Key Players in Crypto Market: MATIC Nosedives while ATOM Bounces Back
In recent cryptocurrency developments, Polygon also referred as MATIC experienced a fourth leaderless day on Tuesday. The downfall marked the cryptocurrency reaching a near two-week low. Interestingly, this occurred even as the world crypto market cap was caught in the red, showing a 0.37% drop at the moment this news was collected. Proving its strength, ATOM gained momentum and recouped from a significant drop recorded since the middle of September.
Insights on Polygon (MATIC)
Some days seem to be tougher than others and Tuesday was such a day for Polygon (MATIC) as it continued its losing sprint, marking the fourth day of consecutive downturn.
The start of the week witnessed MATIC/USD at a decent figure of $0.5396, however, the scenario soon changed when it fell to a day’s low of $0.5241.
The slump saw the cryptocurrency reaching its most vulnerable state since September 29th, as the prices hit $0.5163– marking its lowest in ten days.
Analysing the chart, it becomes evident that sellers are working towards reaching MATIC to a support level at $0.5070.
Interestingly, in order to make this possible, the relative strength index (RSI) needs to ground at 40.00, whereas currently, it resides at 43.75.
It can be speculated that market bulls are observing Polygon’s route to the cited support level and preparing to re-step into the trade field.
An Overview of Cosmos (ATOM)
The beginning of the week brought a sigh of relief for ATOM believers, as the cryptocurrency bounced back remarkably on Tuesday.
Following its previous day’s slump at $6.63, ATOM/USD witnessed a significant leap to reach $7.14 in early trade sessions.
The bottom hit on Monday was noted to be the lowest since September 15th – when Cosmos was last observed striding out of the pit at $6.65.
The much-awaited bounce back was the result of bullish rejection of the prevailing downward sentiment, leading cosmos on a path towards the resistance zone of $7.60.
An expected ceiling on the RSI indicator situated at a 48.00 level might pose a considerable challenge to this bull run.
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Do you predict a surge to $7.60 this week? Let us know your thoughts.
Frequently asked Questions
1. What is the significance of MATIC hitting its lowest point in 10 days?
MATIC hitting its lowest point in 10 days indicates a significant shift in the market, suggesting a decrease in investor confidence and potential downward pressure on the price of the cryptocurrency.
2. How does ATOM recovering from a critical support level affect the market?
ATOM recovering from a critical support level signifies a positive market shift as it suggests a potential increase in investor confidence and a possible upward movement in the price of the cryptocurrency.
3. What are the factors that contributed to MATIC’s decline?
Several factors could have contributed to MATIC’s decline, such as negative market sentiment, profit-taking by traders, lack of positive news or developments related to the cryptocurrency, or overall market volatility.
4. What are the key reasons behind ATOM’s recovery?
ATOM’s recovery could be attributed to various factors, including positive market sentiment, new partnerships or integrations, technological advancements, favorable news or developments surrounding the cryptocurrency, or increased trading volume.
5. How does MATIC’s recent performance compare to its historical data?
To properly assess MATIC’s recent performance, it is crucial to compare it to its historical data. By doing so, one can determine if the current decline is a significant deviation from its usual behavior or a normal fluctuation within the cryptocurrency’s price range.
6. What are the potential implications of MATIC hitting a new low?
MATIC hitting a new low could have several implications, including increased selling pressure, decreased investor confidence, a potential reduction in demand, or a shift in market sentiment towards the cryptocurrency. This could also present buying opportunities for traders who believe in the long-term potential of the asset.
7. How does ATOM’s recovery from a critical support level impact its future price movement?
ATOM’s recovery from a critical support level can be seen as a positive sign for its future price movement. If the cryptocurrency manages to sustain this recovery and gain momentum, it might attract additional buyers and potentially lead to an upward trend in its price. However, it is essential to carefully monitor the market and consider other relevant factors before making any investment decisions.