Crypto News– The global cryptocurrency market capitalization underwent a decline during the previous day’s trading session, as reported by CoinMarketCap. At the time of writing, the market’s overall valuation registered a 0.17% decrease, settling at approximately $1.04 trillion.
MANA And MATIC May Rise Soon
This downward shift in the market could serve as an enticing opportunity for traders to acquire cryptocurrencies at discounted prices. Particularly noteworthy, the chart patterns identified on the charts of MATIC, GMT, and MANA offer indications that these three altcoins may be poised for a short-term bullish surge in the near future. This potential development could present favorable trading prospects for both investors and traders.
Polygon (MATIC)
MATIC has been ensnared within a medium-term descending price channel, indicating that the altcoin may face substantial hurdles before it can overcome the prevailing bearish trajectory. Nevertheless, determined traders are making efforts to propel the cryptocurrency out of this descending price channel. As of the present moment, MATIC is trading near the upper boundary of this current price channel.
Consequently, should MATIC manage to conclude today’s trading session above the $0.4970 support level, it may serve as an early indicator of the altcoin finally breaking free from the bearish trend that had gripped it for the past several weeks.
In such a scenario, MATIC could maintain its ascent, potentially transitioning the $0.5500 resistance level into support. With continued buying interest, there exists the possibility of the Layer-2 cryptocurrency’s price ascending to challenge the subsequent hurdle at $0.6500 within the coming days. It is imperative to note that this bullish outlook could be invalidated if MATIC breaches the aforementioned support level at $0.4970 within the next 48 hours.
STEPN (GMT)
Over the past two weeks, a breakout pattern has emerged on the daily chart for GMT/USDT, hinting at the possibility of a significant price movement in the near term. However, the technical indicators on GMT’s chart are sending mixed signals, implying that the cryptocurrency’s price could potentially break out in either direction in the near future.
At the time of writing, the 9-day Exponential Moving Average (EMA) line was in the process of crossing above the 20-day EMA line. This development followed a period in which GMT’s trading volume over the past nine days exhibited a bullish trend compared to the trading volume recorded over the previous 20 days. Should these two EMA lines complete their crossover in the coming days, it could serve as an indication that short-term momentum is shifting in favor of the bulls.
Decentraland (MANA)
In a manner akin to GMT, the daily Relative Strength Index (RSI) line on MANA’s chart is poised for a potential crossover beneath the daily RSI Simple Moving Average (SMA) line.
Concurrently, the 9-day Exponential Moving Average (EMA) line finds itself at an identical position as the 20-day EMA line at the time of writing. This symmetrical alignment of these two EMA lines implies that investors and traders are holding off for a definitive signal indicating the direction of MANA’s price movement.
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