Bitcoin price revived the altcoin market in January, when it peaked at $24,000. MINA (MINA), ImmutableX (IMX) and Polygon (MATIC) have seen some pretty impressive growth over the past few days. In this article, we examined 6 altcoins where the bulls may have gained the upper hand, along with technical levels.
MINA extends rally, price peaks at $0.80
MINA was among the best performing cryptocurrencies on the market yesterday with an impressive 26% gain in 24 hours. The altcoin has rallied solidly since late January, breaking the critical $0.80 resistance level and reaching $1.02 earlier today.
Mina is currently trading around $0.8433 and the current resistance level is around $1. If the bulls can break through this level, further upside is expected. On the other hand, it has two major supports near $0.75 and $0.65 in case of a possible correction. The 50-day EMA is at $0.53 and could act as a strong support against the bears.
Looking at the Moving Average Divergence Convergence of the popular technical indicators, the MACD is well above the red signal line and heading upwards. This is a sign of more bullish momentum in the near future. The RSI also shows that the Mina market is still overbought, but there are no bearish divergences at this stage to indicate an impending reversal.
Overall, MINA has recently reached new buyers and is in a position to extend its rally. However, in a bearish scenario, there are strong support levels near $0.75 and $0.65, which will help limit potential losses.
ImmutableX (IMX) confirms the lead altcoin bulls have been waiting for
ImmutableX (IMX) has been dominated by the bulls for the past 24 hours and its price is trading between $0.6547 and $0.7207. At the time of writing, this uptrend was still in effect, with IMX price sitting just below $0.7, up 4.5% from the last 24 hours.
Technically speaking, the Keltner Channel bands are inflating, with the upper band at $0.724 and the lower band at $0.676, indicating that IMX price is likely to rise further. It generates a buy signal when the price moves towards the upper band; It is a sell signal when the price goes below the lower band. On the IMX chart, a buy signal is formed as the price goes towards the upper band. This move supports investors’ optimism for a long-term bull run in the short term.
Meanwhile, a golden cross will occur when the 9-day MA crosses the 20-day MA on the IMX chart. This pattern is supported by 4-hour price analyzes of 0.676 and 0.672, respectively. As the price breaks above both MAs to form a green candlestick, the bullish sentiment strengthens, signaling that the market sentiment will remain positive.
In summary, the breakdown of technical indicators suggests that the bulls have the upper hand in the IMX market, predicting that prices may rise further.
Polygon (MATIC) just one resistance away from 1.30 target amid altcoin market recovery
MATIC price broke down on the daily chart after meeting resistance at $1,124. It is currently located pretty close to $1.3, a level that has not been surpassed since May 2022. For this target, the bulls first need to stay above $1.12.
Polygon (MATIC) is trading at $1.11 at the time of writing. Last week, it broke through several critical resistance levels. It is currently holding below the $1,122 resistance; Breaking above this level will help MATIC recover by almost 15%.
On the other hand, a possible drop from its current price could lead to $0.99. At the time of writing, the price was still flat, indicating that buyers are still in the loop. It was also above the 50-SMA (yellow) and the 200-SMA (green), which indicates long-term bullishness on the chart. MATIC can help the price move higher by breaking through the critical resistance.
On the technical indicator part, there is an impending price increase signal. For example, the Moving Average Convergence Divergence (MACD) created green signal bars that tied for buy signals. Bollinger Bands suggest that volatility increases as the bands widen in anticipation of impending price volatility. This also indicates that the coin is heading towards another rally.
When can Dogecoin reach $0.10?
Dogecoin has gained momentum in recent weeks and has been trading above $0.88 for a while. However, the bears were active near the $0.092 and $0.093 resistance levels, giving no passage to the bulls. Dogecoin is driving the bears away from the market with an unexpected price spike today. The meme coin has gained around 8% in the last 24 hours, reaching $0.09371, continuing the rally.
A clear move above the $0.093 resistance could provide the bulls with enough fuel for $0.098. More bullish conditions could send the price towards the $0.100 level. The bulls’ next targets after this zone will be $0.100 and then $0.112.
On the downside, the next major support is near the $0.088 level, or the area extending from the $0.0844 high to $0.0948 level. If there is a downside break below the $0.088 support, the price could decline further. In the stated case, the price could decline towards the $0.086 level and the trend line. A brief breakdown of technical indicators is as follows:
- 4-Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
- Major Support Levels – $0.088, $0.0860 and $0.0820.
- Major Resistance Levels – $0.093 and $0.098.
Cardano (ADA) stronger than altcoin rivals as profitability reaches 25%
Cardano has successfully formed an important support level below the current price level with its recent price movements. On-chain data shows that ADA has solid ground to continue moving upwards.
As the data shows, more than 90,000 wallets have purchased 4 billion ADA in the range of $0.365 to $0.376. This zone can now act as a solid support level. As Kriptokoin.com, we have included the current comments of on-chain analyst Ali Martinez in this article.
#Cardano has formed a crucial support area between $0.365 and $0.376, where nearly 92,000 addresses purchased around 4.40 billion $ADA.
As long as this demand wall holds, #ADA will have a good chance of reaching higher highs. pic.twitter.com/aYnvRot4PO
— Ali (@ali_charts) January 29, 2023
Floki Inu forms a double top formation
The Floki Inu price recently made a significant comeback. The 4-hour chart shows that Floki price has been in a strong uptrend over the past few weeks. As it rallied, it broke above the key resistance at $0.0000127, the January 24 high. It broke above all moving averages.
Recently, however, those gains have started to fade as the token has dropped more than 22% from this year’s high. It looks like it is about to form a double top pattern, which is usually bearish.
Therefore, it will likely continue to rise as buyers target the key resistance at $0.000030 (double top). If this happens, the token will most likely go down as the pattern is usually a bearish sign.
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