The crypto market hasn’t been much favorable for altcoins, including the major players such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), including the likes of Polygon (MATIC) as they have all suffered major rejection from a key resistance area that has seen price remained in a downtrend.
This content is not a piece of financial advice, but for experimental purposes, it would be good to do your due diligence and invest only what you can afford to lose.
The price of BTC in recent weeks has struggled to break past the region of $25,000 as the price dropped to a region of $22,700 before rallying to a high of $23,500 but with less convincing price action as the weekly candle indicates the price could retest the region of $21,500 to $18,000 which indicates more buy orders at this region.
With the price of BTC looking more likely to retest lower regions, let us consider some altcoins with good price action to keep a tab on to buy at certain levels.
Polygon (MATIC) Price Analysis
Price of MATIC after holding its strong support of $1, the price rallied with the crypto market to a high of $1.5 before facing resistance to trade higher as the price looked strong to rally to $2.
The price struggling in recent times to trade above $1.2 despite looking relatively weak, as there are fewer buy orders for MATIC to push the price higher.
We can see the price of MATIC dropping to a region of $1.15 to $1.1, which is a good region to place buy orders.
Altcoin – Optimism (OP) Price Analysis
OP has become a strong altcoin with good fundamentals and price action in recent times as the asset’s price has rallied over 300% since the relief bounce but has struggled to break above the region of $3.2 to enable the price entry a price discovery phase.
With the market looking uncertain, we could see the price dropping to a region of $2.5, acting as a good zone to place buy orders as this has acted as a strong region preventing sell orders in recent times.
Shiba Inu (SHIB) Price Analysis
After rallying from a low of $0.00000750, the price of SHIB rallied to a high of $0.000015, where the price struggled to break higher. With the price of BTC looking uncertain and likely to retest a region of $21,500-$18,000, we could see other altcoins, including SHIB dropping to the key level of $0.00000750 – $0.00000600, where there are many buy orders.
Image from Carlifonia Business, Chart from Tradingview.com