The post Polygon (MATIC) and Cardano (ADA) Approaching the End of Consolidation: Will They Trigger a Strong Bull Run? appeared first on Coinpedia Fintech News
The bulls are accumulating strength as the top cryptos like Bitcoin & Ethereum have raised over a certain range and are trying hard to sustain above the range. While ETH price juggles around a crucial range, other altcoins like Polygon (MATIC) & Cardano (ADA) are displaying acute strength. Therefore, with a sustained rise, the prices of these altcoins are believed to break above the bearish pattern and initiate a strong upswing beyond their respective resistance levels.
Cardano (ADA)
The Cardano price has been trading under immense bearish pressure since the start of the year and after consolidating extensively, the token appears to have reached the end of the distribution phase. The recent rise in prices has increased the bullish momentum among market participants as the volume soars by over 25% and the ADA price recovers from the drop that occurred from the resistance around $0.44.
The ADA price has reached the apex of the falling wedge and the latest rebound from the support could be a path to trigger a steep rise. However, to do so, the price must breach the resistance and reach the interim resistance zone between $0.438 and $0.465. This move may validate a rise above the bearish influence and an equal interference by the bulls may elevate the levels above $0.5, probably in the first few days of September.
Polygon (MATIC)
The Polygon price has broken above the decisive phase and is about to enter the interim resistance zone between $0.538 and $0.552. Although the bears are intensifying their activities and preventing the token from entering the range, the technicals suggest a breakout could be imminent.
The Ichimoku cloud suggests the bearish clouds are about to fade as the lead spans A & B are about to undergo a bullish crossover. Alongside, a similar crossover may be expected with the +Di & -Di of the DMI, which indicates the beginning of a fresh ascending trend. Therefore, the MATIC price may breach the resistance zone and secure levels above $0.6. This may validate a bullish reversal and the path to $1 may become clear.
