Key insights
- The price of Polygon (MATIC) exploded from late October until early November.
- The price of CHZ appears to be trending downwards again after hitting a high of $0.2961 during last week’s bullish rise.
- LRC’s price has fallen by 9% at the time of writing.
The behavior of the crypto market over the last few weeks has fueled speculation about which direction cryptocurrencies will go in the charts, by how much they may move, and by how long they are likely to stay at certain points.
In recent news, one of these bits of speculation is from one of the most famous crypto analysts on Twitter, Luke Martin.
According to a tweet posted by the analyst, the pump in the previous week has provided a “glimpse” of which altcoins to pay attention to. He cites the cryptocurrency, MATIC as an example, along with several others.
The pump this week gave a glimpse of which altcoins to pay closer attention to
•We're not going to go up in a straight line
•We will have pullbacks
•We could still range for a while
But the green coins deserve to be on the watchlist for November if a nice dip presents itself pic.twitter.com/JNA9z5JHV8
— Luke Martin (@VentureCoinist) November 6, 2022
Martin says these altcoins “deserve to be on the watchlist for November if a nice dip presents itself” (which it has because cryptocurrencies across the market have dipped by several percentages over the last day).
Crypto Analyst – Polygon (MATIC)
The Polygon (MATIC) price exploded from late October until early November, performing better than the expectations of its traders and investors, who were hopeful for the price to continue its upward trend.
The last few weeks were pleasant for MATIC and the rest of the crypto market. Many traders had high hopes that MATIC would rise to around $1.3, and it did.
However, after hitting this price level, it broke through to the bottom in late April; the cryptocurrency price has declined and has now reversed for a retest of the $1.02 zone.
On the daily chart, the cryptocurrency price is still high above its 50 and 200-day simple moving averages, indicating that the bulls may still be in control.
MATIC trades at $1.15 at the time of writing after dropping by 3.3 over the last 24 hours.
MATIC’s price action is currently trading between the 23.60% fib level [$0.93] and 38.2% [$1.314] at the time of writing.
The bears have lost their hold on MATIC’s price, as the cryptocurrency has gained about +54.25% over the last 30 days and +41.05% for the last 90 days.
Overall, MATIC appears to hold the promise of further price action firmly.
Crypto Analyst – Chiliz (CHZ)
Chiliz’s [CHZ] bullish breakout from a descending channel (red line below) that remained valid from mid-August to mid-September spurred a bullish rise to a monthly high of $0.28.
These gains set the stage for the bulls to keep the price of the cryptocurrency above the 20, 50, and 200-day moving averages.
So far, the price action of the cryptocurrency has been bullish as it follows the ascending trendline to the upside.
Soon after hitting the $0.28 high, the cryptocurrency reversed for a retest of the ascending trendline around the $0.16 zone in mid-October and started to trend upwards again.
The price of CHZ appears to be trending downwards again after hitting a high of $0.29 during last week’s bullish rise and is expected to hit the trendline again around the $0.18 zone before another rise to the upside.
Loopring (LRC) Price Outlook
Loopring has begun to decline after the 60% bullish momentum that took its price from the $0.25 zone last week to the $0.45 key level (the top resistance of the descending channel it now sits in).
LRC has fallen 9% over the last day at the time of writing. This price drop has brought the cryptocurrency’s price from its $0.45 high to the $0.29 zone where it now sits.
Traders still anticipate more by setups following the recent price dips that have swept through the market this week. However, despite the price dip, the MACD (moving average convergence and divergence) indicator shows price strength still in the buying region.
The MACD line is still above the signal level, indicating that the bulls are still in control, despite all odds.
The cryptocurrency price is expected to hit the bottom of the descending channel around $0.19 before a price rebound to the top of around $0.32.
Optimism (OP)
Like Loopring, the MACD on Optimism’s daily chart appears bullish despite the current market conditions.
The MACD line is above the signal line, indicating that the bulls are still in market control. According to data from CoinMarketCap, Optimism is still up by 10% over the last 7 days, despite the 8% intra-day dip.
Optimism appears to have been following an ascending trendline on smaller timeframes since mid-October.
After hitting an inter-month high of $1.41 in last week’s bullish rise to the upside, the cryptocurrency has reversed its trajectory and is now testing the bottom of the trendline around the $0.11 zone.
It is expected to experience a bounce under the influence of the bulls and hit its inter-month resistance of $1.47 over the coming weeks.
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.
