Bitcoin witnessed a recovery from sub-$39,000 in the lower time frame. While publishing this content, BTC traded at $40,692.12, gaining over 4% within the past day.
Such developments saw the altcoin market on an improved move in recent hours. Nevertheless, Shiba Inu and Dogecoin encountered massive resistance, whereas MATIC saw a heightened bullish attitude because of demand.
Dogecoin price created an ascending channel over the previous week before breaking down beneath the setup over the past few days. Meanwhile, the range at $0.14 – $10.141 served as massive resistance within the past month.
The hourly Relative Strength index rose past neutral 50. Also, the CVD showed buying momentum presence as it flipped green. That way, indicators suggest bullishness for DOGE, suggesting upticks in the coming hours.
Dogecoin reclaiming $0.141 as its demand area can mean leg-ups towards $0.155 in the coming few days. Meanwhile, a ‘buy’ opportunity may surface at the support of $0.134 or $0.13.
Shiba Inu (SHIB)
The Dogecoin competitor trades inside a range for almost one week. Meanwhile, the $0.0000255 (range low) has witnessed multiple sideways trading within the past few days and may mean a resistance for Shiba Inu’s upward action.
The rebound from $0.0000236 saw the Awesome Oscillator (AO) crossing beyond the zero-line. On the other side, the bounce wasn’t enough to sweet-talk the Chaikin Money Flow beyond the positive 0.05. Instead, the indicators resolutely stayed under –0.05 to display massive capital outflows from the marketplace.
Polygon exhibits a bearish bias on its price action. Like DOGE, MATIC approached a sturdy resistance barrier. Though the alternative token boasted a bullish momentum, a Bitcoin impulsive move remained crucial for Polygon’s surge past the resistance at $1.44.
Nevertheless, the on-balance volume recorded multiple higher highs and higher lows over the previous week. That meant lucrative news for Polygon bulls. The OBV uptrend indicated massive buying pressure for the altcoin. Hence, genuine demand resurgence can push MATIC prices higher.
Nevertheless, the altcoin market’s upcoming price reaction will depend on BTC and the overall crypto market sentiment.
We have more crypto market updates on your way. Stay tuned.