Crypto Investors Breathe a Sigh of Relief as Altcoin Market Bounces Back. In the past week, crypto investors experienced a rollercoaster ride as several macro events caused a significant loss of funds from the global market cap. The collapse of the Silicon Valley Bank (SVB) caused the depegging of the USDC stablecoin, reminding investors of the risks involved in the market. However, the recent announcement of a $25 billion bailout by the Fed and Circle’s assurance of 100% USDC reserve recovery has resulted in the USDC stablecoin returning to its dollar peg. This has sparked a massive spike in accumulation in the altcoin market, which may propel top assets above their breakout levels this week.
The recent announcement by US authorities to contain the consequences of SVB’s downfall has given the altcoin market a much-needed boost. Additionally, the issuer of the USD Coin stablecoin reassured investors that it still can be exchanged for the dollar. As the effect from the collapse of SVB will be short-term, investors are again making bets in the altcoin market for the long-term, and the following assets may soon fulfill the bullish goals.
MATIC Price Analysis
Polygon (MATIC) has finally taken support near $0.94, from which the token is rebounding above its 23.6% Fib level. However, the EMA-50 trend line resistance has become a barrier as MATIC struggles to trade above $1.16. The addition of Covo finance and the upcoming launch of the much-anticipated zkEVM mainnet on the Polygon network may send MATIC’s price to new highs this week. A prominent crypto analyst, Weslad, predicts that MATIC’s price may soon break its crucial resistance of $1.5 and head toward the vital resistance of $3.4. However, after a minor downward retracement, MATIC may initiate its final wave to $13.
LDO Price Analysis
Lido DAO (LDO) token has broken multiple resistance levels as it witnessed a massive spike in trading volume near the support level of $1.9. As of writing, the LDO token trades at $2.77, with an uptick of over 30%. Analyzing the daily price chart, the LDO token is preparing to surge above the immediate resistance of $3.2, above which the token may reach a new high at $4. However, a failure to hold its current uptrend will result in a severe downtrend to $2.
GRT Price Analysis
The Graph token has been trading near a crucial breakout region after surging above EMA-50. As of writing, the GRT token trades at $0.14 with a gain of nearly 25%. Looking at the 8-hour price chart, the GRT token may break $0.15 and spark a massive pump to $0.17. Moreover, the crossover of the RSI line and SMA-14 suggests a potential breakout for the GRT token this week.
As the altcoin market rebounds from the recent turbulence, investors are once again optimistic about the long-term potential of cryptocurrencies. With promising developments and positive price action, it is an exciting time for the crypto market.
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