The crypto market saw a large drop the previous day as Bitcoin fell by around 5%. Coins like MATIC and Dogecoin had been near strong support levels just as Bitcoin, and the wider crypto market, accelerated their fall in recent hours. This saw them pull back further, to areas that had significance on higher timeframes. Could these coins push higher?
Polygon (MATIC)
Source: MATIC/USDT on TradingView
Highlighted in cyan is an area of demand on higher timeframes (12-hour and daily) that MATIC had fallen to the previous day. Previously, the price had been trading within a range from $1.56-$1.74 but the selling pressure was too great for the bears to hold on to the range lows.
At the time of writing, the price and the RSI made a bullish divergence on the hourly chart. This saw MATIC bounce from the $1.44 lows, but the OBV showed that selling pressure has been strong in the past week. A session close below $1.4 could see a further downside.
Near Protocol (NEAR)
Source: NEAR/USDT on TradingView
For NEAR, a set of Fibonacci retracement levels (yellow) were plotted based on its move from $12.53 to $18. In the past couple of days, the $16.7 level had posed stiff resistance, and at press time the price was dropping toward the 61.8% retracement level.
This level was also very close to the highs for NEAR in the month of March, and its retest could be a good buying opportunity. The RSI and the Awesome Oscillator showed a downtrend in progress on the lower timeframes.
Dogecoin (DOGE)
Source: DOGE/USDT on TradingView
The VPVR showed where the Value Area lay for DOGE in the past ten days. The Value Area Lows were at $0.133, and the Highs were at $0.155. DOGE was trading at $0.1452, just above the Pont of Control at $0.143. The Awesome Oscillator and the CVD reflected the recent selling pressure on DOGE.
According to the VPVR, the pullback from the $0.17 highs of the previous day was actually healthy and DOGE was trading at “fair value” once more. In the next few hours, the price would need to flip the $0.15 area to demand to present a buying opportunity.
Avalanche (AVAX)
Source: AVAX/USDT on TradingView
AVAX has also posted large losses in the past few hours and was unable to hold on to the $91.6 support level and fell nearly 11% to $82. However, the 2-hour chart for AVAX showed that this could be a range formation for AVAX, with the lows at $82.3 and the highs at $101.5.
Even though the RSI showed strong bearish momentum, and the OBV also saw a hefty drop, another retest of the $82 area would likely offer a good risk-to-reward buying opportunity targeting the $101 range highs.
