The crypto markets are undergoing a roller coaster ride, with the Bitcoin price forming lows below $60,800 and also rebounding to reach highs above $64,300. Although the volume remained relatively low, the bears influenced the rally only for a few hours.
This enabled significant price action, which triggered a strong recovery in no time. In the meantime, some of the popular altcoins that are priced below $1 appear to be more promising as they tend to go along with the next bullish spell.
Polygon (MATIC)
- The Polygon price broke above the decisive symmetrical triangle just before reaching the apex, which suggests a bearish pullback could materialise
- After marking the yearly high above $1.2, the price faced a pullback and began to consolidate, which suggests the traders could be waiting for the token to enter the triangle
- However, the buyers are utilizing all their strength to defend the lower support and the technicals also appear to be in their favour
- The DMI appears to have entered a bearish trap but the ADX maintains an ascending trend, suggesting that strength prevails within the rally
- Therefore, MATIC price appears to be pre-programmed to reach $1 any time from now, while the upper targets for the month remain around $1.5
Fantom (FTM)
- The Fantom price has been trading within a rising wedge ever since the rally flipped from the 2023 lows
- By rising by more than 400%, the FTM price has reached the upper resistance of the wedge, which may indicate a rejection
- The RSI has surpassed the upper threshold, which indicates the price has reached the local highs and may fall into a correction very soon
- On the other hand, the MACD is bullish as it has raised within the bullish range for the first time since early 2023 and is believed to remain bullish for a certain period
- Therefore, FTM price is expected to maintain a healthy upswing, reclaim $1 shortly and head towards the higher target at $2
