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Market Analysis: BTC,BNB,MATIC (Q3 UPDATE)
The market is beginning to look a lot more interesting. In this article, I've analysed these top 3 cryptocurrencies to help you improve your decisions.
In what happens to be a clear weekly cup and handle, Bitcoin has recently made a bullish breakout, albeit currently facing significant resistance around $31,000. Thanks to recent spot ETF filings from TradFi platforms like BlackRock, the pioneer cryptocurrency has been boosted. Who would have thought TRadFi would trigger the next leg up?
July appears to be a crucial month as it kickstarts a new quarter which could determine the market direction.
A clean breakout from this zone will set the pace for a full recovery toward $60,000; However, I do not expect the entire move to happen within the next quarter or this year, in fact. If at all you’re looking to buy BTC for the long haul, you’d be smarter to do so before the breakout.
Remember that the market moves in cycles, and a breakout for BTC may not directly represent a breakout for Altcoins.
BNB remains one of the most valuable cryptos in the ecosystem. However, the SEC has not been lenient with Binance in recent times, causing serious dumps for the native coin. As of writing, BNB is trading at $239 after breaking down from a symmetric triangle pattern.
BNB bounced from a very solid support of around 230, which reflects the 200WEMA/WMA. A breakdown from this region could see BNB heading for new lows toward $122.
Should the new quarter bring bullish vibes, we could be looking at potential bottom for BNB right now.
Matic suffered a severe setback after the US SEC alleged it was a security in the recent Binance and Coinbase lawsuits. Currently trading at 0.669, the coin is battling with a crucial resistance doubling as the 200WEMA/WMA.
Technically, MATIC’s breakdown should send it to a low of around $0.30. However, it’s unreasonable to think that the entire market would collapse a lot further, given how resilient Bitcoin has been through the recent Binance FUDs. The focus should be on whether MATIC flips and holds above this resistance in the coming weeks. Otherwise, it would be worth paying attention to those lows.