Monat: April 2022

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Algorand (ALGO) price analysis – How bulls can deliver a 20% upswing

Algorand (ALGO) has seen some bearish pressure this week. The coin has, as a result, dropped below an important support zone. But ALGO could still bounce back really fast and deliver a decisive double-digit upswing. Here is what you need to know:

  • ALGO has fallen slightly below the crucial support of $0.687

  • The coin could however bounce back above that price in no time

  • Algorand will rally to $0.814 if indeed this happens.

Data Source: Tradingview 

Algorand price prediction- Why upside potential remains

A fall below crucial support zones is never a good thing for any coin. The fact that ALGO has lost $0.687 could be a big blow. However, we don’t see it that way. In fact, the general consensus is that ALGO will likely bounce back very fast, regaining the support in the process. 

Once this happens, we will see the price action consolidate above $0.687 before ALGO surges towards $0.814. This will deliver an upswing of around 20% for bulls. Besides, other momentum indicators, including RSI show the coin is bullish right now.

Despite this, ALGO has had so many false breakouts in April. For example, at the start of the month, the coin formed a significant bottom reversal pattern that promised to deliver massive gains. But ALGO failed to follow through and instead, the coin only rose modestly before tumbling back down. While a surge towards $0.814 could be seen as a bullish breakout, we don’t expect it to go on for long.

Is Algorand a good buy today

Well, based on the underlying fundamentals, Algorand (ALGO) is no doubt a great crypto asset to purchase. If you just want it for the long term, then you are free to buy it now. 

From a short-term perspective, ALGO has some upswing potential. The coin could gain around 20% over the coming week. But due to increased volatility in the market, don’t hold your position for long.

The post Algorand (ALGO) price analysis – How bulls can deliver a 20% upswing appeared first on Coin Journal.

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Polygon (MATIC)’s downtrend is slowing – Can it pull above water?

For the most part in April, Polygon (MATIC) has continued to face a lot of selling. Although the coin has rallied slightly a few times, it has typically failed to find any serious upward trajectory. Despite this, MATIC has managed to slow its downtrend. Here are some of the facts:

  • MATIC appears to be going through a period of consolidation

  • The coin could swing towards $1.63 in the days ahead

  • A close below $1.15 will invalidate this thesis

Data Source: Tradingview 

MATIC’s rise to $1.63

The slowed downtrend we have seen over the last few days could suggest that MATIC is about to experience a trend reversal. At the moment, the altcoin is going through a consolidation phase, and it is likely the price will remain well above $1.2. 

After this happens, we expect MATIC to rally and surge towards $1.63. This will represent an upswing of around 35%. However, based on the coin’s performance in April, the upward trajectory will not last for long. In fact, once the coin is well above the $1.63 mark, investors will start to take a profit. This will lead to a small sell-off that will push MATIC down towards its current $1.2 price.

Unless there is a huge improvement in overall sentiment in the market, MATIC will likely remain stagnated in the long-term trend despite increased short-term volatility. Besides, a daily close below $1.15 will invalidate the short-term bullish thesis above.

Where will MATIC go next?

MATIC was one of the best-performing coins back in 2021. But the altcoin is failing to live up to expectations this year. While the overall outlook for the altcoin is still positive, MATIC is not going to offer the kind of returns we saw in 2021.

However, there is still enough upside for at least 3x growth before 2022 is out. But sentiment in the broader crypto market will have to improve drastically for this to happen.

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Bitcoin, Ethereum bounce as crypto mirrors Wall Street

  • Bitcoin has gained 2.5% in the past 24 hours and is trading near the immediate resistance level of $40k

  • Ethereum’s bounce has seen it touch intraday highs near $3,000.

  • S&P 500 was up 2.3% in afternoon trading on Thursday.

Last Friday, Bitcoin price dropped by more than 5% US indexes plummeted, with the correlation continuing throughout this week. Today, crypto is looking to mirror gains across stock markets again, with Wall Street’s sharp climb after opening higher likely to provide further impetus.

Bitcoin (BTC) and Ethereum (ETH), the ‘big boys’ of the crypto market with a combined market capitalisation of nearly $1.2 trillion (the total crypto market capitalisation is $1.9 trillion at the time of writing), have bounced more than 2% in the past 24 hours.

The BTC/USD pair is hovering above $40,000 while ETH/USD is close to the $3,000 resistance level, with both coins gaining amid a broader recovery in equities.

In the equity markets, the S&P 500 is up 2.3%, the Dow Jones Industrial Average is higher by 1.7% and the Nasdaq Composite is leading the upside with 2.8%. There were also green sessions for Asian and European stocks, just days before the US Federal Reserve’s 0.5% interest rate hike.

Bitcoin and Ethereum are still “bullish”

BTC/USD holding well to support levels above $38K and retesting the key supply wall at $40,000 suggest bulls still have a chance to push higher.

 According to the pseudonymous crypto trader and analyst Altcoin Sherpa, the market structure looks bullish. He noted earlier in the day:

“As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still intact. Still thinking 55k+ in the coming weeks.”

Rekt Capital, one of the top Bitcoin analysts on Crypto Twitter, also thinks Bitcoin could go higher.

“Bullish Divergence on the 4-hourly is playing out. Key resistance in the very short-term will be this red area [above $40,300]. Turning it into support like in the previous yellow circle would be a bullish sign for trend continuation,” the analyst shared.

Chart showing BTC price on the 4-hour timeframe. Source: Rekt Capital

On Ethereum, Altcoin Sherpa says:

“Unlike $BTC, ETH is still decently above its last lows and still has a bullish market structure (btc does too but its closer). Would like to see a higher low formed for #Ethereum. I think that it’s still at the mercy of BTC though, as always – if BTC tanks, so will ETH.”

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