By Nathan Ferguson
Bitcoin has rebounded to a level beyond $46,500 at this publication, following a momentarily fall towards $44,300. Polygon, Cosmos, and Avalanche printed similar reactions on the respective charts over the past couple of hours. Nevertheless, Polygon highlighted possible retracement despite bullish momentum.
Avalanche (AVAX)
Experts plotted FIB retracement areas based on the price action to $101.98 from $82.25. AVAX has tested the 61.8% retracement area around at $89.9 and $91.6 support floor many times within the previous few days. Furthermore, the $98 to $102 value region posed a massive resistance for the altcoin.
While publishing this blog, the hour chart’s Relative Strength Index remained beyond neutral 50 and displayed a bullish momentum presence. The Chaikin Money Flow also stayed beyond +0.05, showing buying strength. Therefore, though not a ‘buy’ opportunity, AVAX showed a potential move to challenge $100 again.
Polygon (MATIC)
Polygon has created a range within the previous week, stretching between the $1.57 lows and $1.74 peaks. The range’s mid-level sits at $1.655, and MATIC has respected it as a resistance and support over the past couple of days.
MATIC advanced towards the range peaks at this publication. Remember, the range highs had confluence with a $1.74 horizontal resistance zone. Therefore, that was somewhat of an opportunity to sell. Meanwhile, MATIC might move back to range lows or mid rage in the coming days.
Nevertheless, the Relative Strength index and on-balance volume highlighted bullish strength and stable demand, indicating further uptrends.
Cosmos (ATOM)
ATOM has its massive supply zone in the $31 region. Moreover, the $29.81 level represents another near-term demand territory. The crypto flipped this zone to supply over the past few days, but Cosmos climbed beyond the level again.
Therefore, ATOM might try to overcome the resistance at $31 again in the upcoming hours. The Awesome Oscillator (AO) stayed beyond the zero line, reflecting bullishness after ATOM’s upside from the $27.7 level. Moreover, the CVD suggested increasing buying momentum.
The altcoin market shows bullishness at the moment. The narrative emerged as Bitcoin embarked on uptrends past the $46,500 mark. BTC traded with a 3.37% 24-hour gain at this publication, changing hands at $46,762.23.
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