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Polygon

As the global cryptocurrency market shows signs of recovery, traders and investors are keenly looking for coins that are potential for a bull run. The technical analysis can provide insights and a clear picture of the future trajectory of prices. This analysis will focus on XRP, Bitcoin (BTC), and Polygon (MATIC), as crypto coins with potential.
<h2 id="strong-1-xrp-ripple-strong">1. XRP (Ripple)</h2>
The legal challenges faced by Ripple have not stopped XRP from being a strong player in the crypto market. The coin is trading today at $0.43471, and demonstrates mixed signals across various <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/symbols/XRPUSD/technicals/" target="_blank">technical indicators</a>. Nevertheless, they indicate a possibility of a bullish trend.
The <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> values of various periods are consistently indicating a selling signal. Downward pressure is indicated in both short-term and long-term time frames. The MACD level stands at -0.01507, suggesting a downward trend.
This indicates that the short-term moving average is lower than the long-term moving average, typically indicating a recommendation to sell.
XRP is approaching oversold levels with an RSI of 32.08. The RSI for <a href="https://coingape.com/price/xrp" rel="noopener noreferrer nofollow">XRP</a> is low, indicating potential undervaluation and a possible upcoming price increase. In accordance with Fibonacci levels, the critical resistance levels are positioned at $0.52038 and $0.56541.
Some of the support levels are at $0.40897 and $0.44216. For a bullish trend to be confirmed, XRP must surpass the resistance at $0.52038.
<h2 id="strong-2-bitcoin-btc-strong">2. Bitcoin (BTC)</h2>
Bitcoin, as the dominant player, typically sets the tone for the general sentiment in the cryptocurrency industry. At a price of $56,679, the coin shows a mixture of bearish and bullish tendencies.
EMA values for <a href="https://coingape.com/price/bitcoin" rel="noopener noreferrer nofollow">BTC price</a>, spanning from the 10-day to the 200-day, are showing a sell sentiment, further confirming a bearish trend.
The MACD Level of Bitcoin is indicating a downward trend. This signal shows that the short-term average is lower than the long-term average, suggesting a possible decrease in momentum.
An RSI of 28 for BTC indicates oversold conditions, usually coming before a possible upward correction. This low <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> level suggests that Bitcoin may be underestimated and could attract buying interest.
Based on Fibonacci retracement levels, Bitcoin encounters immediate barriers at $64,360 and $70,265. The critical levels of support are located at approximately $50,867 and $56,022. Surpassing these resistance levels would confirm a positive outlook for Bitcoin.
<h2 id="strong-3-polygon-matic-strong">3. Polygon (MATIC)</h2>
Polygon’s scalability solutions for <a href="https://coingape.com/price/ethereum" rel="noopener noreferrer nofollow">Ethereum</a> have attracted a large following. Let’s examine MATIC’s technical patterns by using Fibonacci retracement. At a price of $0.4844, MATIC displays <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/symbols/MATICUSD/technicals/" target="_blank">technical signals</a> suggesting the possibility of a bullish trend. Here is an analysis of its important technical signals:
The EMA values show a primarily negative trend in both long and short time frames, indicating a likelihood of lower prices.
The MACD level suggests a downtrend. This coincides with the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> signal line being situated below the MACD line, which is commonly seen as a bearish signal.
The RSI for MATIC stands at 30.90, suggesting neutral to oversold status. This indicates that the coin could be nearing a possible shift towards a bullish reversal.
The <a href="https://coingape.com/glossary/fibonacci-retracement/" rel="noopener noreferrer nofollow">Fibonacci retracement</a> levels show resistance at $0.6054 and $0.6954. The levels of support are located at $0.3803 and $0.4703. Breaking through the resistance levels may initiate a positive momentum for MATIC.
<h2 id="strong-conclusion-strong">Conclusion</h2>
XRP, BTC and MATIC exhibit differing technical signals, although they are likely to experience a potential bull run. Every coin encounters strong resistance levels that, if surpassed, may indicate a change in their current downward trends. Traders and investors need to keep a close watch on important technical indicators like EMA, MACD, RSI, and Fibonacci levels to take advantage of possible price changes in the short term.
The post <a href="https://coingape.com/blog/coins-getting-ready-for-bull-run-technical-analysis/" rel="noopener noreferrer nofollow">Coins Getting Ready for Bull Run: Technical Analysis</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Coins Getting Ready for Bull Run: Technical Analysis

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