After staying at $500 billion for over a month, the altcoin market cap has started to rise again. Meanwhile, altcoins like Cardano, Polygon, and Avalanche are showing potentials for bullish momentum as the atmosphere turns positive again.
According to analysts, these 3 altcoins are ready for mega rally
Cardano (ADA)
For a long time, Cardano’s price was limited to between $0.44 and $0.45. Due to the current strong market movement, the price is settled around $0.55. However, the bears did not let it go beyond this level. Sellers are putting tremendous pressure on the bulls to maintain control at the moment. As a result, ADA price is forced to fluctuate in a small range while showing signs of a bearish exit.
ADA price had a great chance to break out of the descending triangle. But with the recent price drop, it is now poised to return to a lower support. A return from lower support will trigger a strong rally that will break past key resistance and bring back lost levels.
Polygon (MATIC)
The latest price spike on Polygon came at a time when the entire cryptocurrency market was booming. Thus, the MATIC price has increased dramatically over the past weekend, approaching $1. After a rapid rise, the bears did not allow MATIC to reach higher highs. However, it creates a setup that will create higher fluctuations in the future.
MATIC price is trading inside an ascending channel pattern as it bounces solidly from the bottoms. The price tested the lower support several times before reversing with positive momentum. However, the start of the last weekend pushed the price almost to resistance levels. All in all, MATIC is pretty strong despite the recent rejection. As a result, a significant uptrend continues for MATIC, according to analysts. Analysts think that this momentum will bring the MATIC price to the 1.2 region.
Meanwhile, Polygon recently announced its Disney partnership. cryptocoin.com We have covered the details in this article.
Avalanche (AVAX)
It gained strong momentum after visiting lower supports like MATIC in Avalanche. The price is currently still more than 50% above the monthly low. While not certain, the price has dropped a bit, but has also moved significantly northward.
Despite the recent price volatility, AVAX price retains bottom support, suggesting that a significant rise may be imminent. Currently, AVAX price is trying to re-enter the ascending channel; According to analysts, this venture could be successful after a short consolidation. However, the price could restart the uptrend once levels above $30 are maintained.
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