Ethereum, MATIC Price Analysis: August 12, 2021

  • Altcoins break off from Bitcoin as the crypto market regains the losses incurred in May.
  • Ethereum settles above $3,200, but bulls have eyes on $3,600 and $4,000.
  • MATIC soars over 22% to trade at $1.5 for the first time since June 18.

Altcoins have this week made great strides while Bitcoin remained under $47,000. However, the flagship cryptocurrency has sustained the price above $45,000, allowing bulls time to regroup for the ultimate rally beyond $50,000.

Intriguingly, some selected altcoins quickly became the darlings of the cryptocurrency market, including Ripple with its break above $1, Cardano, Polygon (MATIC), and TRON.

Ethereum:-

Ether made its way above $3,200 on Wednesday but stalled around $3,260. Investors anticipated a fast run-up to $3,600 before Ethereum stretched the bullish leg to $4,000.

However, the gigantic smart contract token failed to gather enough strength to sustain the uptrend. Meanwhile, ETH is pivotal at $3,200 while bulls battle to keep the uptrend going.

Realize that the overall technical picture favors the buyers, especially with the Moving Average Convergence Divergence (MACD) indicator having maintained a buy signal since July 22. Additionally, the MACD continues to move higher above the mean line; thus, reinforcing the bullish outlook.

A confirmed breakout above $3,200 would boost the price significantly upward. In turn, more buyers will be called into the market as speculation for Ether’s rise to $4,000 intensifies.

On the other hand, traders must know that the Relative Strength Index has settled above 70 but not highly. Therefore, bulls still have room to explore, but a correction still lingers due to the imminent overbought conditions.

ETH/USD Daily Chart

Live Chart

ETH/USD price chart ETH/USD price chart by Tradingview

MATIC:-

Polygon sunk to $0.62 in July but recovered a considerable chunk of its value. Initially, the recovery stalled between $1 and $1.1. For nearly three weeks, MATIC danced between the upper and the lower limit.

A recent break above $1.1 triggered massive gains as expected, with buyers streaming in to take advantage of the general altcoins’ uptrend. Polygon continued with the upswing past the 100-day Simple Moving Average (SMA), allowing gains to touch $1.5 for the first time since June.

MATIC/USD Daily Chart

Live Chart

MATIC/USD price chart MATIC/USD price chart by Tradingview

Despite the technical leaning to the bullish side, Polygon has slowed down the price action. Currently, the token teeters at $1.415 as bulls gaze at lifting to $2 in the coming sessions or few days.

The post Ethereum, MATIC Price Analysis: August 12, 2021 appeared first on Coingape.

Publication date: 
08/12/2021 - 04:57
Author: 
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