This year has been over-optimistic for certain coins; Polygon and Fantom have topped that list. With MATIC securing a fresh all-time high, Fantom also continues to eye higher resistance levels. MATIC soared around 30% in the last week while Fantom gained a whopping 62% in that same time frame.
At press time, MATIC was trading at $2.83 while Fantom was priced at $2.62. The trading volume of these coins dipped, indicating low market liquidity, which also signifies volatility in the market.
MATIC/USD Four-Hour Chart
Matic had formed an ascending triangle, and soon the coin broke above it. The coin was priced at $2.83 with an immediate resistance at the $3 mark at press time.
The digital currency had breached support lines after the other and secured robust support at $2.06. This powerful price rally that Matic has exhibited could cause the coin to test the immediate resistance and stay above the $2 mark by the end of this year.
The technicals of the coin have reflected bullishness; however, the chances of a corrective pullback owing to higher volatility cannot be ruled out.
The Relative Strength Index was just below the overbought line as buyers exhibited a steep increase in numbers. The On Balance Volume too depicted falling selling pressure in the market. Awesome Oscillator displayed amplified green signal bars as the coin was highly bullish.
FTM/USD Four-Hour Chart
Fantom was trading within an ascending trendline while up by above 60% in the past week. Immediate support level in case of a reversal rested at $2.11. If the uptrend continues to hold this momentum, the coin will trade above the $2 mark at the end of December.
The overhead resistance stood at $2.63, toppling over, which could push FTM to trade near the $3 price mark. The bulls seemed charged from the near-term technicals.
On Balance, Volume registered a climb as buyers re-entered the market since December 20. The Relative Strength Index was above the 80-mark, which meant that the coin was overbought and overvalued owing to a massive rally.
However, the Directional Movement Index indicated that the current market trend was strong as the Average Directional Index was way above the 40-mark, along with which the +DI had crossed over the -DI line indicating a bull run.
- Bitcoin breaks $51k resistance, here’s why its key to the next bull run
- This NFT’s trading volume shot up by 221 percent in just 24 hours
- Just-in: Binance starts crypto financing services in Canada
- Breaking: Binance gets in-principle approval to become crypto-asset service provider in Bahrain
- NFL Players Increased The Value Of Cryptocurrencies, Especially Bitcoin
- Decentralized stablecoin $UST on Luna becomes first of its kind to reach $10 billion market cap
- Crypto India: Swadeshi Jagran Manch (SJM) demands absolute ban on crypto
- Plan B on Bitcoin; “I really don’t care if it stays stuck at $50,000 or $100,000 or $288,000”
- Binance gets into trouble with Turkish authorities over Multiple Infringements
- Why We Find Black Americans Taking The Lead in Revolutionizing Crypto, NFT
- Chainlink Price Analysis: LINK Token Challenges The $23.5 Resistance For Bullish Breakout
- KDA Price Analysis: Rounding Bottom Pattern Could Initiate New Rally In Kadena
- MATIC’s Fresh All-Time High and Fantom’s Bullish Price Action: Next Vital Price Levels
- Tezos Price Analysis: Emerging XTZ Coin Rally Eyes $5.8 Mark
- Cosmos Price Analysis: Buying Opportunity Before 2022 Bull Run In ATOM Coin
- Floki Inu Price Analysis: Token Preparing Its Next Move Inside A Descending Triangle Pattern
- Ethereum Price Analysis: Ascending Triangle Pattern Could Bring Recovery Rally For ETH Coin
- DOGE, ELON, SHIB Price Analysis; MEME Coins Preparing For Santa Rally
- Verasity Price Analysis: Reclaiming The $0.04 Mark VRA Token Hints More 28% Growth
- Sandbox Price Analysis: Rounding Bottom Pattern Brings Recovery Opportunity For SAND Token