According to crypto analyst Aaryamann Shrivastava, the magic of this altcoin project is fading. Analyst Filip L says ADA bulls will see 10% gains in the recovery. Also, according to the analyst, LTC bulls have stepped in. Analyst Kelvin Munene notes that ABR bulls are eyeing a potential reversal.
MATIC has fallen enough, now the only way up!
The altcoin price has dropped by about 19% since April 14 to $0.9603. But unlike Bitcoin, MATIC failed to show any recovery over the past week. As a result, MATIC fell to a two-month low.
MATIC 1-day chartThis could naturally have a negative impact on investors. Because the amount of loss caused by the collapse of about 20% increased pessimism. In the past two weeks, investors’ presence has dropped by over 52% in a single day, from 3,600 to below 1,700 active addresses. This drop was one of the largest ever recorded in active addresses.
MATIC active addressesThe reason behind this is the losses that investors witnessed after the MATIC price crash. Currently, 75,000 addresses are underwater, with supplies ranging from around $0.96 to $1.13. Collectively, these addresses hold 5.15 billion MATICs worth $4.9 billion waiting for a rally to become profitable again.
MATIC GIOMBut beyond the drop in the spot market, Polygon’s performance in the Decentralized Finance (DeFi) market has also taken a hit, albeit not that significant. On-chain total locked value (TVL) decreased by over $70 million last month. This has further contributed to the brutal conditions of the DeFi market, where Decentralized Applications (Dapps) have collectively lost $10 billion.
DeFiTVLOn the other hand, now that the MATIC price has started to decline, the only remaining path is up. If the rate hike does not trigger further declines, $1 could become a strong barrier for the altcoin.
This altcoin crashed but didn’t die!
As you follow on Kriptokoin.com, the bears have overhauled the price action in ADA. Therefore, Cardano started the week off strong with price action down 5% in the ASIA PAC session. The price dropped to the support area around $0.39, supported by many factors. The drop is likely to stay there. Also, a reversal is possible once the US session gains momentum.
ADA is ready for a higher leg. In the process, it traps bears in the upward direction. The monthly pivot of $0.41 for May will be the first real test to see if the rally will continue. Once this pivot is in demand by the bulls, the breakout will not be far off. Once ADA climbs above $0.42, not only will it have a 10% gain, but more gains will be on the horizon as the rally could set sail for $0.45.
ADA 4-hour chartThe threat, of course, comes as the bears break $0.39 to the downside. The 55-day Simple Moving Average (SMA) is not too far away to stop the drop near $0.38. If selling gains further strength, the 200-day SMA will have to do its job and catch the falling blade by then. Because the bulls will write more than 15% losses in their portfolios.
LTC has a new target to break!
Litecoin price had a profitable weekend as price action slowly rose on Saturday and Sunday to close April. Unfortunately, the ASIA PAC session was pretty rough. Thus, it quickly dragged the price action down in just two candles. It even broke the 55-day Simple Moving Average (SMA) in the process. However, the bulls are currently trying to reclaim it.
The altcoin will first test the same 55-day SMA around $88.50 in hopes that support doesn’t turn into resistance. If the bulls can break above this, the next target level will be crucial. This monthly pivot for May comes in at $92. This price was the high of the weekend before sales started. A breakout of this zone to the upside will be vital for the week. A daily close above $92 will allow LTC to move higher this week.
LTC 4-hour chartAs can be read above, downside risk comes with possible rejection against the 55-day SMA. A definitive rejection will see a lower leg towards $80, breaking the triple bottom of $85 over the past few days. This means that a loss of about 10% this week should be factored in.
These altcoin bulls are watching for potential comeback!
The Arbitrum (ARB) market has been controlled by the bulls in the previous 24 hours until it recently faced resistance at the intraday high of $1.42. As the bulls failed to break through the resistance level, the bears took control of the market. Thus, it lowered the ARB price to its 24-hour low of $1.34. ARB was trading at $1.35, down 0.87% from the previous day’s closing price. This showed that a pessimistic atmosphere prevailed in the market.
During the correction, market cap fell 0.89% to $1,723,222,739, while 24-hour trading volume was up 103.16% to $426,351,599. This contrast reflects the extreme volatility of the market as investors promptly dispose of their holdings during the correction and take advantage of low prices to buy again and increase trading volume.
ARB 24-hour price chart / Source: CoinMarketCapWidening Bollinger bands and increasing trading volume on the altcoin’s 4-hour chart indicate that the negative momentum is waning. This is a sign that a comeback is possible. As price action approaches the Simple Moving Average line, the large green candlestick indicates that the bulls are taking control and buyers are coming in, signaling a possible shift in market sentiment towards an optimistic view.
The MACD line is currently at -0.05. It also shows that there is a slight negative momentum in the market. However, the green candlestick forming and the possible bullish change in mood suggest that now might be the perfect time to consider buying the market.
ARB 4-hour chart / Source: TradingViewAs a result, the ARB market is currently experiencing a slight downtrend. But signs of a potential trend reversal and an uptrend suggest that now is a good time for investors to buy and profit from future gains.
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