Analysis of MATIC, SOL, and ADA Show Trend Reversals
- MATIC has been up by 1.59% and trading inside a bearish pennant.
- SOL is at a hazardous stage. If it breaks the current support, a crash will likely occur.
- There is a possibility for ADA to find its bottom under $0.2, where a bull run will happen.
The 1-Day chart of MATIC/USDT shows that MATIC has been trading between the 200MA and 50MA for an extended period. However, MATIC is still under 50MA and 200MA, meaning the market is entirely bearish. Moreover, the RSI value of 41 denotes that sellers favor the market.
MATIC/USDT 1 Day Chart (Source: TradingView)
However, MATIC bounced on its current support and is now forming a bearish pennant that attracts sellers to sell and makes a bull trap for the buyers. If MATIC tends to reverse its bearish pennant nature, we can expect MATIC’s price to reach its resistance level of $0.8822.
SOL/USDT 1 Day Chart (Source: TradingView)
The above 1-Day chart of SOL/USDT shows that Solana’s price has drastically decreased after the FTX exchange dip. SOL shows a bearish pattern that follows a bearish trend after breaking out of the lower trendline. However, because is at a hazardous stage, we may expect Solana to trade beyond $15.35, if they hold their ground at the present $11-$13 level.
Looking at the general trend of the chart, SOL is below the 200MA, and the price is entirely bearish. The RSI reading is 35.40, which is close to the oversold zone. A Solana crash will occur if the RSI falls below 30.
ADA/USDT 1 Day Chart (Source: TradingView)
1-Day chart shows that ADA is in the bullish flag and is expected to have a breakout in the upper trendline, which can cause ADA to rise to its resistance at $0.42. Being under both 200MA and 50MA shows that the market has little chance of a trend reversal, and we can expect ADA to fall lower.
If ADA breaks out the lower trendline of the flag and the current support, ADA can have a price drop under $0.2. However, if a bottom is found, it will lend to an upward breakout.
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