The cryptocurrency market is trying to overcome the negative impact of events in Ukraine. Reports of stabilization from the European Union after Macron’s election were expected to have a positive impact. But since Sunday evening, the dollar has been rising against all major currencies, including cryptocurrencies, as investors seek to hedge risks. and we give the expected levels:
Cardano (ADA)
The Cardano (ADA) price is still under pressure since it was rejected by the 55-day Simple Moving Average at $0.97 on April 20. Since then, the Cardano price has been trading lower as bearish pressure increases and dollar strength supports bearish momentum. In the initial phase of the correction, the ADA price will fall to $0.80 and will face the support offered in early March. If this fails, we can expect a continuation of the movement to the $0.69 mark with an extension of the level until February 15, 2021. With the loss of another 22 percent, the price of ADA is about to fall almost to New Year’s lows. If this happens, the bears will lose some power in profit-taking.
Along with these events, if two major technology companies Microsoft and Alphabet unexpectedly demonstrate growth and show no signs of weakness against the background of current inflation, Nasdaq will rise by more than one percentage point, this will spread to cryptocurrencies, and the Cardano price will rise as it returns to $1. You can expect to continue.
Polygon (MATIC)
The MATIC price is facing a strong sell-off. There may be early signs that predict movement. The price of MATIC seems to be completely controlled by the bears. The MATIC price has entered a downtrend as bears build up their strength on the 4-hour chart. While bears are steadily approaching the $1.15 target area outlined in this month’s bearish thesis, traders are likely to hit bottom in the next few hours.
The most important sell signal on the MATIC chart will be the deviation of the 50-day moving average at $1.50 on April 22. A downtrend can justify the $1.15 target price and the sudden drop displayed in the current MATIC price action. Invalidating the 4-hour bearish chart could lead to a close above $1.56. If the MATIC price can break through this price zone, the $1.70 target will return to the table, resulting in a 35 percent increase over the current MATIC price.
Polka dots (DOT)
The price of Polkadot gives important signals for sale. Investors should avoid trying to reach the bottom for now. The price of Polkadot indicates the return of the bears. Now the point has reached a new April low. The bearish view on the Polkadot price has always persisted, as bulls failed to find support on the triangle trend line earlier this month.
A doji candle on a 4-hour chart may be an attempt to convince point traders to take long-term action. At the moment, there is no evidence to support a strong upward reversal. The price of Polkadot shows a classic growth model on the volume indicator. In addition, the bears formed a large bearish candle reflecting the strength demonstrated by a 15% drop in the period from April 10 to 12. An additional 15 percent decrease compared to the current price will lead to a target of $14.50. Invalidating a bearish scenario on a 4-hour chart may mean closing above $18.75. If this bullish event happens, the price of Polkadot could rise to $22, which would result in an increase of about 30 percent compared to the current DOT price.
