The cryptocurrency market has experienced a significant correction of 7.12%, approximately $900 Million within the past 24 hours, resulting in the crypto industry’s market capitalization dropping to $2.45T. Moreover, the price of Bitcoin has experienced a correction of 5.15% in valuation.
However, the crypto space hints at a bullish reversal as the top tokens have started to regain momentum within the past few hours. With Bitcoin Halving days away, the industry is predicted to record a massive bullish sentiment, making this an excellent opportunity for investors to enter the market.
Ethereum (ETH):
The leader of altcoins, Ethereum price, has displayed a bearish trading week by recording a correction of approximately 3% in valuation and 19.57% over the past 30 days. However, the YTD of the Ethereum token stands at 43.16%, indicating a positive outlook for this altcoin in the long-term perspective.
The industry has experienced a massive correction in valuation with top altcoins losing significant value in their respective portfolios. This resulted in the ETH price recording a correction of 10.20% within the past 24 hours, from $3,534 to a low of $3,175.
However, the market has started stabilizing as the price of the Ethereum token has successfully recorded a green trading candle in its chart.
If the market regains momentum, the Ethereum price will start trading under a bullish influence and possibly attempt to test for a new yearly high during the upcoming weeks. However, a bearish influence may result in the ETH token testing its low of $3,149.50.
Solana (SOL):
The Solana token started this year with a trading price tag of $101.83 and displayed a neutral trend by trading in a consolidated range between $82.25 and $120.75 for the first two months. As the volatility in the market increased, the SOL price recorded a jump of 111.98% within the next 23 days.
After recording a 28-month high, the SOL token lost momentum and faced rejection above the $200 mark, following which the price faced a pullback below the support level.
Since then, the price has been trading between $152.50 and $200 and is on the verge of testing its lower level, the outcome of which is unpredictable.
The technical indicator displays a strong bearish influence in the 1D time frame. Positively, the Solana token has added approximately 50% since the year’s start, highlighting a strong bullish outlook for this altcoin during the upcoming months.
Polygon (MATIC):
The Polygon token has displayed a volatile price action since the year’s start, indicating increased buying and selling pressure for the altcoin in the cryptocurrency market. The MATIC coin price started the year with a trading price of $0.9699 and achieved the $1 mark on the first day.
However, the bulls lost momentum and the Polygon token recorded a loss of 32.11% in valuation. After this, the market experienced a massive bullish reversal, resulting in the top altcoins displaying a significant uptrend in the chart.
The MATIC price added 77.42% over the next 48 days, following which the price faced rejection at the resistance level of $1.270. Since then, the price has been trading under a constant bearish influence, resulting in this altcoin erasing all its gains from the price pump.
If the bulls hold the price above its crucial support level of $0.750, the price will prepare to surge for a new yearly high. However, a bearish price movement may pull the price toward a new low in the coming time.
Conclusion:
The crypto market is on the path to achieving a new all-time high (ATH) during the upcoming months as the number of investors and inflow of digital assets is on the rise on a daily basis. Furthermore, post-Bitcoin Halving, altcoins may witness a massive jump, resulting in a possible Altseason.
Note: This article was written only for research purposes and is not subjected to any financial advice. The cryptocurrency industry is highly volatile at this point and the volatility may rise significantly post-Halving. Make sure to do in-depth research before investing in any digital asset.
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