Price Analysis: Bullish Momentum Cardano, Polygon MATIC, Stellar Lumens Soar: Bullish Momentum in Crypto Market


Cryptocurrencies had a strong performance this week as Bitcoin surged to $30,000 and other altcoins such as Cardano, Pepe, and MATIC also jumped. The near-term price action for cryptocurrencies will depend on whether BTC will soar above the year-to-date high of $31,000.

Cardano price prediction

Cardano has been in a strong bearish trend in the past few months. It dropped to a low of $0.4592 on April 16th and then formed an inverted cup and handle pattern. The current rebound is part of the handle section. In price action analysis, the inverted C&H pattern is usually a bearish sign. Therefore, there is a likelihood that the Cardano price will resume the bearish trend in the near term. If this happens, the next level to watch will be at $0.2414. A break below this level will signal that the ADA price could slip to the key support level at $0.20, which is about 30% below the current level.

How to buy Cardano

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Polygon MATIC price prediction

Polygon MATIC price has been in a steep sell-off in the past few months. This decline happened as the layer-2 network faces significant competition from the likes of Optimism and Arbitrum. On the daily chart, the price dropped to $0.5079 in June and then resumed the bullish trend this week. It has now retested the important resistance point at $0.6905, the lowest point on September 20th last year. MATIC remains below the 25-day and 50-day moving averages. Therefore, I believe that this recovery will not hold. If this happens, the coin will likely retest the month-to-date low of $0.50, which is about 26% below the current level.

How to buy MATIC

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Stellar Lumens price prediction

The daily chart shows that the XLM price crashed to a low of $0.075 on June 15th. This was an important level since it coincided with the lowest level on March 11th of this year. Stellar has now moved slightly above the 25-day and 50-day moving averages. It has also formed what looks like a double-bottom pattern whose neckline is at $0.1145. Therefore, there is a likelihood that the Stellar coin will likely continue rising as buyers target the key resistance point at $0.10, which is about 11.31% above the current level.

How to buy Stellar

eToro: Buy XLM with eToro today.

CEX.IO: Buy XLM with CEX.IO today.

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