An analyst talked about two altcoin projects traded on Binance, the largest cryptocurrency exchange by daily trading volume. “Ready for big price moves” for MATIC and FTM, the analyst said. Here are the details…
Two altcoin projects ready for volatility
Polygon’s MATIC and Phantom’s FTM showed a negative correlation coefficient over the weekend, according to one analyst. MATIC looks tied to higher tops, while FTM may be about to enter a steep correction. Volatility has hit the cryptocurrency market and altcoins like MATIC and FTM seem poised for significant price action. MATIC has enjoyed impressive bullish momentum, up nearly 13 percent since the start of Saturday’s trading session. The rally allowed it to break out of a developing ascending triangle on its four-hour chart in late July, according to analyst Nathan Batchelor.
More buying pressure could help Polygon enter a 27 percent uptrend towards $1.25. However, the analyst states that this depends on the height of the Y-axis of the formation. Still, the Tom DeMark (TD) Sequential indicator gave a sell signal within the same time frame. This is a bearish pattern that develops as a green nine candlestick that is indicative of a one to four candlestick correction. An increase in profit taking could result in a drop to $0.98 or $0.95 before the uptrend resumes.
In the phantom consolidation model
Unlike MATIC, Phantom has corrected 4.4 percent since the start of Saturday’s trading session. The drop was caused by a rejection from the upper trendline of the developing ascending wedge on FTM’s four-hour chart. This consolidation pattern prevails if prices close below the trendline at $0.38, a 17.5 percent drop to $0.32 is imminent.
It is worth noting that Phantom will need to close decisively above $0.42 to invalidate the pessimistic outlook. Breaking this resistance barrier can be seen as a sign of strength that encourages marginal traders to reopen long positions. It could trigger a breakout to $0.49 or even $0.53.
Meanwhile, BTC has been performing quite well since the price dropped below $23,500 at the end of last week. The asset immediately reacted to this decline. AmkNews.com As we reported, it was close to $25,000 by Saturday. At first it failed to break through this level and several hundred dollars were withdrawn. However, he took the offensive once again on Sunday, briefly touching this important line for the first time in two months. Another pullback followed, but the bulls were determined to continue climbing. As a result, BTC jumped to another multi-month high just above $25,200.
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