Altcoins Die As Bitcoin Drops! MATIC Analysis

Which Bottom Levels Matter in MATIC – HOT – DOGE – BTTN?

Altcoins were painted red as losses climbed over 10% in Bitcoin and Ethereum. While cryptocurrencies, which are weak in volume, were injured, the rise in Tether’s dominance rate created uneasiness on market actors.

During the day, the selling pressure deepened in altcoins, which mainly went out of the recovery zones negatively, and there was a transition to oversold zones on the 4-hour charts. In this context, the most curious of the day were DOGE, MATIC and HOLO, which attracted the attention of the investor with a significant rise before the withdrawal period.

MATIC/USD

Polygon (MATIC), which the Chinese investor switched to as a result of the congestion in Binance Chain in the past days, tested the 1.90 resistance and gave hope to its investor, but as a result of the general pullback, it diverged negatively from 9MA.

There is no mismatch in terms of price and RSI in the cryptocurrency, which has seen a significant increase in sales volumes and transitioned to the oversold region. The 1.2390 and 1.1500 bands are considered to be decisive in MATIC/USD, which is heading towards the main trend support.

At this point, recovery from trend support can create momentum at least up to the resistance zone of the downtrend. It is thought that the cryptocurrency should clear the 1.7010 resistance for the continuity of the upside reactions.

In the event that the recovery in the uptrend is sluggish and the bears hold the upper hand, it can be expected that the sales in MATIC/USD will sag to the 0.8260 support at first.

Resistors: 1.4950 – 1.7010 – 1.9080 – 2.2020

Supports: 1.2390 – 1.0000 – 0.8260 – 0.7000

HOT/USD

HOT/USD, which saw a total decrease of over 80% in April and May, could not give its investors what they wanted in June. After gaining momentum, the cryptocurrency, which almost returned to the point where it started, is priced within the falling channel on the daily chart.

If it doesn’t find enough strength to break the channel resistance and 9MA, it could retest the 0.0054 low it has tested in the past. This recovery from the bottom, which is expected to coincide with the middle of the channel, seems critical for HOT. In this context, 0.0054 support should be watched closely, as the continuation of weak buying volumes may bring channel support to the agenda.

Otherwise, making a new bottom may cause HOT to progress with sellers for a while and 0.0073 support may come to the fore at first.

It is beneficial to follow the in-channel image in the cryptocurrency, which is both affected by the general conditions of the market and weakened against the investor.

Leaving its course in the bearish channel can be a good reason to weaken the bears and support the upside spikes, but the long trader may not find exactly what they want unless the channel is broken.

Resistors: 0.0077 – 0.0115 – 0.0153 – 0.0184

Supports: 0.0054 – 0.0073 – 0.0050 – 0.0010

DOGE/USD

The DOGE/USD parity, which has made a name for itself with the support of Elon Musk and has risen to the 6th rank on CoinMarketCap, is in free fall. The cryptocurrency, which has lost more than 60 percent since May, has its eyes on the 0.2720 support.

It is important for the cryptocurrency to recover from the support of 0.2720, which it had previously tested and turned into a bottom.

It is critical for DOGE/USD, which has entered the oversold zone on the daily chart, that the 0.3790 and 0.4454 bands are broken to the upside and that it returns to its pricing in the overbought zone.

From another point of view, following the exit of the cryptocurrency, which continues its pricing in the bearish channel on the two-hour chart, from the channel it was in in the first place may cause recovery processes to be caught.

In the process where Bitcoin is currently the locomotive in the market, especially the recovery in BTC / USD parity should be watched closely. It is useful to pay attention to the bear traps that may occur in the trend supports during the free fall.

Resistors: 0.3790 – 0.4454 – 0.5000 – 0.5525

Supports: 0.3000 – 0.2720 – 0.2300 – 0.2030

 

BTTN/USD

BTTN/USD, which has lost 75% of its value since April, has been pricing in the oversold zone for about 1.5 months. Cryptocurrency, where buyers cannot find enough strength, is taking the bottom level at the end of May 2021 to the agenda again.

The cryptocurrency, which managed to break the downtrend on the daily chart, but could not enter the recovery process because it could not find enough buyers, is stuck in the 0.0044 and 0.0028 band range.

The exit from the specified band gap is considered to be decisive for the next direction of BTTN/USD. If the band is broken to the upside, the 0.0050 and 0.0064 resistances can be followed according to the Fibo reversal levels.

Thus, rebounds without new bottoming can be considered as buying opportunities.

However, breaking the 0.0028 support it tested in May and breaking a new low could cause the cryptocurrency to erase its gains in March 2021. In this case, it is thought that 0.0028 – 0.0023 and 0.0018 supports can be followed.

Resistors: 0.0044 – 0.0064 – 0.0075 – 0.0086

Supports: 0.0028 – 0.0023 – 0.0018 – 0.0010

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