally has placed Polygon at the junction of the symmetrical triangle’s apex with the 50-day SMA at $1.07. The ongoing consolidation is in time, not price, as the Bollinger Bands (BB) have contracted to the tightest reading in months, suggesting that MATIC price may be on the cusp of a substantial move to the upside.
Cardano price action and on-chain metric collide, reveals a complex situation for ADA
Cardano price staged a rebound in July after dropping near the 38.2% Fibonacci retracement at $0.971, marking the fifth consecutive month of a bullish reversal from the level. Despite another bullish reversal, the ADA outlook remains mixed with the 2018 high still inflicting heavy resistance on breakout attempts. Only a daily close above $1.498 would transition the outlook to moderately positive.
Bitcoin dominance on the rise once again as crypto market rallies
The rise of the BTCD index could be a sign of the start of another bull run as Bitcoin price attempts to hold on to $38,000. Bitcoin’s price has been rallying in tandem with altcoins, sending mentions of the markets flipping back to a bullish supercycle for Bitcoin (BTC). The flagship cryptocurrency went through the resistance levels of $42,000 for the first time since May 19, hitting a peak of $42,541 on July 31.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.