The latest altcoin news and rumors bring an interesting topic related to the top altcoin Matic Network (MATIC). As we can see from before, the cryptocurrency has been providing some exciting setups before 2019 when it decided to capitalize on them.
The past run also capitalized the price of MATIC and made it double with an upwards surge of nearly 100%. While some may believe that this is an automatic buy option, we would not suggest so.
The truth is, the first rule in trading is to never buy an explosive green candle – and the second is to never FOMO (fear of missing out) after the fact. There is always and most likely a potential retrace.
What’s interesting is that MATIC managed to break back into a big range . In this regards, defining support and resistance levels can be quite simple for the cryptocurrency. From this perspective, we can see that if something like this occurs- MATIC will aim for a potential long entry at the 265 Satoshis zone. This would signal that new targets and resistances are here. The range high is now structured through 350 and 400 Satoshis.
Among the other great IEOs as Matic doubles in value are Harmony (DNE) which managed to surge by 47% in the past couple of days – as well as Fetch.AI which is now starting to show signs of a trend reversal on some timeframes, too.
Another IEO named Elrond is showing similar signals such as Matic – but seems to be lagging behind. Interestingly, ONE was showing supports, resistances and flips even before it surged by 47% in a matter of days.
In the green zones, several supports and/or resistances are shown in the move well despite the big decline on the markets. If the Matic Network (MATIC) coin manages to survive at 105 and possibly 120 satoshis, it is on a good path.
Meanwhile, we can see that the Tether news show that USDT is in a similar movement and ranging well. At this point, a similar positive momentum must occur in the markets, too – and Satoshis need to gain nice support.
All in all, the wake of a Bitcoin downturn has brought some positives – at least for altcoins.
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