Bitcoin and Ether Form Short-term Top, MATIC Faces Hurdle

Bitcoin

In the past few sessions, Bitcoin price saw a major increase above the $40,000 resistance zone. There was a steady increase above the $42,000 and $43,500 resistance levels.

Finally, the price spiked above the $45,000 level. It seems like the bulls faced a strong resistance near the $45,400 and $45,500 levels. A short-term top pattern was formed near $45,500 and the price started a downside correction.

It traded below a key bullish trend line with support near $44,000 on the hourly chart. The next key support is near the $43,050 level, below which the price might even slide to $41,800.

Ether (ETH)

Ether also climbed higher above the $3,000 and $3,050 resistance levels. It even surged above the $3,200 level, but the bulls struggled.

There was a bearish reaction from the $3,220 zone and the price declined below $3,150. Besides, there was also a break below a major bullish trend line with support near $3,180 on the hourly chart.

The price is now consolidating near the $3,050 support. The next key support is near $2,960, below which there is a risk of a sharp decline in the coming sessions.

Polygon (MATIC)

MATIC started a fresh increase after it formed a base above the $1.35 level. There was a steady increase above the $1.40 and $1.55 resistance levels.

The price cleared the $1.80 resistance level. It even surpassed the 50% Fib retracement level of the key decline from the $2.45 swing high to $1.32 low. It is now facing a strong resistance near the $2.00 and $2.05 levels.

There is also a major bearish trend line with resistance near $2.00 on the daily chart. The trend line is close to the 61.8% Fib retracement level of the key decline from the $2.45 swing high to $1.32 low.

A close above the $2.00 and $2.05 levels may perhaps send MATIC price towards the $2.25 resistance zone or even $2.50. If not, there is a risk of a fresh decline below the $1.85 level. Initial support on the downside is near the $1.80 zone.

The first major support sits near the $1.75 level, below which there is a risk of a move towards the $1.50 level in the near term.

ADA, BNB, and DOT price

Cardano (ADA) surged above the $1.20 and $1.22 levels. However, it failed to clear the $1.25 level and started a downside correction. It is trading below $1.20 and might continue to decline towards $1.162.

Binance Coin (BNB) is consolidating near the $420 level. Immediate resistance is near $430. However, the main hurdle is near the $445 and $450 levels.

Polkadot (DOT) is showing a few positive signs near the $21.50 level. Having said that, it must surpass the $22.00 and $22.20 resistance levels to continue higher.

A few trending altcoins are SHIB, XRP, and XTZ. Out of these XRP rallied above the $0.85 and $0.88 resistance levels before it started a downside correction.