Bitcoin experienced strong buying pressure over the past week, as the bulls pushed its price from a low of $34.5k to a close at $37.8k at the week’s end, forming a candle resembling a Dragonfly Doji, but with a slightly thicker body. The close over the $37k support is significant, and could be a factor in the price action in the coming days and weeks. Altcoins staged a small recovery, in what was a week dominated by the stock and crypto market crashes triggered by the Russia-Ukraine crisis.
Polygon (MATIC) fell to a low of $1.24 on February 24, 2022, before rebounding to $1.60 and forming a higher low at $1.42 per token on February 27, 2022. Currently trading in the $1.40-1.50 region, it is battling the 50 EMA resistance on the 4h chart and trying to reclaim it as support. If it succeeds in doing so, this would catapult it over the $1.50 level, and could set the stage for a bullish reversal to the upside.
Fantom (FTM) fell to a low of $1.30 on February 24, 2022, prior to its bounce to $1.83 and forming a higher low of $1.55 per token on February 28, 2022. It had failed to maintain support over the 50 EMA on the 4h chart, and is currently struggling to stay above the $1.58 support level. Technically still experiencing a downtrend, reclaiming the 50 EMA and the $1.75 level is necessary to reverse the trend to a bullish market structure.
Solana (SOL) also rebounded to a high of $95 after its low of $75, reached on February 24, 2022. It managed to hold the 50 EMA on the 4h chart as support on February 26, before dropping below it to the $85 level the following day. It has since reversed towards the resistance and will be looking to break the $90 level and reclaim it as support in order to potentially confirm a bullish reversal in the market.
