#fibonacci level

Polygon (MATIC) is garnering attention from both analysts and investors, with promising signs pointing towards a potential bull rally. Key figures in the crypto analytics space, including Ali and Morecryptoonline, have shared insights into MATIC's current pattern and future prospects.

Ali has identified a multi-year symmetrical triangle in MATIC, a pattern signaling the asset's strength and potential for a bull rally. According to Ali, for this bullish trajectory to be confirmed, MATIC needs to sustain a close above $0.96, with a potential target set at $1.73. This analysis lays the foundation for a deeper exploration of Polygon's market dynamics.

Analyzing the weekly price chart on TradingView, Ali provides crucial details about MATIC's price action. The recent breakthrough above the 0.5 Fibonacci level is noteworthy as it tests the descending trendline, acting as resistance. MATIC's current price is around $0.9460, indicating a slight bearish sentiment for the week. However, in the past 24 hours, MATIC has seen a 3.28% surge, trading at $0.9827.

Morecryptoonline, in a YouTube analysis, utilizes Elliott Wave analysis to delve into MATIC's price behavior. Despite a recent selloff, the analysis suggests that MATIC may still be in the third wave of a larger bullish trend. This insight points to a minimum target of $2.12, emphasizing crucial support levels at 88.8 cents and 85.7 cents. The bullish outlook remains intact as long as these support levels hold.

The analysis also discusses potential price targets for MATIC, considering both an impulse wave and a diagonal pattern. Monitoring the trend line at 95 cents becomes crucial, and viewers are encouraged to stay vigilant about MATIC's market behavior given its dynamic and evolving nature.

XRP, a cryptocurrency undergoing notable market fluctuations, faces a critical examination of key technical indicators. Positioned between $0.5286 and $0.4623 in the daily timeframe, XRP's market dynamics are under scrutiny.

A crucial test awaits XRP at the $0.52 Fibonacci level, a determinant for its short-term market trend. Dark Defender's analysis highlights the cryptocurrency's intriguing position in the oversold zone, historically associated with potential market reversals marked by green indicators.

Despite a slight 0.05% decrease in the last 24 hours, XRP's short-term outlook leans bearish. The 4-hour MACD signals bearish momentum, while negative readings on the 4-hour KST suggest a substantial decline in momentum, indicating a potential further downward trend.

Moving averages play a significant role in revealing market sentiment. XRP's 50 EMA below both the 100 EMA and the 200 EMA reflects a bearish sentiment, indicating a likely short-term downward trajectory in line with broader market trends.

Bitcoin (BTC) finds itself at a critical juncture, triggering speculations about an imminent correction within the cryptocurrency market. Analysts delve into historical patterns and investor sentiment to unravel potential market movements as Bitcoin hovers around $38,991.40.

Technical analyst Ali Martinez emphasizes a historical price pattern where Bitcoin retraced to the 50% Fibonacci level after hitting the 78.6% Fibonacci level in previous bull cycles. With Bitcoin recently reaching the 78.6% Fibonacci level again, there are indications of a looming correction. A potential drop to $32,700 aligning with the 50% Fibonacci retracement could be in the cards.

IntoTheBlock's data further enriches the analysis, revealing a shift in investor sentiment post Bitcoin's dip to $39,000. Presently, about 23% of Bitcoin addresses are in a loss position, showcasing a substantial increase from 13% just a week ago. The in/out of the money indicator signals resistance and limited support near the current price, suggesting a plausible further decline to approximately $38,000.

In the broader context, understanding Bitcoin's historical performance is crucial. The current price, a 43.51% reduction from the all-time high of $69,044.77 two years ago, reflects the cryptocurrency's dynamic nature. Conversely, the all-time low of $67.81 over a decade ago pales in comparison to the current value, boasting an astronomical 57,422.15% increase.

Infosys shares hit 2-year high

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