Bitcoin (BTC) continued its consolidation pattern over the past week and has been trading between $27.2k to $28.8k without showing any clear direction towards bullish or bearish bias. The 21 EMA has been an important support level on the weekly charts. . While the market is in relative calmness, it remains in greed mode, and traders and investors will be eyeing any potential pattern breakout in the Bitcoin chart.
Solana (SOL) has continued to hold the 200 MA as resistance on the daily chart, while battling with the 21 EMA in the same time frame. It is currently holding the latter level as resistance, while operating above the $20 support level. The cryptocurrency is in a phase of prolonged accumulation, and a breakout in either direction could be a significant indicator of its next major move. The market will continue to watch Solana’s price action closely in the coming period.
Polygon (MATIC) has been consolidating lately and has encountered resistance at the $1.16 level and the 21 daily EMA. The cryptocurrency’s price volatility has been declining since mid-February 2023. It is currently trading above the 200 daily MA, which it retested as support and formed a bullish engulfing candle on the daily chart on March 10, 2023. The 21 EMA is a crucial support level for MATIC on the weekly chart, which could have implications for the token’s mid-term and long-term behavior.
Chainlink (LINK) has regained the 21 EMA weekly support in recent weeks, after briefly dropping below this level early last month. This is a positive sign for the veteran altcoin, as it had faced resistance at this level for much of its accumulation period since May 2022. The cryptocurrency has also broken above the 200 daily MA and has held it as support, which is a bullish signal. However, to confirm a significant bullish reversal, LINK needs to break and sustain support at the key levels of $8 and $9.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
