Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Top 3 Altcoin Price Analysis: Solana (SOL), Polygon (MATIC), Polkadot (DOT)

Cryptocurrency Oct 27, 2022 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Top 3 Altcoin Price Analysis: Solana (SOL), Polygon (MATIC), Polkadot (DOT)
 
DOT/USD
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MATIC/USD
+7.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
pDOTn/USD
+1.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SOL/USD
+2.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • Recently, the price of Solana (SOL) has increased by 0.38% to reach $31.74.
  • In a recent price review, bears dominated the market for Polygon (MATIC).
  • Bears outnumber bulls as Polkadot (DOT) prices decline by 1.20% to $6.50.

Solana (SOL)

Bulls in Solana (SOL) have seized control of the market, continuing the bullish trend by driving prices up 0.38% to a value of $31.84.

This market attitude is supported by Bollinger bands, which are bulging and indicating increased market volatility. The market is also advancing towards the upper band, indicating upward momentum, as the upper band crosses 32.78 and the lower band touches 27.18.

The MACD indicator crosses above the signal line and in the positive area on the 4-hour chart with a reading of 0.79. This means that the SOL market’s strong momentum is likely to continue.

Positive momentum is indicated by the Bull Bear Power’s (BBP) reading being in the positive range and above zero. It points north and has a reading of 2.17, reinforcing the bullish sentiment.

Bulls must raise prices and maintain the $32.20 resistance level if they want to prevent a meltdown.

SOL/USD 4-hour price chart(Source: CoinMarketCap)

Polygon (MATIC)

At the time of writing, bears were in charge of the MATIC market after bullish momentum faltered. Price shot down by 0.64% to $0.9335.

With a score of 48.72, the Relative Strength Index (RSI) is pointing south. This indicates that the MATIC market is seeing increased selling pressure, and as a result, bears are outnumbering bulls.

In recent hours, the Stochastic RSI moved into the overbought zone, which reversed the upward trend and caused prices to decline. It reads 57.43 and is pointing south, indicating that the bears have taken control of the market.

-0.95 is the Triple Exponential Average’s (TRIX) reading. Since a negative score implies that market momentum is waning, this predicts that the decline may continue.

The MATIC market has been taken over by bears, who have managed to drive prices down. In order to buck this downward trend, purchasing pressure must outweigh selling pressure.

MATIC/USD 30-min price chart (Source: CoinMarketCap)

Polkadot (DOT)

According to research on Polkadot pricing, the market is exhibiting a negative trend. Still in power and exceeding the bulls are the DOT bears. Additionally, DOT encounters resistance at $6.63 and support at $6.44. At the time of publication, Polkadot was priced at $6.50, a decrease of 1.20%.

A golden cross is formed when the 5-day moving average rises over the 20-day MA, signaling a bullish momentum in the DOT market. Due to the market price of DOT being above both MAs, this bullish trend is being supported hence suggesting the bearish momentum may be shortlived.

The Bollinger bands have widened, with the upper band touching 6.81 and the lower band touching 5.67, which suggests a rise in market volatility. Additionally, the market is moving upwards, indicating that the negative momentum may reverse.

The bulls need to hold the resistance level and drive prices higher in order to invalidate the current bearish trend.

DOT/USD 4-hour price chart(Source: CoinMarketCap)

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss

The post Top 3 Altcoin Price Analysis: Solana (SOL), Polygon (MATIC), Polkadot (DOT) appeared first on Coin Edition.

See original on CoinEdition

Top 3 Altcoin Price Analysis: Solana (SOL), Polygon (MATIC), Polkadot (DOT)
 

Related Articles

The metaverse is happening without Meta's permission
The metaverse is happening without Meta's permission By Cointelegraph - Nov 30, 2022 1

In changing the name of its parent company to Meta, Facebook (NASDAQ:META) put a stake in the ground: It would be the symbol of the evolution of the internet, the metaverse....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email