Bitcoin continued its struggle to reclaim $20,000 this week. BTC, which broke above the aforementioned level on Tuesday, experienced a decline over the weekend. At the time of writing, one BTC was worth $ 19,511. However, altcoin markets also exhibited a similar price action. DOGE, ETH, and MATIC fell along with BTC over the weekend. However, analysts expect potential breakouts in the coming hours.
“Pay attention to these levels for DOGE, MATIC and ETH”
“Dogecoin price may go to the bottom with domino effect”
Dogecoin price gained over 12% in just two trading days, Monday and Tuesday. So it’s had a very strong start to the week. The bulls even broke the important 55-day Simple Moving Average with a daily close above the level. But on Wednesday, US nonfarm payrolls data came in negative. This pushed the price action back below the 55-day SMA. As a result, we witnessed a great battle between bears and bulls until the close.
Currently DOGE continues its downward movement. It’s already wiped out half of the 12% weekly gain. cryptocoin.com As we have reported, the US employment data strengthened the possibility that the FED will increase interest rates in the coming months. If that happens, the dollar is extremely likely to strengthen further. This also risks affecting DOGE price action. It is possible for the meme coin to see $0.0550 and lower. However, DOGE will continue its decline to $0.0484 if a very negative business report emerges.
“Polygon risks a drop to $0.75”
MATIC price started the week with a 13% increase for traders. Commodities continued sideways as stock investors rushed into the hills. Meanwhile, cryptocurrencies struggled against the stronger dollar. Therefore, the Polygon price is set to clear 3% of its 13% gain and the rest at the end of the US trading session.
Now the MATIC price will stay within the bounds of the flag pattern on the charts. However, it will fall below the 55-day Simple Moving Average (SMA). This will make it more difficult for the bulls to make another run for a bullish breakout. A drop to $0.75 is likely on a downside test of the pattern depending on whether the bulls are willing to defend or not. If the bulls are reluctant to fight the strong dollar, the altcoin could see $0.70 or lower.
“Ethereum price is preparing for a breakout”
The rectangular pattern on the four-hour chart reveals the uncertainty of the Ethereum price technical picture. In other words, Ether moves limitedly with parallel support and resistance zones that exhibit a long period of consolidation. It is worth noting that the rectangle patterns are not bullish or bearish. Traders need to take into account that a breakout could happen in any direction.
It is possible for Ethereum to explore areas under the model. Thus, it continues to continue in the direction of the trend before the consolidation. Also, the MACD indicator gave a sell signal on the same chart. If investors heed the call, there will be increased pressure on ETH with the possibility of a downside breakout. The 50-day SMA (red) and the 100-day SMA (blue) are giving the bulls some relief. According to the whitepaper, ETH price needs to stay above the moving averages to break out of the downtrend.
