Bulls in Solana (SOL) have seized control of the market, continuing the bullish trend by driving prices up 0.38% to a value of $31.84.
This market attitude is supported by Bollinger bands, which are bulging and indicating increased market volatility. The market is also advancing towards the upper band, indicating upward momentum, as the upper band crosses 32.78 and the lower band touches 27.18.
The MACD indicator crosses above the signal line and in the positive area on the 4-hour chart with a reading of 0.79. This means that the SOL market’s strong momentum is likely to continue.
Positive momentum is indicated by the Bull Bear Power’s (BBP) reading being in the positive range and above zero. It points north and has a reading of 2.17, reinforcing the bullish sentiment.
Bulls must raise prices and maintain the $32.20 resistance level if they want to prevent a meltdown.
SOL/USD 4-hour price chart(Source: CoinMarketCap)
At the time of writing, bears were in charge of the MATIC market after bullish momentum faltered. Price shot down by 0.64% to $0.9335.
With a score of 48.72, the Relative Strength Index (RSI) is pointing south. This indicates that the MATIC market is seeing increased selling pressure, and as a result, bears are outnumbering bulls.
In recent hours, the Stochastic RSI moved into the overbought zone, which reversed the upward trend and caused prices to decline. It reads 57.43 and is pointing south, indicating that the bears have taken control of the market.
-0.95 is the Triple Exponential Average’s (TRIX) reading. Since a negative score implies that market momentum is waning, this predicts that the decline may continue.
The MATIC market has been taken over by bears, who have managed to drive prices down. In order to buck this downward trend, purchasing pressure must outweigh selling pressure.
MATIC/USD 30-min price chart (Source: CoinMarketCap)
According to research on Polkadot pricing, the market is exhibiting a negative trend. Still in power and exceeding the bulls are the DOT bears. Additionally, DOT encounters resistance at $6.63 and support at $6.44. At the time of publication, Polkadot was priced at $6.50, a decrease of 1.20%.
A golden cross is formed when the 5-day moving average rises over the 20-day MA, signaling a bullish momentum in the DOT market. Due to the market price of DOT being above both MAs, this bullish trend is being supported hence suggesting the bearish momentum may be shortlived.
The Bollinger bands have widened, with the upper band touching 6.81 and the lower band touching 5.67, which suggests a rise in market volatility. Additionally, the market is moving upwards, indicating that the negative momentum may reverse.
The bulls need to hold the resistance level and drive prices higher in order to invalidate the current bearish trend.
DOT/USD 4-hour price chart(Source: CoinMarketCap)
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The post Top 3 Altcoin Price Analysis: Solana (SOL), Polygon (MATIC), Polkadot (DOT) appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
