Polygon, Cardano & Bitcoin — Asian Wrap 04 Aug


MATIC price goes cold, as Polygon financial metric offers an interesting twist

MATIC price is up 47.66% since July 21, establishing one of the better rallies in the cryptocurrency complex over that time. The rally has placed Polygon at the junction of the symmetrical triangle’s apex with the 50-day SMA at $1.07. The ongoing consolidation is in time, not price, as the Bollinger Bands (BB) have contracted to the tightest reading in months, suggesting that MATIC price may be on the cusp of a substantial move to the upside.


Cardano price action and on-chain metric collide, reveals a complex situation for ADA

Cardano price staged a rebound in July after dropping near the 38.2% Fibonacci retracement at $0.971, marking the fifth consecutive month of a bullish reversal from the level. Despite another bullish reversal, the ADA outlook remains mixed with the 2018 high still inflicting heavy resistance on breakout attempts. Only a daily close above $1.498 would transition the outlook to moderately positive.


Bitcoin dominance on the rise once again as crypto market rallies

The rise of the BTCD index could be a sign of the start of another bull run as Bitcoin price attempts to hold on to $38,000. Bitcoin’s price has been rallying in tandem with altcoins, sending mentions of the markets flipping back to a bullish supercycle for Bitcoin (BTC). The flagship cryptocurrency went through the resistance levels of $42,000 for the first time since May 19, hitting a peak of $42,541 on July 31. 

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