- Bitcoin is consolidating between $29K and $32K, and The global crypto market cap is still above $1.2 trillion.
- Chainlink is doing slightly better than other cryptocurrencies and may be in for further bullishness.
- Stellar is down 3% in the last day but up 19% in the last week.
- DYDX is in a falling wedge, which is a bullish pattern. Bigger gains may be underway
- MATIC may be on the verge of breaking $0.77 and rallying up to $1
Bitcoin continues to dart up and down the $30,000 zone, as it consolidates inside a tight range between $29,000 and $32,000.
Overall, the crypto market is starting to show signs of weakness, and it might not be long before the bears catch up to the bulls.
The global crypto market cap is still managing to hold its footing above the $1.2 trillion mark and currently sits at about $1.21 trillion.
However, investors and traders alike will need to keep themselves informed and up to date on the latest market trends, to avoid being kicked off the market by the unexpected waves of volatility that continue to sweep the market.
In this article, we will go over the price action of several cryptocurrencies, and try to establish a grip on what is going on with their prices.
Without wasting further time, the first cryptocurrency is:
1. Crypto PA: Chainlink [LINK]
Chainlink appears to be doing slightly better than several other cryptocurrencies on the market.
According to CoinMarketCap data, the cryptocurrency currently trades at about $8.16 at the time of writing. It is up by 0.5% over the last day and by a nice +18% over the last week.
Overall, LINK appears to be doing very well in the charts. It is bullish, atop an ascending trendline, and will likely continue to go up, despite the bearish breaks.
The cryptocurrency is facing resistance somewhere around the $8 zone. And If the bulls can continue to push up against the bears, LINK may continue further upwards.
A break below $8, however, would signal a straight drop to $7.5 or thereabout.
2. Crypto Price Analysis: Stellar [XLM]
Just like XRP, Stellar exploded in price over July, when Ripple won its partial victory against the SEC in court last week.
The cryptocurrency still has some of its previous gains in the bag, explaining its 19% price gain over the last week.
However, it appears that the bears may be catching up to the cryptocurrency, because according to CoinMarketCap, XLM is down by 3% over the last day alone, and is struggling with a 0.24% dip by the hour.
When XLM rallied massively to $0.1976 after Ripple’s victory, the bears soon caught up to it and brought the cryptocurrency into a swift correction around $0.1253.
The bulls took action right after, and have managed to push XLM to where it now stands at $0.16.
However, the bulls also need to make sure that this high goes right above $0.1976. Failure to do this would count this peak as a lower low, and will inevitably end with XLM retesting $0.1140.
CoinMarketCap data shows that DYDX isn’t especially bearish on the market. At the same time, it isn’t especially bearish either.
The cryptocurrency is doing well for itself on the weekly timeframe, with a 2.96% price increase.
However, DYDX appears to be suffering from a daily perspective, with an even bigger 3.4% dip in the daily timeframe, at the time of writing.
The charts show a different story, however. According to TradingView, DYDX is in a falling wedge.
The falling wedge is bullish and indicates that while the cryptocurrency may be bearish for now, it has a chance at explosive bullishness if it manages to break above the $2.2 zone.
4. Tezos (XTZ)
Tezos’d price statistics on the daily and weekly timeframes don’t seem that impressive.
CoinMarketCap data shows that the cryptocurrency is down by 3.5% over the last week, and is up by 0.67% on the daily timeframe.
In the charts, the cryptocurrency also seems bearish and is even in a descending channel.
However, while Tezos looks bearish from several standpoints, it is also worth mentioning that the cryptocurrency is now testing resistance somewhere at the top of the channel (somewhere around $0.8).
This means that Tezos has a real chance at a breakout, and may be ready to rally straight up by a whole 40%, to the next resistance zone at $1.19.
5. Polygon [MATIC]
Polygon is likely one of the biggest losers on this list, as far as the weekly timeframe is concerned.
The cryptocurrency is down by 5.48% over the weekly timeframe but is doing pretty well with a 1.59% price increase over the last 24 hours.
In the charts, MATIC cleared the descending trendline that was leading it further downwards and is now consolidating somewhere around $0.7. The cryptocurrency’s 50-day moving average is still above the 200-day MA, indicating that the bulls are still in control.
However, to move further upwards by any means, MATIC still has to clear the $0.77 resistance.
Overall, MATIC has a really good chance of breaking through $0.77, and may very well be on its way to a retest of the next resistance at $0.95 or beyond.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.