Key Insights:
- MATIC took charge of the crypto market yesterday with a 32.3% rise.
- Ethereum, the altcoin king, followed suit with a 16.29% rise.
- Bitcoin also rose today, trading above $21k.
Polygon recently found its audience and began rallying crazily after it announced the network’s achievement of being carbon neutral.
Since then, with the support of the broader market, the altcoin has managed to uplift all the other altcoins.
Polygon, This Week’s Altcoin King
At the time of writing, Polygon’s native token MATIC was trading at the price of $0.6. This was possible as MATIC took less than a week to shoot up by almost 81%, with a single-day rise of 32% observed in the last 24 hours alone.
This resulted in the DeFi token flipping its active trend from downtrend to uptrend. The presence of the Parabolic SAR’s white dots beneath the candlesticks verifies this and further support the altcoin’s rise.
Secondly, the last few days were also successful in pulling MATIC out of the bearish zone, which it has been stuck in since the beginning of April.
The Relative Strenght Index (RSI) is also indicating a sustained rally for MATIC, provided it doesn’t relapse into the bearish zone.
This is necessary for MATIC as it is not even close to placing its investors in profit. The altcoin is yet to recover the losses observed throughout April and May before it heads on towards the ATH of $2.9 it last witnessed back in December 2021.
Ethereum, Just Another Follower
The actual altcoin king has not been leading the market right as Ethereum has only managed to climb the charts by a mere 22.8%, somehow closing above $1k.
This rally is not even enough to recover the losses of this month, let alone take back all that it lost since May.
And to add to that, the price indicators aren’t indicating any price rise either currently. Trading at $1221.27, ETH is set to observe volatility but not in the positive direction.
The divergence of the Bollinger Bands mixed with the presence of the bias as resistance hint toward a price swing which could result in a drawdown.
Secondly, the MACD is not close to a bullish crossover either, even though a green bar did appear above the neutral line.
However, this is not enough if Ethereum intends to recover its 66.33% losses and touch $2k again. It definitely needs a bull market to achieve that.
