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Polygon’s (MATIC) bloodbath continues as altcoin declines past crucial support- Price prediction and analysis

Polygon (MATIC) has been seeing a massive sell-off over the last few days. Although the general trend for the altcoin is still positive, MATIC has declined sharply and is past a very crucial support zone that could make losses even worse. But is there any hope of a possible rebound? Here are some highlights:

  • At the time of writing, MATIC was trading at around $1.83, nearly 15% down in intraday trading.

  • The altcoin had in fact tumbled below $1.7, a crucial support level, albeit it managed to regain those losses.

  • MATIC has also slid past its 200-day moving average, suggesting a rout is coming.

Data Source: Tradingview.com 

Polygon (MATIC) – Price action and analysis

Polygon (MATIC) was by far one of the top-performing altcoins in 2021. But after a dip in crypto this year, it has followed other coins in decline. At the time of writing, the coin had lost nearly 15% of its value in less than 24 hours. 

This came as a huge shock considering MATIC was actually on an uptrend, has reversed some of the losses seen at the start of the year. More seriously, the coin has also surged below its 200-day moving average, suggesting that a bearish trend could hold. 

If indeed MATIC is not able to break past $1.75 and sustain gains there, then it could head towards $1 in the near term.

Should you buy Polygon (MATIC)

The answer is yes. If you are keen on buying quality cryptos with some amazing underlying fundamentals, then you won’t find a better option than MATIC. In fact, this recent dip gives investors a good opportunity to grab it at a discount. It is highly likely that the altcoin will rebound and head back up. As for short-term plays, MATIC is just too risky.

The post Polygon’s (MATIC) bloodbath continues as altcoin declines past crucial support- Price prediction and analysis appeared first on Coin Journal.

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Axie Infinity (AXS) Continues to meltdown – Should you buy it?

Metaverse and gaming tokens haven’t had the smoothest of rides in the market over the last few weeks. Axie Infinity (AXS) is not any different in fact, the token has been seeing an unhinged meltdown that has sent the price crashing. But should you buy this dip? Can AXS rebound soon? Here are some highlights first:

  • At the time of writing, AXS was trading at $64.99, the lowest it has been since September last year.

  • The gaming token was also down nearly 13% in 24-hour intraday trading, backing a weekly downtrend that has seen losses of over 10%.

  • The token has also moved below its 25- and 50-day moving averages, suggesting the downtrend could last even further.

Data Source: Tradingview.com 

Axie Infinity (AXS) – Price prediction and analysis

Looking at the chart and some technical indicators, it is clear that AXS has been trading on a downward trend for quite some weeks. It did not start with the crypto slump of the new year. At the moment, the token has slid past its 25- and 50-day moving averages. 

More importantly, the price dropped below a crucial support level of $66. If the price action does not bounce back and hold above this threshold, then increased downward pressure will send AXS towards its next support, which is $50. 

However, this thesis will be invalidated if there is enough bull support above $66. If that happens, AXS could retrace gains back to its next upward support of $75.

Should you buy Axie Infinity (AXS)

The metaverse and blockchain gaming is an emerging new sector that is heating up. Axie Infinity (AXS) was one of the first pioneers of this industry, but there is increased competition. If you want some exposure to this sector, then it is a good buy. But as the blockchain gaming sector heats up, AXS will face significant pressure due to competition. 

The post Axie Infinity (AXS) Continues to meltdown – Should you buy it? appeared first on Coin Journal.

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Crypto will have a hard time rallying until stocks find a base, says Mike Novogratz

Crypto billionaire Mike Novogratz says markets are now in bear territory after recent sell-offs.

In December last year, Galaxy Digital CEO Mike Novogratz said Bitcoin needed to hold support at the $42,000 level or risk further declines below $40,000. In a bullish outlook for crypto, the crypto billionaire noted that the pullback would however present a decent buying opportunity for institutional investors.

This week has seen the broader crypto market track sell-off pressure in the equities, with Bitcoin and Ethereum both sliding below key support levels.

According to Novogratz, the tumbling stocks have exacerbated the negative outlook across crypto and the drawdown seen in Nasdaq and other stock indexes means the bear market is here.

Commenting on the crypto market outlook as well as the sell-off on Wall Street, he noted:

“The Russel index broke a major support and today’s roll over confirmed it’s broken. This is now a bear market. There is 1.2tr of bad equity longs above the market. Sell rallies. Don’t buy dips.”

Earlier, he had pointed to the retreating yields and the general downturn in the bond market and the impending interest rate hikes as spelling bad news for Nasdaq and cryptocurrencies.

However, he stated that the stock market and crypto would remain vulnerable to further rot if rates went up. To him, higher rates would see the 10-year Treasury yields jump to 2%, squeezing crypto and stocks lower.

Despite this projection, the Galaxy Digital chief believes cryptocurrencies have a chance at bouncing from recent lows. He notes that the crypto space has already felt the pain and currently looks set for “some buying pressure.”

But he warns the expected upside might not come unless the stock market stems the slide seen year-to-date. If the stocks continue to tank, Novogratz forecasts a “hard time.” He believes that a scenario where stock markets sink even deeper would limit any potential rally for crypto.

All the top ten cryptocurrencies by market cap are currently down double digits. The sell-off has wiped billions off the total crypto market capitalisation, cutting it by 11% to push it below the $2 trillion mark.

According to Stash CEO Brandon Krieg, the sharp declines across crypto offer a „perfect“ opportunity for retail investors to get exposure to cryptocurrencies.

In stocks, the Nasdaq is down 2.4% on Friday after entering a correction earlier in the week with a 10% slump. The S&P 500 is also tracking huge losses for the week, currently 1.4% down.

The post Crypto will have a hard time rallying until stocks find a base, says Mike Novogratz appeared first on Coin Journal.