Bitcoin temporarily fell to $44.3k but has since returned to trading at $46.5k at the time of writing. Avalanche, Polygon and Cosmos showed similar bounces on their charts in the past few hours. However, while their momentum was bullish, Polygon presented the possibility of a retracement of recent gains.
Based on the shift from $82.25 to $101.98, a series of Fibonacci retracement levels was plotted. The 61.8% retracement level at $89.8, as well as the $91.6 support level above it, had been tested several times in recent days.
At the same time, the $98-$102 area has seen some solid resistance against the price.
At the time of writing, the RSI on the hourly chart was above the neutral 50 and bullish momentum was present. The CMF was also above +0.05 showing buying pressure. So while it wasn’t a buying opportunity, it was possible that AVAX would try again to break the $100 mark.
MATIC has formed a range (orange) over the past week stretching from $1.57 lows to $1.74 highs. The midpoint of this $1,655 range has also been respected as support and resistance in recent days.
At the time of writing, MATIC was moving towards the range highs, which converged with the $1.74 horizontal resistance level. So this was probably a sales opportunity. A move back to the mid-range or the lows of the range could play into the coming days.
However, the RSI and OBV showed bullish momentum and steady demand, pointing to further upside potential.
The $31 (red box) area is a strong landing zone. The $29.81 (cyan box) area is another near-term demand zone. This zone was turned over to resupply a few days ago, but ATOM is past this level again.
Therefore, another attempt to crack the USD 31 resistance could be seen in the coming hours. The Awesome Oscillator was above the zero line to reflect the bullishness that followed ATOM’s upward move of $27.7. The CVD also showed that buying pressure was increasing.