The crypto world is buzzing with talk after a rollercoaster 24 hours that led to a massive $200 million in liquidations, as per Wu Blockchain. Imagine this: over 97,000 traders caught in the storm, with the biggest hit happening on the Bitmex XBTUSD – a whopping $3.86 million gone in a flash. It’s like a game of high stakes, where liquidations are the safety net, trying to stop the bleeding both for traders and exchanges. The latest stats are something else: according to Coinglass, 85,746 traders felt the pinch in just one day. Now, the mood in the market is shifting. What was once a scene of greed is now more cautious, maybe even edging towards fear.
Amidst this chaos, individual cryptocurrencies have had mixed responses. Ripple (XRP), for example, saw a minor dip to $0.65 in the last 24 hours, sparking a jaw-dropping 214% surge in trading volume. This resilience could be a sign of underlying strength or a temporary reprieve. On the other hand, Polygon (MATIC) has displayed remarkable growth, surging past crucial resistance levels. Although it has recently broken through the $0.9 resistance, there’s chatter about whether this is just a short-term rally. Will the bulls keep running, or is it time for a breather?
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Ripple (XRP): The BlackRock ETF Rumor Effect
Rocked by a whirlwind of rumors and news, Ripple (XRP) is navigating turbulent waters in the crypto market. The token experienced a dramatic surge, spiking 12% to almost $0.73, fueled by a now-debunked BlackRock filing rumor about launching an XRP exchange-traded fund (ETF). This spike was as fleeting as the rumor itself, with the asset’s price quickly plummeting after the clarification that no such ETF was planned. This volatility comes amidst a broader market context where XRP saw a 4% price decline over the past week.
From a technical analysis standpoint, Ripple (XRP) is currently trading in a precarious zone between $0.6171 and $0.7232. Notably, the 3-10-16 day MACD is stalling around $0.6979, indicating a potential pause in momentum.
Source: TradingVIew
Additionally, the interaction of XRP with various moving averages, like crossing the 9-day moving average at $0.6634 and approaching the 18-day moving average around $0.61, suggests fluctuating short-term trends.
Looking at possible scenarios, the bullish case for Ripple (XRP) hinges on its ability to break through the immediate resistance at $0.7232, potentially setting its sights on the 1-month hgh of $0.7479 or even the next resistances at $0.7886 and $0.8293. Conversely, a bearish outcome would involve breaking below the current support at $0.6171. Such a move could lead to further downward pressure, potentially testing the second support point at $0.5764, or even lower, the $0.511 mark.
These technical levels are key to unlocking the short-term moves of XRP in a market that’s still jittery and often swayed by the latest news.
Polygon (MATIC): Can It Smash the $1 Ceiling?
Polygon (MATIC) has been making waves in the crypto market, recently witnessing a significant 8% price increase in just 24 hours and a remarkable 28% climb over the past week. This momentum is part of a larger trend, with the MATIC value soaring by 70% over the last month.
The trading volume for Polygon (MATIC) recently jumped by 5% to over $1 billion, highlighting the growing buzz in the market around this crypto. But, this spike was somewhat cooled off as investors started cashing in their profits, causing a small drop in the asset’s price. This was accompanied by over $1.4 million in short positions being liquidated, as per Coinglass data, when the MATIC rise countered bearish bets.
From a technical standpoint, Polygon (MATIC) is currently trading between its initial support point at $0.8049 and resistance point at $0.985. This positioning is significant, as it hovers near the 1-month high of $0.9546, heading towards the much-awaited $1.0592 and $1.165 milestones.
Source: TradingView
The asset’s recent ascent to the $0.9 vicinity could incite more bearish pressure, particularly since about 63,500 addresses are reportedly in the red in the $0.87 to $0.95 bracket, according to IntoTheBlock data.
The behavior of whales further complicates the scenario. The notable decrease in large transaction volumes after MATIC rose to $0.85 on November 9, followed by a resurgence in whale transactions reaching $252 million, suggests that these major players are strategically influencing the market dynamics.
For bulls, the path to growth is clear but fraught with challenges. The bullish scenario gains traction from the breakout of Polygon (MATIC) from a downward trending channel on the monthly chart, hinting at a major macro uptrend. This optimism is further bolstered by increased institutional participation and significant interest from whales. Moreover, the recent partnership between Immutable and Ubisoft in the Polygon ecosystem could inject fresh momentum into the MATIC price.
On the bearish side, the potential sell-off zone between $0.87 to $0.95 and fluctuating whale behaviors could lead to significant liquidations, challenging the bulls’ ability to maintain upward momentum. The movement of large quantities of Polygon (MATIC) tokens to Coinbase also raises concerns, as such transfers often signal a selling intent. The bullish pressure could see the asset dropping to the next support levels that lie at $0.6991 and $0.6248.
However, the resilience of MATIC, as seen in its quick recovery despite these transfers, combined with an increase in token circulation and usage, suggests that it still has the potential to reach the $1 mark, contingent on market dynamics and investor sentiment.
Conclusion
In the ever-changing world of crypto, Ripple (XRP) and Polygon (MATIC) are grabbing headlines. XRP has been on a rollercoaster ride, swayed by rumors and market chatter. It’s like a tightrope walker, balancing between potential ups and downs, with every news bit making a ripple effect. This coin’s quick reaction to the buzz around it shows how sensitive it is to the market’s mood swings.
MATIC is charting its own course, however, it’s not without its challenges – zigzagging through crucial price markers, the token’s journey ahead is a blend of exciting potential and wary caution. Big partnerships and investor interest are pumping up the optimism, but the market’s unpredictable nature and the big moves by major investors are keeping everyone on their toes.
Both XRP and MATIC are shining examples of the crypto world’s wild ride – full of potential for those who know how to ride the waves.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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