Amidst the current uncertainty in the crypto market, many major cryptocurrencies are caught in sideways or correction phases. However, despite this indecisiveness, certain well-established coins continue to maintain an overall bullish outlook. These altcoins hold the potential for fast recovery if market participants regain their confidence in the recovery sentiment.
Also Read: Crypto Asset Funds Record First Week Of Outflow, Institutions Selling Bitcoin?
Xrp(XRP) Price Analysis: Bullish Pattern Emerged
Source: Tradingview
Amid the two weeks of consolidation phase, the XRP price plunged back to $0.669 support. This horizontal level aligned with the 50% Fibonacci retracement level creates a strong accumulation zone for buyers.
By the press time, the XRP price trades at $0.7 with an intraday loss of 4%. In the daily time frame, the coin price showed a second reversal from the aforementioned level, indicating the formation of a double bottom pattern.
This bullish reversal pattern could assist coin buyers to rechallenge the $0.85 neckline barrier and rise back to the $1 mark.
Cardano(ADA) Price Analysis: Accumulation at Pullback
Source: Tradingview
Cardano, the 7th largest cryptocurrency, is currently experiencing a correction phase as the broader crypto market remains uncertain. Within a fortnight, ADA price plummeted from $0.379 to the current price of $0.3, resulting in a significant 21% loss. Buyers are struggling to build bullish momentum, indicating a potential for a prolonged correction in ADA’s price.
Despite two failed attempts to rebound from the $0.3 psychological support with a morning star candle pattern, there is hope for a recovery as long as the ascending trendline remains intact.
If a reversal occurs and ADA buyers break above the immediate resistance at $0.334, it may signal an uptrend continuation, potentially leading the prices to surpass key barriers at $0.35, $0.382, and $0.42.
Polygon(MATIC ) Price Analysis: Plots a Potential Upswing
Source: Tradingview
Over the past six weeks, MATIC price has been on a recovery rally, utilizing an ascending trendline for dynamic support and reaching a monthly high of $0.8916. However, amidst increasing market volatility, the altcoin experienced a significant correction, dropping 20% to its current price of $0.72.
The daily chart indicates this pullback is part of a short-term recovery, creating a pivotal point for either a higher rally or a downtrend resumption. With an intraday loss of 4%, the sellers attempted a breakdown from the trendline, which could disrupt the recovery phase.
On the other hand, the daily close above the trendline by the day’s end would indicate the buyers’ continues accumulation at price dip. The increased potential for a prolonged recovery could push the price above the last swing high of $0.89.
