The cryptocurrency market is trying to cushion the negative impact of the developments in Ukraine. The stabilization messages from the European Union following the election of Macron were expected to have a positive impact. But since Sunday night, the dollar has been rallying against all major currencies, including cryptocurrencies, as investors look to hedge their risk… At cryptokoin.com, we have seen price analysis for Cardano (ADA), Polygon (MATIC), and Polkadot (DOT). and we report the expected levels:
Cardano (ADA)
Cardano (ADA) price is still under pressure as it was rejected by the 55-day Simple Moving Average on April 20 at $0.97. Since then, Cardano price has been trading lower as more bearish pressure builds up and the strength of the dollar supports the bearish momentum. In the initial correction phase, ADA price will drop to $0.80 and will face the support offered in early March. If this fails, a continuation towards $0.69 can be expected with a level extending until February 15, 2021. With another 22 percent loss, the ADA price is about to drop to near new year lows. If this happens, the bears will lose some power in taking profits.
Aside from these developments, the Nasdaq has risen by more than one percentage point if two major tech companies Microsoft and Alphabet surprise to the upside and show no signs of weakness against the current inflation backdrop. However, it can be expected that this will spread to cryptocurrencies and Cardano price will continue to rise as it revisits $1.
Polygon (MATIC)
MATIC price is facing a strong sell-off. There may be early signs that predict movement. The MATIC price seems to be completely controlled by the bears. MATIC price has entered a downtrend as the bears stretch their strength on the 4-hour chart. While the bears are confidently charging into the $1.15 target area outlined in this month’s bearish thesis, traders are likely to bottom out in the next few hours. On the
MATIC chart, the most important sell signal could be the rejection of the 50-day moving average at $1.50 on April 22. The downtrend could justify a price target of $1.15 and the sudden drop displayed in the current MATIC price action. An invalidation of the 4-hour bearish chart could bring a close above $1.56. If MATIC price can break through this price zone, the $1.70 target will come back to the table, resulting in a 35 percent increase from the current MATIC price.
Polkadot (DOT)
Polkadot price is giving important selling signals. Investors should avoid trying to hit bottoms for now. Polkadot price indicates bears are returning. DOT has now hit a new April low. The bearish view in Polkadot price has always been maintained as the bulls failed to find support at the triangle trendline earlier this month.
The doji candle on the 4-hour chart may be an attempt to persuade DOT traders to take longer-term action. As of now, there is no evidence to support a strong upward reversal. Polkadot price shows a classic ramping pattern on the volume indicator. Additionally, the bears made a large bearish candlestick, reflecting the strength exhibited in the 15 percent drop between April 10 and April 12. An additional 15 percent drop from the current price will target $14.50. The invalidation of the 4-Hour Chart Bearish scenario could mean a close above $18.75. If this bullish event occurs, Polkadot price could rise to $22, resulting in an increase of around 30 percent from the current DOT price.
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