MATIC, Ethereum Price Analysis – 12 August

  • Alternative assets seem to enjoy lucrative sessions as the overall market gradually recovers from the May losses.
  • ETH trades over $3,200, but bulls target $3,600 and $4,000.
  • MATIC rises to its highest point since 18 June, gaining more than 22% to stand around $1.5.

Altcoins has seen value gains over this week as Bitcoin maintains beneath $47,000. The best thing is that the dominant coin has maintained its price over $45K. That allows bulls to accumulate the needed momentum to take the asset above $50,000.

With that, some alternative coins seem to overtake the crypto space. Ripple targets to break over $1 as TRON, MATIC, and ADA witness significant gains.

Ethereum

Wednesday sessions had Ether trading over $3,200 before stalling near $3,260. With such movements, investors predicted that Ethereum would overpower $3,600 before stretching towards the vital levels at $4,000.

Meanwhile, the leading altcoin did not have enough momentum to maintain the southward trends. Ethereum remains in the pivot area at $3,200 as bulls struggle to keep the coin’s uptrend.

Keep in mind that the technical indicators prints bullishness. The Moving Average Convergence Divergence has depicted buying signals since 22 July. Moreover, the MACD moves higher over the mean-line, affirming the bullish thesis.

If bulls manage to overcome the $3,200 level, ETH will extend its upward movements. Moreover, such actions will attract buyers to the market to carry Ether to $4,000.

Also, the RSI hovers over 70 to encourage bull’s moves. Meanwhile, a correction seems possible because of the overbought situation.

MATIC

Polygon network appears to regain significantly after the July sunk that saw the crypto at $0.62 low. That came after the coin had its recovery stalled from $1.1 to $1. MATIC hovered between the lower and upper limit of the range for almost three weeks.

Meanwhile, MATIC managed to break over $1.1. That triggered surges as buyers stormed the market to enjoy the related returns. The alternative coin registered extended uptrends over the 100 SMA. With that, MATIC achieved its highest point, $1.5, since June.

Despite the technical outlook supporting bulls, the altcoin has slowed price actions. While writing this, MATIC hovers at $1.415 as market bulls aim at $2.

Stay tuned for more updates.