The crypto market sustained a massive plummet over the past 24 hours as Bitcoin lost about 5%. Alts such as Dogecoin and MATIC hovered around stable support floors before BTC, and the broad crypto market accelerated downward in the latest hours. That had them plummeting further to explore levels that remained substantial on higher time-frames. Can these assets push higher?
The past 24hrs saw Polygon falling into a demand zone on higher time-frames (12hr and daily). Previously, the alt traded inside the $1.56 – $1.74 range but selling momentum appears lucrative for bears to keep the range lows.
While publishing this blog post, the Relative Strength index and price presented a bullish divergence on MATIC’s hourly chart. That witnessed the alternative token rebounding from a $1.44 low. Meanwhile, the on-balance volume suggests massive selling momentum over the previous week. A session close under $1.44 might trigger further declines.
NEAR Protocol (NEAR)
Experts plotted FB retracement zones based on NEAR’s move between $12.53 and $18. The $16.7 ensured stiff resistance within the past few days, and the price declined towards a 61.8% retracement area at this publication.
This area was near NEAR’s higher for March, and retesting it might be a lucrative buying opportunity. The Awesome Oscillator and Relative Strength index highlighted ongoing downtrends on the lower time-frames.
The VPVR shows DOGE’s Value Area within the last ten days: Lows stood at $0.133, whereas the highs wavered at $0.155. Dogecoin traded near $0.1452, beyond the POC (Point of Control) at $0.143. The CVD and Awesome Oscillator reflected the latest selling strength on the meme coin.
The VPVR shows the drop from the previous day’s peak of $0.17 was a healthy move as it had DOGE at ‘far value’ again. The price should overturn $0.15 to demand in the coming few hours to provide a buying opportunity.
Avalanche also recorded massive declines over the past couple of hours, losing the $91.6 support floor, following a nearly 11% drop to $82. Nevertheless, the 2hr chart showed AVAX might be forming a range, with lows of $82.3 and $101.5 highs.
Even as the on-balance volume witnessing a hefty decline and RSI displaying massive bearish momentum, another $82 retest would likely present a lucrative risk-to-reward ‘buy’ opportunity eyeing the range highs at $101.