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Over the last week, Bitcoin’s price has stayed unstable around the $50,000 mark. Certain cryptocurrencies, on the other hand, did not instantly show signs of an increase. TRX lost 2.5 percent and moved closer to its support line of $0.958, while Compound fell 2.3 percent and was poised to tumble below $393.07. Finally, MATIC showed signs of consolidation while gaining 1.2 percent.
TRX has dropped 2.5 percent in the last 24 hours and was trading at $0.101 at press time. Yesterday, the altcoin reached a multi-month high, but it was unable to overcome the $0.104 resistance. Its immediate support zone was $0.958, and it has additional support lines at $0.088 and $0.816. TRX recently traded near $0.816 over three weeks ago.
After the asset was overbought in the previous 48 hours, buying pressure fell at the 60-mark on the Relative Strength Index. The Awesome Oscillator detected red signal bars. MACD’s green histogram faded, revealing a red histogram.
If TRX moves north again, it might retest the $0.104 and then the $0.108 price resistance levels.
MATIC showed signs of consolidation and was trading at $1.46, up 1.2 percent from the previous day. MATIC was trading a few notches below its weekly high at the time of publication. MATIC’s immediate support level was $1.38, followed by $1.28. MATIC hasn’t traded below $1.28 in in three weeks.
At the time of writing, the technicals were favourable. Buying pressure increased, and the Relative Strength Index rose over the midpoint. Green signal bars flashed on the Awesome Oscillator. Bollinger Bands were converging slightly, indicating low volatility.
In the event of MATIC breaking its rangebound movement on the upside, it might revisit its weekly high of $1.53. Then, it might attempt to topple its three-month high of $1.70.
In a recent update, Coinbase decided to integrate Polygon’s scaling solution. This could have an impact on MATIC’s price going forward.
COMP fell 2.3 percent in the previous 24 hours and was trading at $462.21. It was trading at the $456.76 immediate support price line. When COMP got close to the $456.76 price line, it crashed through and traded near the $393.07 support zone.
The Relative Strength Index was in bullish territory, above 50. However, it was on the verge of falling below it. The MACD displayed red histograms, indicating a price decline. Capital inflows, on the other hand, remained strong, with the Chaikin Money Flow remaining well over the half-line.
A price reversal could force COMP to seek its weekly high of $488.80 before retesting its multi-month high of $519.37.