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Despite the recent unfavorable conditions in the cryptocurrency space, the crypto community remains bullish on the price of numerous digital currencies such as Polygon (MATIC), Polkadot (DOT), Avalanche (AVAX), and Tradecurve (TCRV). They anticipate a price surge could occur before the end of June. Let us look at their price analysis.
On June 13th, Polygon experienced rejection at the $0.69 price level, indicating the bears' attempt to establish it as a resistance level. Presently, the token is trading around the $0.60 range. While the downward-sloping moving averages give the bears an advantage, the oversold levels on the RSI suggest the possibility of a minor consolidation.
The MATIC/USDT pair will remain within the range of $0.69 and $0.50 for some time. To signify a rejection of the lower levels, buyers will need to push the price above the 20-day EMA ($0.73), which could initiate a relief rally towards $1. However, if the price continues to decline and falls below $0.50, it could lead to a drop to $0.44 and further down to $0.32.
Last week, Polkadot declined from the 20-day EMA ($4.86) and is currently trading at $4.54. This indicates a persistently negative sentiment with bears selling during rallies. If the price reverses from the current level, the DOT/USDT pair can rise toward the 20-day EMA once again.
This particular level holds significance as a break above it could potentially propel the pair to $5.15. However, it is crucial to monitor the support at $4.22, as a drop below this level may lead to a further decline toward the support levels of $4 and $3.50.
In less than a week, Avalanche's price has declined from $14 to $11, highlighting the volatility of the price structure. This indicates a clear dominance of bears in the market.
According to technical indicators, Avalanche has displayed diminished buying signals, signaling a downtrend. The Moving Average Convergence Divergence (MACD) depicts declining green histograms, suggesting a decrease in buy signals. Nevertheless, future projections remain optimistic, as experts anticipate a value of $20.05 for AVAX by 2024.
In spite of the prevailing bearish sentiment in the cryptocurrency market, Tradecurve (TCRV) has demonstrated a remarkable bullish momentum, surging by 80% on the 30-day price chart and an additional 20% increase within the last week to hit a new trading high at $0.018.
The price surge of Tradecurve comes amidst ongoing hype and an influx of investors into its all-inclusive decentralized trading platform.
Tradecurve is building what would be the first trading platform that will give DeFi users access to the global financial market by allowing them to trade instruments from the stocks, forex, ETFs, options, and commodities markets all from one account.
Because Tradecurve is set to offer more assets than the likes of Binance, OKX, Kraken, and Coinbase, the new hybrid exchange has come out as a top competitor for the largest exchange.
In addition, the crackdown on these major centralized exchanges has also contributed to the growing number of traders migrating into the Tradecurve ecosystem. Notably, unlike other exchanges that require mandatory Know Your Customer (KYC) procedures, Tradecurve users can trade anonymously while enjoying access to a diverse range of assets.
As the growth of the platform continues, experts have predicted that TCRV could rally to as high as $1.50 per token by the end of the year.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
