Altcoins

These Altcoins May Stand Strong Amid the Current Bear Market 

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 7, 2022

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Highlights

    While the crypto space appears to have stuck up in a very narrow region as Bitcoin prices after a steep drop failed to regain the levels above $30,000

    The altcoins that drop much faster and stronger than the star crypto Bitcoin could recover much faster with ease in the selling pressure

Altcoins are currently facing a tougher time than Bitcoin as many of them have dropped heavily. Moreover, if the BTC price continues to consolidate just below the weakened resistance, $30,000, the altcoins may be compelled to shed out significant gains in the upcoming time. Yet with a small upswing, some assets like Avalanche (AVAX), Polygon (MATIC), and Near Protocol (NEAR) may recover very quickly.

Near Protocol (NEAR) Price

With the new crash knocking off within the crypto space, the Near Protocol’s price is feared to drop another 10% in the upcoming days. The asset has been extremely bearish since the beginning of June’s trade, while multiple attempts of flipping from the descending trend also failed. However, the NEAR price spikes heavily each time the market sentiments turn somewhat bullish. 

near price

The fresh slash since the ear;y trading hours, dragged the price lower than the local support. Luckily, the asset is accumulating gains just below the support levels but still remains within the captivity of the bears. The formation of a bearish flag may take the price lower by another 7% to 8%. Therefore,  the lower support below $5 could be tested, only if it fails to hold the levels at $5. Yet the upcoming flip from the lows could elevate the price beyond $6.5 in the next 2 to 3 days. 

Polygon (MATIC) Price

Polygon (MATIC) price appears to have ignited a fresh price plunge as the parallel consolidation appears to have broken down. The price tested and rebounded from the initial support at $0.58 and while in an attempt to rise towards $0.6, the asset experienced a fresh slump. Currently, MATIC price is strongly heading towards the lower support. 

polygonprice

Ever since the market crashed in the first week of May, many assets failed to regain their lost positions. And MATIC price being one of the strong assets continued to hover above $0.5, refusing to plunge lower. Currently, the price is testing an interim support level at $0.588 and a breakdown from these levels may drag the price towards the lower crucial support at $0.52. However, the possibility of the price flipping from the local support appears to be high, yet the upper resistance may be capped at around $0.75.

Avalanche (AVAX) Price

Unlike the other 2 assets mentioned above, the AVAX price is in a deep soup as the fresh market plunge has dragged the price pretty much lower. The asset is currently trading within a bearish trend as the prices are heading towards the south firmly. A flip from the current levels is pretty much required, else the asset may continue to test the lower support in the upcoming days. 

avaxprice

The AVAX price in the recent past had broken down the lower support and quickly the bulls jumped in to prevent the asset from shedding more gains. Therefore, the possibility of the asset rebounding from the lower trend line is pretty much high, raising the price above $25. However, the fear of rejection may still hover over the rally, yet until the lower support at $23 is strong, the asset may not drop below these levels.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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