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The global crypto market cap was $1.46 Trillion which marked a 2.3% uptick over the last day. MATIC’s market capitalization increased by 1.67% at press time and its technical analysis chart suggested a price breakout soon. Chainlink buyers stepped up and traders were holding onto the token as selling pressure dipped. On the other hand, Polkadot registered a decline in buying pressure at press time.
MATIC
MATIC/USD, TradingView
MATIC has been one of the top gainers with a hike of 19.2% over the last week. Prices rallied quite a bit without much bearish intervention and the bullish force was substantial.
At press time, MATIC stood at $0.94 with a 2.1% gain over the last 24 hours. In order to continue on the upside, it has to get past two resistance levels in order to call this a successful trend reversal. The first is $1.06 and the the next, $1.20.
Bollinger Bands converged quite a lot indicating that just over the immediate trading sessions, volatility would be low, however, MATIC could soon witness a breakthrough. Buying pressure displayed uniformity as the Relative Strength Index ran parallel to the 60-mark. Anywhere above 50, the market has adequate buying pressure to push prices to the upside.
MACD pictured a bullish crossover on July 21 and after that, the bullish signal grew. However, intermittently over a few trading sessions bearish signals were spotted owing to intra-day or daily losses. At press time, green histograms were hinting at the presence of bullish signals.
Chainlink (LINK)
LINK/USD, TradingView
LINK too has shot up 10% over the last 24 hours and was trading in the green as prices stood at $16.86 at press time. Selling pressure in the market declined and so did the trading volume, validating that sellers have started to hold onto their investment.
Moving up further, the coin would find resistance immediately at the $17.84 level. Market capitalization has seen a hike of 1.53% as the prices continue to trade in the green.
The Relative Strength Index flashed an uptick and neared the 60-mark, signifying buying pressure was mounting, along with the asset’s value. The Squeeze Momentum Indicator demonstrated a squeeze release and a buy signal.
Chaikin Money Flow also showed that capital inflows preceded capital outflows in the market as the demand for LINK grew.
Polkadot (DOT)
DOT/USD, TradingView
DOT’s prices struggled to cross the $14.00 mark as the coin oscillated between the $13.45 and $14.00 levels for the last few days. The price of DOT at the time of writing was $13.45 as it gained 12.7% over the last week.
However, on the daily time frame, it decreased in value by 0.9%. Despite bagging a considerable win over the last week, the token was seen trading in the red.
The market just entered a squeeze as seen on the Squeeze Momentum Indicator, this also means that a price breakout could be expected.
If the prices slid down, below support level, it could rest on the $11.84 mark. Relative Strength Index observed a fall in buying pressure and displayed that sellers would soon find precedence over buyers in the market.
Average Directional Index pointed at the prevailing market weakness which can be reversed if prices test the next few resistance levels.
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