Cryptocurrencies had a strong performance this week as Bitcoin surged to $30,000.
Most altcoins like Cardano, Pepe, and MATIC also jumped.
More upside will depend on whether Bitcoin is able to clear $31,000.
Cryptocurrencies had a strong performance this week as investors focused on TradFi and the positive comment from Jerome Powell, the Federal Reserve chairman. Bitcoin price jumped by more than 20% in the past 7 days while Ethereum soared by 14%. The near-term price action for cryptocurrencies will depend on whether BTC will soar above the year-to-date high of $31,000. So, what next for MATIC, Stellar, and Cardano?
Cardano price prediction
Cardano has been in a strong bearish trend in the past few months. It dropped to a low of $0.4592 on April 16th to a low of $0.2295. The lowest point was a notable one since it was the lowest level in December.
While the recent rebound is welcome, buyers should be cautious considering that the coin has formed an inverted cup and handle pattern. The current rebound is part of the handle section. In price action analysis, the inverted C&H pattern is usually a bearish sign. Therefore, there is a likelihood that the Cardano price will resume the bearish trend in the near term.
If this happens, the next level to watch will be at $0.2414. A break below this level will confirm the bearish thesis and signal that the ADA price could slip to the key support level at $0.20, which is about 30% below the current level.
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Polygon MATIC price prediction
Polygon MATIC price has been in a steep sell-off in the past few months. This decline happened as the layer-2 network faces significant competition from the likes of Optimism and Arbitrum. On the daily chart, the price dropped to $0.5079 in June and then resumed the bullish trend this week. It has now retested the important resistance point at $0.6905, the lowest point on September 20th last year.
MATIC remains below the 25-day and 50-day moving averages. Therefore, I believe that this recovery will not hold. If this happens, the coin will likely retest the month-to-date low of $0.50, which is about 26% below the current level.
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Stellar Lumens price prediction
The daily chart shows that the XLM price crashed to a low of $0.075 on June 15th. This was an important level since it coincided with the lowest level on March 11th of this year. Stellar has now moved slightly above the 25-day and 50-day moving averages. It has also formed what looks like a double-bottom pattern whose neckline is at $0.1145.
Therefore, there is a likelihood that the Stellar coin will likely continue rising as buyers target the key resistance point at $0.10, which is about 11.31% above the current level.
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eToro
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Plus500
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