In the cryptocurrency market, despite Bitcoin’s stagnant trend, new upward pressure is being felt in altcoins. Leading altcoins like Cardano (ADA) and Polygon (MATIC) are showing strong bullish signals after a period of consolidation in the market. While cryptocurrencies like Bitcoin and Ethereum (ETH) continue their efforts to hold above a certain range, a notable recovery is seen in the prices of MATIC and ADA. The recent rises in the prices of these two altcoins indicate that the market is generally shifting towards bull control. Investors believe that if prices can hold above their current resistance levels, altcoins could break out of their current downtrends and reach higher levels.
Cardano (ADA)
Cardano has remained in a downtrend since the beginning of the year, but the recent price rise indicates that the downward pressure on the altcoin may be ending.
ADA reached the peak of a falling wedge formation despite falling from the $0.44 resistance. The bullish momentum among market participants led to an over 25% increase in trading volume.
If ADA’s price breaks through the resistance zone between $0.438 and $0.465, an initial rise towards $0.50 could occur. This rise is expected to happen in the early days of September and could be a starting point for the price to go even higher.
Polygon (MATIC)
Polygon‘s price is advancing towards the resistance zone between $0.538 and $0.552 after surpassing a critical threshold. Despite the bears’ intense efforts to break this resistance, technical indicators suggest a potential breakout in MATIC’s price soon.
According to the Ichimoku cloud, the bearish clouds over MATIC are about to dissipate, and a bullish crossover could occur in the coming days. Similarly, a crossover between positive and negative directional indicators is expected in the DMI indicator. This could signal the start of a new bullish trend. In this case, MATIC’s price could rise above $0.60, increasing the likelihood of reaching $1.
