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Critical Levels to Watch for Three Altcoins This Week: XRP, BNB, and MATIC

  • XRP has managed to rise by 4%, reaching $0.52, despite Bitcoin’s sharp drop. It faces a critical resistance at $0.55 and support at $0.50.
  • BNB has shown no movement in the past hour and 24 hours, with a critical support at $220. For an upward trend, it needs to break the resistance at $260.
  • MATIC has faced challenges throughout the year, dropping to $0.57. The nearest strong resistance is at $0.45, and it needs to break the $0.65 resistance for an upward trend.

Bitcoin’s unexpected drop to $26,000 had a significant impact on the market, dragging many altcoins down. However, some like XRP, BNB, and MATIC managed to remain unaffected. The market seems to be entering a consolidation phase after the drop.

Current State of XRP, BNB, and MATIC

cryptocurrency

XRP stands out among altcoins with a 4% increase in the last 24 hours, reaching $0.52 again and managing to stay above its support. Even though a drop below $0.50 could cause panic, there is a chance for it to rise back to $0.55. The critical resistance for XRP is at $0.55, while the crucial support is at $0.50. XRP investors should closely monitor this rise and pay attention to the $0.55 mark.

 

No Movement in BNB

BNB, on the other hand, has shown no movement in the last hour and 24 hours. Despite a 10% drop in the last seven days, BNB has managed to take less damage than other altcoins. The critical support for BNB is at $220, and it appears to be below this support. BNB needs to reach this level again and stay as far away from the $180 support as possible. A resurgence could be possible if the $260 resistance is broken.

MATIC Aiming for Resistance

Polygon (MATIC) has had a tough year, with the MATIC/USDT pair dropping sharply. Starting from $1.5, MATIC has dropped to $0.57, with a 1.3% drop in the last 24 hours and a 15% drop in the last seven days. The nearest strong resistance for MATIC is at $0.45. To reverse the downward trend, MATIC needs to break the $0.65 resistance. Currently, MATIC seems to be the altcoin least likely to face selling pressure according to RSI.

This trend for MATIC could end with upcoming technical announcements.

Conclusion

Despite Bitcoin’s sharp drop, some altcoins like XRP, BNB, and MATIC have managed to stay afloat. While XRP and BNB show potential for an upward trend, MATIC needs to overcome significant resistance. Investors should closely monitor these altcoins as the market enters a consolidation phase.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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