Bitcoin has touched $30,000 and is back on everyone’s radar. Most altcoins that lost critical support last week have also revived with the recent recovery. Technical analysis points to a strong start for XRP, MATIC and ADA.
Watch out for these 3 altcoins after the recent recovery
XRP
In the last correction phase, XRP price slumped to a monthly low of $0.4558. Thus, it retested a long-standing support trendline. This trendline has been showing a significant recovery for the past 100 days. At the same time, it provided buyers with the opportunity to buy at the bottom price from time to time.
In the latest case, XRP is trading just below the critical $0.50 support. Sellers still have bearish plans for $0.4558. In such a case, buyers will likely press again to regain the upside momentum. Their first target will be the multi-month resistance level above $0.50 at $0.55.
Polygon (MATIC)
MATIC, which was bearish throughout June, turned flat at the $0.52 support. It is trading above $0.6 again with the recent rise. The bears continue to push for $0.52 support. This level is the trend change point where buyers will re-engage.
Technical analyst Brian Bollinger predicts that in an extremely bullish situation, MATIC price will rise to the $1 target. This will depend largely on the market and Bitcoin in particular.
Cardano (ADA)
ADA price has been trading sideways in the $0.24 support zone for about a week. The long wicks of the daily candles point to the fierce battle between the bulls and bears. Now, the first target of the bulls will be the psychological resistance at $0.3. This breakout will offer a solid launching pad to push ADA price above $0.35.
Bitcoin is in the limelight again
Bitcoin price has remained below $28,000 for several weeks. This is a factor that directly affects the income of miners. According to the latest analysis, miners had to sell their BTC holdings to make a living. The report of CryptoQuant analyst SignalQuant, which we quoted as Kriptokoin.com, revealed the last sale of miners.
However, as of June 21, the scenario was changing as BTC witnessed a price spike. According to the analysis, before that, miners were increasing their BTC inflows to exchanges. This situation has arisen due to the drop in the price of BTC in recent weeks. The fall in Bitcoin’s price has resulted in increased mining costs. Therefore, miners had to sell their BTC holdings to continue their operations.
As miners increase the selling pressure on BTC, the leading crypto has gone the other way, posting gains recently. On-chain metrics are giving positive signals about what the short-term future of BTC might look like. For example, BTC’s foreign exchange reserve was declining. This shows that the cryptocurrency is not under selling pressure.
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