The cryptocurrency market has experienced a significant correction of 7.12%, approximately $900 Million within the past 24 hours, resulting in the crypto industry’s market capitalization dropping to $2.45T. Moreover, the price of Bitcoin has experienced a correction of 5.15% in valuation.
However, the crypto space hints at a bullish reversal as the top tokens have started to regain momentum within the past few hours. With Bitcoin Halving days away, the industry is predicted to record a massive bullish sentiment, making this an excellent opportunity for investors to enter the market.
Ethereum (ETH)
The leader of altcoins, Ethereum price, has displayed a bearish trading week by recording a correction of approximately 3% in valuation and 19.57% over the past 30 days. However, the YTD of the Ethereum token stands at 43.16%, indicating a positive outlook for this altcoin in the long-term perspective.
The industry has experienced a massive correction in valuation with top altcoins losing significant value in their respective portfolios. This resulted in the ETH price recording a correction of 10.20% within the past 24 hours, from $3,534 to a low of $3,175.
However, the market has started stabilizing as the price of the Ethereum token has successfully recorded a green trading candle in its chart.
If the market regains momentum, the Ethereum price will start trading under a bullish influence and possibly attempt to test for a new yearly high during the upcoming weeks. However, a bearish influence may result in the ETH token testing its low of $3,149.50.
Solana (SOL)
The Solana token started this year with a trading price tag of $101.83 and displayed a neutral trend by trading in a consolidated range between $82.25 and $120.75 for the first two months. As the volatility in the market increased, the SOL price recorded a jump of 111.98% within the next 23 days.
After recording a 28-month high, the SOL token lost momentum and faced rejection above the $200 mark, following which the price faced a pullback below the support level.
Since then, the price has been trading between $152.50 and $200 and is on the verge of testing its lower level, the outcome of which is unpredictable.
The technical indicator displays a strong bearish influence in the 1D time frame. Positively, the Solana token has added approximately 50% since the year’s start, highlighting a strong bullish outlook for this altcoin during the upcoming months.
Polygon (MATIC)
The Polygon token has displayed a volatile price action since the year’s start, indicating increased buying and selling pressure for the altcoin in the cryptocurrency market. The MATIC coin price started the year with a trading price of $0.9699 and achieved the $1 mark on the first day.
However, the bulls lost momentum and the Polygon token recorded a loss of 32.11% in valuation. After this, the market experienced a massive bullish reversal, resulting in the top altcoins displaying a significant uptrend in the chart.
The MATIC price added 77.42% over the next 48 days, following which the price faced rejection at the resistance level of $1.270. Since then, the price has been trading under a constant bearish influence, resulting in this altcoin erasing all its gains from the price pump.
If the bulls hold the price above its crucial support level of $0.750, the price will prepare to surge for a new yearly high. However, a bearish price movement may pull the price toward a new low in the coming time.
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