Polygon Slips Back Below $1, While Cardano & BinanceCoin Lose Track: What’s Next?

reportcryptos.com
3 Min Read

  • While Bitcoin maintains a narrow trade, the majority of the altcoins face huge turbulence and drop with a significant margin

  • MATIC drops to $0.99 while ADA breaks below the decisive phase and BNB price prints a massive bearish candle

The crypto markets are trembling at the moment as the star crypto, Bitcoin, continues to chop around $42,500. Meanwhile, the cryptos that had recorded huge gains in the recent past are struggling hard to sustain their gains. Hence, it appears that the markets may soon initiate a fresh reversal, which may push them towards a consolidated close for 2023. 

Amid the current market conditions, some of the top altcoins like Polygon (MATIC), Cardano (ADA), & Binance Coin (BNB) appear to be in a crucial phase. 

Polygon (MATIC) Price Analysis

  • The MATIC price faces rejection after testing the upper resistance of the rising wedge, that suggests bearish action could be in play
  • After recording huge volume in the recent past, the token continues to trade on a bearish note, hence poised to hit the lower support zone between $0.958 and $0.945
  • As long as the markets maintain a choppy trend, the Polygon price is expected to trade just above the support zone and may trigger a breakout in the first few days of 2024

Cardano (ADA) Price Analysis

  • Ever since the Cardano price rose beyond the consolidation in the first week of December, the trend has shifted in a bullish direction within a symmetrical triangle
  • After the ADA price faced rejection from the upper resistance, the price plunged to test the lower support
  • As the Bolinger bands are closer to going parallel, the choppy trend may prevail and eventually reach the apex of the triangle, followed by a breakout towards upper targets.

BinanceCoin (BNB) Price Analysis

  • After breaking above the descending triangle in the first few days of the week, the BinanceCoin price surged high, aiming to test the upper resistance
  • However, the RSI is testing the upper levels and displays the possibility of a minor pullback. This suggests that the price may hover within the zone for a while and trigger further price action
  • The volume is on a constant rise, which suggests the BNB price remains within the bullish zone and further triggers a healthy upswing above $400 soon

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