The Current State of Crypto Markets
The cryptocurrency markets are currently experiencing turbulence, with Bitcoin hovering around $42,500. Despite recent gains, several cryptocurrencies are struggling to maintain their momentum, raising the possibility of a new market reversal that could lead to a consolidated close for 2023.
Polygon (MATIC) Price Analysis
The price of Polygon (MATIC) is facing rejection after testing the upper resistance of the rising wedge, indicating potential bearish action. Despite recent high volume, the token continues to trade bearishly, poised to hit the lower support zone between $0.958 and $0.945.
If the market maintains a choppy trend, Polygon’s price is expected to trade just above the support zone, with a potential breakout in the first few days of 2024.
Cardano (ADA) Price Analysis
Cardano (ADA) has been on a bullish trend since surpassing consolidation in the first week of December, forming a symmetrical triangle. After facing rejection from the upper resistance, the price dropped to test the lower support.
With Bollinger Bands nearing parallel, the choppy trend may persist, eventually reaching the apex of the triangle, followed by a breakout towards upper targets.
BinanceCoin (BNB) Price Analysis
Following a breakout above the descending triangle in the first few days of the week, BinanceCoin (BNB) surged higher, aiming to test the upper resistance. However, the Relative Strength Index (RSI) is testing upper levels, suggesting a minor pullback.
The rising volume indicates that BNB remains in the bullish zone, potentially triggering a healthy upswing above $400 in the near future.