The post Altcoins Fake Rally? Polygon (MATIC), Solana (SOL), And Aptos (APT) Prices To Drop By 20% Soon? appeared first on Coinpedia Fintech News
The crypto industry has displayed a significant rise in value as the market has recently experienced a massive pump in their respective prices. Bitcoin price has regained its tag of $30,000, with altcoins gaining huge jumps. The value of TVL has also gained a massive upswing as the market has displayed huge activities.
The positive price action ignited following the hoax news of Bitcoin ETF approval. The market has experienced a green trading day for the ninth consecutive day, creating a FOMO in the market.
Many investors have started to speculate: Why is the market pumping so much? Is this another pump-and-dump scheme that the market manipulators are playing?
MATIC Price Analysis:
The Polygon price has displayed a massive price action in its chart during the last week as the coin has added more than 9% in value within the past day. The price was seen trading in a closed range of $0.5009 and $0.5239 for over a week.
Following this, the price displayed a Golden Cross and gained significant momentum, breaking out of multiple resistance levels and trading in an uptrend. Further, the price was rejected at $0.62, and the coin started trading sideways. The MATIC price at the time of publishing was trading at $0.6158.
The MACD displays a constant green histogram, indicating a massive ongoing price action in the market. Further, the histogram shows a decline, suggesting a possibility of the price to lose momentum and plunge in the coming days.
If the bulls continue to gain momentum and cross the $0.62 mark, the price will continue to rise and test its upper resistance at $0.65 in the coming days.
On the contrary, if the bears overpower the bulls and a trend reversal occurs, the price will experience a significant fall in value and test its support level at $0.5791 soon. Further, if the market fails to gain momentum, the price will continue to fall and test its lower support level of $0.5663 in the coming days.
Solana Price Analysis:
The Solana price follows the market’s footsteps and is currently trading in a rising channel. The coin was seen trading in a consolidated range of $21 and $23 for almost two weeks, following which the price surged more than 5% within the past day, indicating a bullpower in the market.
The MACD displayed a constant green histogram, following which the price experienced massive turbulence, resulting in the chart displaying a trend reversal. The averages are presently close to the neutral point and have also displayed a bearish convergence, indicating the possibility of a trend reversal.
If the bulls manage to hold the price above $30, it will regain momentum and make a run to test its upper resistance of $32.2, resulting in a new yearly high for this crypto.
Conversely, if the bears overpower the bulls and pull the price below the support level of $28.49, the coin will lose momentum and will continue to dip and test its lower support level of $26.0 in the coming time.
Aptos Price Analysis:
Aptos price was seen trading close to its support level at $4.8901 for a brief period, following which the market gained momentum, resulting in the price surge. APT price had surged over 17% within the past week but has recorded a loss of over 2% during the last day, raising concerns of a bearish turnover in the market.
The MACD displays a green histogram in its chart, indicating a strong buying power for the coin in the market. Further, the histogram shows a constant decline, suggesting a possibility of a price plunge soon.
If the bulls manage to hold its value above $5.85, the price will regain momentum and start gaining value. Further, if the market starts rising, APT price will gain value and test its resistance level of $6.2 this week.
Conversely, if the bears dominate the market, the price will dip and test its support level at $5.7141 soon. Moreover, if the bulls fail to gain momentum, the price will continue to dip and test its lower support level at $5.4568 by the weekend.
