Bitcoin and ETH Price Prediction: Bulls In Control, MATIC Could Rally To $1.30

Key Insights:

  • Bitcoin is eyeing a fresh move towards the $23,000 level.
  • Ether (ETH) is consolidating above the $1,500  support level.
  • MATIC surged over 50% heading towards $1.30.

Bitcoin

Bitcoin has managed to remain above a support trendline for the past few days leading to a rally past the $22,000 resistance level, all the way to $22,750.

BTC is now consolidating above the 21-day simple moving average (H1) indicating bullish price action in the short term.

So far, the bears have defended the $22,750 zone, but the general sentiment in the market seems to be shifting towards a more positive outlook.

This recent price action follows a brief dip back to the support line which was quickly bought up by the bulls.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If the price of bitcoin stays above $21,550, it could see further rallies all the way up past $23,000 and higher . The first major resistance is near the $25,750 level, above which the price could start targeting the $30,000 psychological zone.

Ethereum (ETH)

ETH has confidently pushed past the resistance at $1,440 and is now consolidating above the $1,500 level. The 21-day simple moving average (H1) has so far provided support indicating further rallies may be coming.

This recent price action follows a brief breakout above $1,600 which was quickly pushed back down by the bears. ETH may range at this level for a few days before it can attempt to move higher again.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there are wider corrections in the market, ETH has support near $1,400 and $1,230.

This is where Ethereum has previously found support and the $1,400 is particularly important since it marked the top for ETH in the 2017-18 cycle.

If ETH is able to flip the previous resistance into a solid support level, then bears may have a hard time keeping prices low.

Polygon (MATIC)

Following widespread sell-offs in the crypto markets, MATIC has managed to bounce more than 100% from its lows in June.

MATIC has seen continued growth over the past few days, confidently pushing past the resistance at $0.65 and heading towards the $1.00 mark.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

The price has now shot past the $0.75 level and the 21-day simple moving average which has provided support on several occasions. Notably, MATIC has also crossed the 38.2% Fib retracement level indicating further bullish momentum.

However, the $1.00 mark will likely act as the next major resistance level as it serves as a psychological barrier and a key zone to look out for according to the Fib retracement tool.

A breach of this level and a few days of consolidation will indicate that the bulls are in control with a higher target of $1.30 in the medium term.

A failure to breakout may push prices back down to the $0.85 level before another attempt can be made.

ADA, BNB, and DOT Price Analysis

Cardano (ADA) is struggling to gain pace above the $0.512 level. If the bulls succeed, the price could rise toward $0.55.

Binance Coin (BNB) is showing positive signs above the $260 level. A clear move above the $268 level may see it targeting $280 next.

Polkadot (DOT) is heading towards the resistance at $8.00. A confident move above this level may see a bigger move towards the $10.00 zone.

A few trending altcoins are XEM, FTM, and ETC. Out of these, ETC is gaining pace above the $25 resistance zone and may rise to $30 if current market conditions continue. Also, XEM rallied over 10% and broke the $0.045 barrier.