Best cryptocurrencies to watch out this week; Check here
Here are some best cryptocurrencies that can show recovery in the market in the next few days:
New Delhi: Bitcoin tried to stay above $50,000 on holy Christmas day but went on to face selling pressure on December 26. An increase in inflows to the Binance exchange can be one of the reasons for the possible dip.
The global crypto market increased in capitalisation to $2.39 trillion over the last 24 hours as the trading volume saw a surge from $75.03 billion to $72.62 billion on December 27.
Here are some best cryptocurrencies that can show recovery in the market in the next few days:
Bitcoin
Bitcoin’s recovery hit a roadblock at the price level of $52,314 which indicates that bears have not backed up yet and will continue to sell on rallies. The uncertainty among the bulls and the bears can be seen when BTC formed a Doji candlestick pattern on Dec. 24.
As per experts, if BTC’s price bounces back from the current level and breaks above the $52,314 price level then it will indicate positive sentiments as the traders are looking for a buying opportunity. This can help Bitcoin to rally towards the $55,500 price level and then towards $58,686.
MATIC
Polygon MATIC has seen a good and strong upward rally, although bears put up a solid challenge at $2.70. Bulls were fully equipped to break the barrier and push the price towards the new all-time high.
As per analysts, if bulls can keep the price above the $2.70 mark then MATIC can start its next upward rally, following it the coin can first rise to the $3.41 price level and can march on to touch the $5.
However, bulls struggled three times to break the $2.70 price level but finally managed to break the resistance and now have opened the gates for the further upward rally. It should be noted that bears are unlikely to give up easily and will surely try to break this upwards trend.
NEAR
NEAR broke above the falling wedge pattern on December 23 and picked up the upward momentum taking the price above the barrier of $13.23. However, bears aggressively defended the $16 level.
As per experts, if the price breaks below the $14 price level then NEAR can drop towards the $13.23 price mark and if it makes a rebound from here then it will suggest some positive sentiments. Bulls can drive the price above the $15.67 price level and make it rise up to $17.95.