The alt market saw bullishness on lower timeframes as BTC and ETH led the upside rally. Demand accompanied the upsurges, and most alternative tokens appear to form the bullish market structure on lower timeframes. Apecoin was among the exceptions as APE looks to create a range after failure to climb beyond its past peaks. MATIC and Cardano appeared primed for further upside actions.
ApeCoin (APE)
ApeCoin’s price exhibited massive bullishness on its charts as APE neared the resistance barrier at $14.5. A move past this zone could have encouraged more actions from bulls. Nevertheless, the new altcoin encountered rejection and seemed to have dipped below the $13 support barrier and flipped the area into resistance. Moreover, the price plunged under the VPVR’s (Volume Profile Visible Range) POC at $13.17.
ApeCoin appeared primed for further drops in the near term. That would take APE towards the range between $11.8 and $12. The Relative Strength had dropped under the neutral 50, indicating a visible near-term bearishness. Also, the Aroon Indicator swayed south.
Cardano (ADA)
The past few days had Cardano breaking out beyond a long-term declining wedge. The upward steam saw ADA rising past $1. Remember, this zone represents a psychological resistance and vital technical level.
The one-hour timeframe showed ADA on a bearish divergence that had the alt dropping to $1.1 from $1.17. Meanwhile, a concealed bullish divergence accompanied this move. Generally, that shows a possible resumption of the previous surge. The on-balance volume maintained upswings, whereas the SuperTrend displayed a buy signal.
Polygon (MATIC)
Polygon (MATIC) also displayed a bearish divergence as the token price rose while the Relative Strength Index plummeted. Nevertheless, the altcoin remained beyond $1.54 and exhibited an optimistic market structure. Remember the $1.63 and $1.69 regions represent MATIC’s monthly peaks.
The Chaikin Money Flow (CMF) and Cumulative Volume Delta (CVD) were green, suggesting demand for Polygon.
The altcoin market experiences price surges as the broad spectrum display bullish waves. Bitcoin steadies beyond the $4K mark, changing hands near $44,119 at this publication. Also, Ethereum gained over 3% over the past day to hover at $3,137.11. Maintaining such price actions will unveil further price increases in the coming sessions.
James Thompson