Technical Analysis of Bitcoin, Ethereum, and MATIC: August 8, 2022
Bitcoin ($BTC) price analysis 8th Aug 2022
After months of severe setback, Bitcoin ($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
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
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.
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