Crypto Analyst Reveals Trigger For 17% Polygon (MATIC) Rally

An analyst has explained how Polygon could see a rally of around 17% if the cryptocurrency’s price breaks above this level. Parallel Channel May Reveal What Could Be Next For Polygon In a post on X, analyst Ali has discussed about a parallel channel that Polygon has been consolidating inside during the last few weeks. The “parallel channel” here refers to a technical analysis (TA) pattern that’s drawn using two parallel trendlines. This pattern’s upper line joins successive tops in the asset while the lower one connects bottoms. While the price is inside the region bounded by these two lines (the “channel”), it’s probable to stay trapped in it, only consolidating sideways. Related Reading: Analyst Says $71,000 Bitcoin Move Is Only Halfway Through, Heres Why Naturally, retests of the upper line can likely result in reversals back to the downside, while the lower one may act as a source of support, helping the coin bottom out and regain an uptrend. There are different types of parallel channels in TA, like the ascending and descending ones, where the channel is slopped upwards or downwards. In the context of the current topic, though, a parallel channel parallel to the time axis is of interest. This means consolidation inside this channel occurs between the same top and bottom levels. Like with other consolidation patterns in TA, a break out of the trendlines of the parallel channel can also suggest a continuation of the trend in that direction. More specifically, a surge above the pattern can suggest bullish momentum for the asset, while a drop under the channel may spell a bearish outcome instead. Now, here is a chart that shows how the parallel channel that Polygon has been consolidating inside has looked like over the past month: From the above graph, it’s visible that Polygon has been stuck in consolidation inside this parallel channel since the cryptocurrency crash last month. The asset has made some attempts at the upper level, but so far, all of them have failed, with the coin unable to find any break. MATIC is currently floating near the level, so another retest may be coming up soon. Related Reading: Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News If the Polygon price surges above the channel this time, it may enjoy some sustained bullish momentum. “A breakout above $0.76 could trigger a 17% surge, pushing $MATIC to $0.88!” notes Ali. This price target is based on the fact that the crash last month, which threw the asset into this consolidation, occurred starting from around that level. Given this potential retest of the upper line of the channel, it now remains to be seen how the cryptocurrency performs in the coming days. MATIC Price Polygon almost touched the $0.76 upper level of the channel yesterday, but the coin has since observed a pullback, and it’s now back down to $0.72. Featured image from Shutterstock.com, charts from TradingView.com

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Bitcoin Needs to Surpass This Level by the End of the Week to Trigger Price Discovery 2

Bitcoin price has been fluctuating rapidly, attracting significant attention from investors and traders. In order to establish a clear direction, Bitcoin needs to close the week above a crucial level. This will pave the way for price discovery and potentially set the tone for future market movements. The current market situation requires a strategic approach [...]

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Bitcoin Sentiment Hits 2023 Low, but Potential Risk On Environment Could Trigger Price Rally

Bitcoin sentiment has reached a low not seen since 2023, according to recent data. Despite this downturn, there is potential for a new “risk-on” environment to emerge, potentially sparking a rally in Bitcoin prices. The sentiment surrounding Bitcoin has taken a hit, dropping to levels last recorded in 2023. This decrease in sentiment could be [...]

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Sen. Elizabeth Warren warns that removing Jerome Powell could trigger a financial market meltdown

Firing Jerome Powell Could Trigger Financial Market Collapse, Warns Elizabeth Warren Following recent discussions about the potential removal of Jerome Powell as the chairman of the Federal Reserve, Senator Elizabeth Warren has cautioned that such a move could have detrimental effects on financial markets. Warren emphasized the importance of Powell’s leadership in maintaining stability in [...]

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Surge in US Bitcoin Reserve Triggers $370 Million ETF Outflows at Farside

The popularity of Bitcoin exchange-traded funds (ETFs) is on the rise, thanks to increased flows and support from the US Reserve, further aiding institutional uptake. In recent times, more investors are taking an interest in Bitcoin ETFs, leading to an uptick in flows into these investment vehicles. This surge in interest is partly attributed to [...]

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Tariff Turmoil Triggers $1 Billion in Liquidations at CoinGlass

The recent commotion surrounding tariffs has led to a staggering $1 billion in liquidations on CoinGlass, a popular digital asset exchange. This unprecedented event has sent shockwaves through the cryptocurrency community, causing significant losses for traders and investors alike. The turmoil began when news broke of increased tariffs on certain goods, resulting in a sharp [...]

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NASDAQ appreciation of Ripple-Metaco acquisition triggers IPO speculations

In what appeared to be among the most publicized acquisitions within the crypto world in 2023, blockchain payments company Ripple Labs acquired Metaco. Metaco is Swiss-based asset custody that focuses on trading and decentralized finance. The acquisition was crucial as it could help Ripple Labs cement its footprints in the EU. Reports revealed that the …

<p>The post NASDAQ appreciation of Ripple-Metaco acquisition triggers IPO speculations first appeared on CCNC | Cryptocurrency Newscast.</p>

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Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally

An analyst has explained that based on a pattern forming in the Cardano price, a 32% rally could take place, if a close above this level can happen. Cardano Has Been Forming A Descending Triangle Pattern Recently In a new post on X, analyst Ali has talked about a Descending Triangle forming in the daily price of Cardano. The “Descending Triangle” refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle with a downward slope. The pattern is made up of two lines, the first of which is a slopped line connecting lower highs in the price, while the second one is horizontal (that is, parallel to the time-axis) and joins together a series of lows. Related Reading: Bitcoin Coinbase Premium Is Negative: What It Means For Price Recovery The upper line of the pattern provides resistance to the price, so it can be a likely point of reversal for it. Similarly, the lower line may provide support, so bottoms can be probable at it. A break out of either of these lines implies the continuation of the trend in that direction. This means that a breakout above the triangle can be bullish for the asset, while a drop under it can prove to be a bearish signal. Like this pattern, there is also another pattern in TA called the Ascending Triangle. This pattern works similarly, except for the fact that the two lines are switched around (that is, the slopped line is the bottom line and connects together higher lows). Now, here is the chart shared by Ali that shows the Descending Triangle pattern that has recently been forming for Cardano on its 1-day price: Looks like the price is currently making a retest of the upper line of the pattern | Source: @ali_charts on X From the graph, it’s visible that Cardano’s latest sharp upward surge means that cryptocurrency is now retesting the upper line of this Descending Triangle. If the historical pattern is anything to go by, a break above could be a positive sign for the price. “A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68!” notes the analyst. Ali has chosen a target 32% higher as the height of the Descending Triangle was equal to a price swing of 32% as well. Related Reading: Microstrategy Buys More Bitcoin: Heres How Much Profit It Holds Now Naturally, this bullish outlook would only be if a break can truly take place for the cryptocurrency. A rejection here is still a possibility, as it has already happened a few times over the course of this pattern’s duration. ADA Price The past 24 hours have been bullish for the cryptocurrency sector as a whole, but Cardano has clearly pulled ahead of the crowd as it has registered returns of almost 10%. Following this surge, the coin has managed to break above the $0.53 level. The asset now has to hold above this mark if the Descending Triangle break has to register. The price of the coin has observed some sharp bullish momentum over the past day | Source: ADAUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com

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Lebanese turn to cryptocurrency amidst inflation-triggered economic turmoil

Reports suggest Lebanese are shifting their attention to digital coins, specifically stablecoins, as the nation suffers a financial turmoil. Meanwhile, the government closed local banks early this week, citing the current risks for customers and employees. No one knows when the banks will kick-start their operations, and that could be among the reasons citizens are …

<p>The post Lebanese turn to cryptocurrency amidst inflation-triggered economic turmoil first appeared on CCNC | Cryptocurrency Newscast.</p>

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