Polygon, Cardano & Bitcoin – Asian Wrap 04 Aug

MATIC price goes cold as Polygon’s financial metric offers an interesting twist

The MATIC price has risen 47.66% since July 21, establishing one of the better rallies in the cryptocurrency complex during that time. The rally placed Polygon at the intersection of the top of the symmetrical triangle with the 50-day SMA at $ 1.07. Ongoing consolidation is in time, not price, as the Bollinger Bands (BB) have shrunk to their tightest level in months, suggesting that MATIC price may be on the cusp of a significant move higher.

Cardano price action and on-chain metrics collide, revealing a complex situation for ADA

Cardano price rebounded in July after falling near the 38.2% Fibonacci retracement at $ 0.971, marking the fifth straight month of a bullish reversal from level. Despite another bullish reversal, the ADA outlook remains mixed, with the 2018 high still generating strong resistance to breakout attempts. Only a daily close above USD 1.498 would change the outlook to moderately positive.

Bitcoin dominance is increasing again as the crypto market rebounds

The rise in the BTCD index could be a sign of the start of another bull run as Bitcoin price tries to stay at $ 38,000. Bitcoin’s price has rallied along with altcoins, triggering mention of the markets returning to a bullish super cycle for Bitcoin (BTC). The flagship cryptocurrency crossed the $ 42,000 resistance level for the first time since May 19, peaking at $ 42,541 on July 31.

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