- Altcoins break off from Bitcoin as the crypto market regains the losses incurred in May.
- Ethereum settles above $3,200, but bulls have eyes on $3,600 and $4,000.
- MATIC soars over 22% to trade at $1.5 for the first time since June 18.
Altcoins have this week made great strides while Bitcoin remained under $47,000. However, the flagship cryptocurrency has sustained the price above $45,000, allowing bulls time to regroup for the ultimate rally beyond $50,000.
Intriguingly, some selected altcoins quickly became the darlings of the cryptocurrency market, including Ripple with its break above $1, Cardano, Polygon (MATIC), and TRON.
Ether made its way above $3,200 on Wednesday but stalled around $3,260. Investors anticipated a fast run-up to $3,600 before Ethereum stretched the bullish leg to $4,000.
However, the gigantic smart contract token failed to gather enough strength to sustain the uptrend. Meanwhile, ETH is pivotal at $3,200 while bulls battle to keep the uptrend going.
Realize that the overall technical picture favors the buyers, especially with the Moving Average Convergence Divergence (MACD) indicator having maintained a buy signal since July 22. Additionally, the MACD continues to move higher above the mean line; thus, reinforcing the bullish outlook.
A confirmed breakout above $3,200 would boost the price significantly upward. In turn, more buyers will be called into the market as speculation for Ether’s rise to $4,000 intensifies.
On the other hand, traders must know that the Relative Strength Index has settled above 70 but not highly. Therefore, bulls still have room to explore, but a correction still lingers due to the imminent overbought conditions.
ETH/USD Daily Chart
Polygon sunk to $0.62 in July but recovered a considerable chunk of its value. Initially, the recovery stalled between $1 and $1.1. For nearly three weeks, MATIC danced between the upper and the lower limit.
A recent break above $1.1 triggered massive gains as expected, with buyers streaming in to take advantage of the general altcoins’ uptrend. Polygon continued with the upswing past the 100-day Simple Moving Average (SMA), allowing gains to touch $1.5 for the first time since June.
MATIC/USD Daily Chart
Despite the technical leaning to the bullish side, Polygon has slowed down the price action. Currently, the token teeters at $1.415 as bulls gaze at lifting to $2 in the coming sessions or few days.