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Technical Analysis of Bitcoin, Ethereum, and MATIC: August 8, 2022

Bitcoin ($BTC) price analysis 8th Aug 2022

BTC price analysis 8th Aug 2022
Source: BTC/USD (TradingView)

After months of severe setback, Bitcoin ($BTC) is finally showing some positive signs. 

The biggest crypto in the world has been trading sideways for almost a month, from mid June to mid July, securing support at $19711.99 level. It is towards the end of July that a much needed buyer support kicked in, pushing the price up the charts.

During press time, $BTC was trading at $24074.89, gaining almost 3.9% over the previous day. The RSI at 61.14 indicated a strong buyer support and a ‘strong buy’ signal for investors and traders alike. Even the MACD indicated a positive growth rate. 

Ethereum ($ETH) price analysis 8th Aug 2022

Eth price analysis 8th Aug 2022
Source: ETH/USD (TradingView)

As $BTC started consolidating and showing positive signs of growth, the biggest altcoin in the market, Ethereum also started following suite. 

As the much awaited merge draws near, $ETH has been projecting a much needed buyer support. The alt traded sideways for a month from June 13 to July 12, along the $1052 support level.

$ETH started rising up the charts from July 12 and consistently made progress since then. During press time, $ETH traded at $1786.61, gaining 5.07% over the previous day. 

The technicals indicate a strong buying signal. The RSI stood at 66.47 while the 4H MA followed the growth pattern of the alt, supported by the OBV.

Polygon ($MATIC) price analysis 8th Aug 2022

Polygon price analysis 8th Aug 2022
Source: MATIC/USD (TradingView)

The broader crypto market is showing signs of development after a period of crisis. Polygon ($MATIC) has seen some really rough days since April. 

It is only during mid June that the coin found necessary support at $0.3832 level, and started consolidating. 

The price action started going north slowly yet steadily since June 19. During press time, $MATIC traded at $0.9460, gaining 4.22% over the previous day. 

The RSI at 62.80 indicated a really strong buying signal for investors and traders. The OBV hovered over the midline, showing great buying support. Owing to the level of support at present, it is expected that $MATIC would soon cross the $1 mark.

The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.

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