Tezos, MATIC, BitTorrent Price Analysis: 03 September
With Bitcoin correcting somewhat on the charts, the altcoin market saw mixed trading patterns. Tezos declined by 1.8% and struggled to float above the immediate support line of $5.26. MATIC lost over 4% of its value and inched closer to the $1.38 price floor, despite some signs of price reversal.
BitTorrent, on the other hand, rallied by 18.3% and could soon topple the $0.0053 price level.
XTZ declined by 1.8% and was trading at $5.27, while its immediate support lay at $5.26. A drop below the current level would mean the token resting on $4.30. At its press time level, XTZ seemed to be marking a one-week low.
An increase in selling pressure pushed the altcoin down by almost 14% over the week. The Relative Strength Index fell below the 50-mark. Finally, the Awesome Oscillator flashed red signal bars.
Conversely, the Chaikin Money Flow was on a one-week high as capital inflows surged.
If the crypto’s price does move north, the resistance for XTZ can be found at $5.75 and then at $6.05 – A multi-month high for XTZ.
Tezos was recently selected to enable Smart Contracts for European Banks.
MATIC lost 4.1% of its value over the last 24 hours and was available for $1.44. The nearest support line for the coin was at $1.38. If unable to sustain itself on $1.38, the alt might attempt to rest on the $1.28 price floor, a level MATIC last touched almost 3 weeks ago.
Indicators, however, flashed mixed signals on the four-hour chart. Awesome Oscillator displayed red signal bars. Contrastingly, the Relative Strength Index remained above the 50-mark, inside the bullish territory. The MACD also flashed green histograms.
If MATIC’s price falls to $1.38, there are chances the alt might push for a bull run as the aforementioned level has been a propelling point for prices over the last month. In such a case, the resistance levels lay at $1.53 and at $1.70.
In recent news, Shard Labs selected the Polygon blockchain to form a liquid staking protocol for MATIC. This will be done with the help of a liquid staking protocol and DAO, Lido.
BTT rallied by 18.4% in 24 hours and was valued at $0.005, securing a multi-month high in the process. Its overhead resistance lay at $0.0053. The parameters for BTT remained bullish.
Buying pressure shot up as the Relative Strength Index headed beyond the 70-mark into the overbought zone. Amplified green signal bars were visible on the Awesome Oscillator. In accordance with other indicators, the Parabolic SAR also lined up dotted lines below the candlesticks – A reading that implied an uptrend in the market.
Chances of a price pullback can’t be ruled out. The last time BTT touched these price levels, it was unable to sustain the uptrend and fell to the $0.0049 support line. If BTT fails to maintain its upward momentum, it would revisit the $0.0049 and $0.0045 support levels.