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July 24, 2024
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Crypto Market Analysis: SOL Stuck Within Range While MATIC & DOGE Spike as ADA Roars

The post Crypto Market Analysis: SOL Stuck Within Range While MATIC & DOGE Spike as ADA Roars appeared first on Coinpedia Fintech News

The global crypto volume has spiked in the past 24 hours following the fresh CPI that was higher than the expectation. The BTC price jump was restricted below $22,200 and the following sideway trend enabled the other altcoins to intensify their trend. Some of the altcoins like Cardano (ADA) spiked high, while Polygon (MATIC) & Dogecoin (DOGE) followed. Interestingly, Solana (SOL) continues to hold the same region, failing to either break up or break down. 

Dogecoin (DOGE) 

Trading View
  • Dogecoin price is trading within a decisive symmetrical pennant rebounding from the 0.236 FIB levels which are acting as strong support levels
  • With a rebound, the price is believed to rise finely to test the upper resistance of the triangle in the next few days
  • However, if the price is able to break above the pennant, then it may certainly reach the 0.3 FIB level at $0.11 surpassing $0.1 

Polygon (MATIC) 

Trading View
  • The MATIC price is trading within a rising parallel channel in the larger time frame, intending to reclaim the immediate resistance at the earliest
  • Although the price is falling a minor bearish action, the bulls appear to be determined to rise the price levels beyond $1.4 
  • After securing the levels above $1.4, the MATIC price may spark a rally towards $1.5 which are the crucial levels to achieve to keep up the bullish trend

Cardano (ADA)

Trading View
  • Similar to other altcoins, Cardano’s price also rose significantly and accomplished the parabolic curve that it ignited a couple of months ago
  • Further, a minor contraction validated the formation of the Cup and Handle pattern that indicates a giant upswing could be fast approaching
  • With a massive upswing, the ADA price is believed to rise beyond $0.4 and secure levels close to $0.45 which could be extremely crucial and tedious to clear

Solana (SOL)

Trading View
  • Unlike the other cryptos, the SOL price is maintaining a low-key trend in the short term, failing to attract the bulls at the moment
  • The price appears to be stuck below $22 for the past few days and failed to rise high due to the depleted buying volume
  • The price has formed a double-bottom pattern but failed to clear the neckline that may ignite a notable pullback very soon if bulls continue to remain aloof

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