Interestingly, the crypto fear and greed index dropped one point in the past day while the market entered the green zone. This reading means that the recovery remains unlikely to change sentiment more broadly.
MATIC has seen a double-digit bounce from the 11-week Control Point and regained 61.8%. Furthermore, Cosmos and Bitcoin Cash broke through their short-term SMAs but failed to gain convincing volume.
Polygon (MATIC)
TradingView, MATIC / USDT
After hitting an ATH on Dec. 27 at $2.92, MATIC pulled out and recorded a 34.7% drop until hitting a monthly low on Jan. 8. The drop checked. Checked the 38.2% Fibonacci support level many times, but this area does not provide high liquidity.
MATIC has had a 25.2% ROI in just the last five days after rebounding from its 11-week Control Point (red). Therefore, it eventually regained the 61.8%, 78.6% support levels after losing them.
At press time, MATIC is at $2.38. The RSI has seen a 32 point gain over the past three days following a bullish divergence with the price. As a result, it finally crossed the halfway mark and showed bullish preference.
More, POND jumped above the halfway mark after seeing bullish double tops below the equilibrium point. However, Volume Oscillator marks lower highs, hinting at a weak upside move.
Cosmos (ATOM)
TradingView, ATOM / USDT
Alt has rallied more than 35% (since Jan. 1) and hit a 15-week high on Jan. 7. This tilt has helped ATOM regain the long-term 23.6% Fibonacci support at $36. .
After retesting the $32.5 support for over seven weeks, the bulls have finally initiated a sustained breakout of the past four days. With this rally, alt has formed an ascending expanding wedge over the past month.
Now, as 20 SMA (red) and 50 SMA (gray) witnessing a bullish crossover, it represents increased buying influence.
At press time, ATOM trades at $40.07. The RSI continuously mark higher peaks and jump above the midline. More, DMI too quickly an uptrend ADX show a weak directional trend.
Bitcoin Cash (BCH)
TradingView, BCH / USDT
The bulls have been unable to sustain the critical support at $419 while the bears have retested it several times. The price action has dropped consistently below this level for the first time in over a year.
BCH has seen a patterned breakout of a bearish channel after hitting a 5-week low on Jan. 10. Alt has seen a gain of more than 10% over the past three days and regained levels $387 support. An immediate test for the bulls is at $402.
At press time, BCH was trading on 20-50 SMA at $388.6. The RSI went north and watched to test the overbought zone. Besides, DMI . series made a bullish crossover. But Volume Oscillator fell sharply, indicating a weak upward move.