Why MATIC, PEPE & ADA Price Could Soar After Recent Bitcoin Crash?
The post Why MATIC, PEPE & ADA Price Could Soar After Recent Bitcoin Crash? appeared on BitcoinEthereumNews.com.
The Bitcoin crash below $60000 this week has raised Fear, uncertainty, and doubt (FUD) among market participants. While the current consolidation trend projects no clear sign of bottom formation, altcoins like Polygon (MATIC), Pepe coin (PEPE), and Cardano (ADA) in the oversold state hold a high potential for a price reversal. Bitcoin Crash Sub $60k Sparks Discounts Opportunity for Altcoins The crypto market witnessed a renewed recovery sentiment earlier this month as most major altcoins rebounded from crucial support. However, the Bitcoin crash to $56000 on Thursday has raised questions on market sustainability and the risk of a potential crash. According to Santiment, Polyon (MATIC), Pepe coin (PEPE), and Cardano (ADA)’s 30-day Market Value to Realized Values (MVRV) have plunged to -17.43%, -16.93 and -12.95%, respectively. These negative values suggest that investors who purchased MATIC, PEPE, and ADA in the past month are underwater -17.43%, -16.93%, and -12.95%, respectively, from their buy price. This indicator is used to asses buy and sell opportunities based on the average entry for multiple users. A negative value indicates that short-term holders are at a loss. Typically, long-term investors accumulate in these zones as the risk of a further sell-off is minimized. Therefore, these tokens have the highest probability of a comeback should the crypto market bounce. Market Value to Realized Values (MVRV) | Santiment MATIC Price Resonate within Bullish Pattern The Polygon price shows a falling wedge pattern in the daily time frame chart. The two converging trendlines of this pattern signal the weakening of bearish momentum that could lead to imminent breakout. Despite the Bitcoin Crash below $60000, the MATIC price held above $0.35 support, utilizing the dynamic support trendline. By press time, the Polygon coin trades at $0.4 while boasting a market cap of $3.98 billion. A potential breakout from the…
Filed under: News - @ August 16, 2024 11:07 pm