Cryptocurrency prices today: Zilliqa (ZIL), Lido DAO (LDO), Cardano (ADA), Fetch AI (FET), Polygon (MATIC)

Cryptocurrency prices today: Zilliqa (ZIL), Lido DAO (LDO), Cardano (ADA), Fetch AI (FET), Polygon (MATIC)

YEREVAN (CoinChapter.com) – Bitcoin kicked the year off with a 5% uptick since Jan 1, 2023. Thus, many altcoins, such as Zilliqa (ZIL), Lido DA (LDO), Cardano (ADA), Fetch AI (FET), and Polygon (MATIC), followed suit, with higher amplitude fluctuations. Here are more details:

#1 Zilliqa could shave 50% off its ZIL coin price

As mentioned, the Zilliqa token ZIL started the year mimicking Bitcoin’s price action and managed a moderate uptick on Jan 1-7. Afterward, the bulls doubled down, and ZIL shot to $0.023 on Jan 9, after a 37% jump in the previous 48 hours.

However, a closer look at the ZIL coin daily chart shows a possible 50% drop due to a technical formation. In detail, the Zilliqa price has been charting in a setup dubbed the ‘descending channel’ since mid-May 2022. The channel entails two parallel trendlines with a negative slope. They drive the price incrementally lower through consecutive support and resistance retests.

Zilliqa could shave 50% off its ZIL coin price
Zilliqa (ZIL) daily price action chart. Source: TradingView.com

ZIL coin relief rally is not a long-term recovery

Notably, the pattern does not predict a bias once the ZIL coin leaves the formation. However, the channel can be instrumental in determining short-term fluctuations within the channel.

ZIL retested the down-sloping support on Dec 31. The Zilliqa price bottomed out and reached the channel’s resistance on Jan 9. Will the uptrend continue? The answer is not apparent. As of 8 am GMT, ZIL trading volumes have been going strong, suggesting a short-term continuation.

However, if the long-haul scenario does not look cheery, headwinds from the Federal Reserve could hinder Bitcoin’s upside attempts, tanking altcoins. Moreover, despite the bullish spike, the altcoin traded 90% below its April 2022 high of $0.23.

#2 Lido DAO (LDO) bulls pull off a 170% relief rally

LDO coin price stood at $1.87 on Jan 9, after a powerful start-of-the-year 170% bullish push. The rally subsided on Jan 8, and Jan 9 came with a red candle. However, if LDO can hold the $1.76 support, it could yield more rewards to investors.

Lido DAO (LDO) bulls pull off a 170% relief rally
Lido DAO (LID) daily price chart. Source: TradingView.com

The trading volumes on the chart below show considerable enthusiasm from LDO bulls. Moreover, the momentum oscillators Moving average convergence/divergence (MACD) and relative strength index (RSI) back the short-term bullish expectations.

Thus, if the LDO coin price holds the support at $1.76, it could see another leg up, possibly taking the token to the resistance at $2.9. On the other hand, if the LDO price fails to hold the said support, the next target could be $1.47.

The bearish macro factors listed for the ZIL coin price are also true for LDO. Digital assets are in a bear market. The current relief rallies could fizzle out once Bitcoin loses momentum. Thus, traders could gain rewards in the short term but also consider the risk factors associated with the broader market.

#3 Cardano (ADA) eyes a 35% crash despite the uptrend

Cardano (ADA) jumped 18% in the previous 24 hours and stood at $0.32 on Jan 9. Meanwhile, the ADA coin traded is also a descending channel, similar to Zilliqa. ADA also retested the channel support on Dec 31 and printed green candles since.

The rally could continue in the coming sessions, as evidenced by the strong trading volume increase and the momentum oscillators.

Cardano (ADA) daily price chart
Cardano (ADA) daily price chart. Source: TradingVIew.com

However, if the channel remains relevant in the coming sessions, it could shave 35% off the ADA price after the coin retests the channel’s resistance. Additionally, Cardano is a digital asset with nearly $880 million in market cap, ranking #8, and it is very likely to follow Bitcoin’s lead in case of a bearish turn. For now, the targets for ADA stand at $0.41 in case of a bullish continuation and $0.21 in a bearish scenario.

#4 Fetch AI (FET) holds significant support. What’s the next target?

CoinChapter reported that AI-related tokens enjoyed a collective uptrend in Q4 due to heightened attention to the sector. The Fetch token was not an exception, as it pared the losses from the devastating Terra and FTX crashes, returning to its pre-May levels.

In short, the FET coin price stood at $0.15 on Jan 9, after a 70% year-to-date rally. Notably, the coin confirmed a bullish ‘falling wedge’ formation, reaching the set target. The falling wedge consists of two down-sloping trendlines that take the price incrementally lower.

Fetch AI (FET) coin daily price action chart.
Fetch AI (FET) coin daily price action chart. Source: TradingView.com

However, the falling wedge is a bullish reversal pattern and promises an uptrend equal to the setup’s height once the token breaks above the resistance. FET did so on Dec 8 and reached the set target of $0.15 on its second leg up.

What’s in store for the FET price?

If the trading volumes continue to rise on Jan 9, the FET coin price could follow, reaching the $0.17 peak. However, if the bullish rally fizzles out, the next important target for the FET coin would stand at the mentioned $0.15 support. In case of a bearish continuation, FET could crash to the next available support at $0.11.

Despite the bearish market, the heightened attention to AI coins could hold the bullish incentive longer. In addition, the upcoming sessions could shed more light on the Fetch coin bias.

#5 Polygon (MATIC) charts indecisive after a 13% uptick

Polygon (MATIC) stood at $0.85 on Jan 9, after a moderate 13% uptrend year-to-date. Several coins listed above managed more impressive rallies in the same period. However, it is important to consider the market cap as a factor. MATIC is a #10 ranking digital asset. Thus, it is not likely to rally three digits within a bear market.

Meanwhile, the MATIC coin charts remained indecisive. The altcoin broke its ‘symmetrical triangle’ pattern to the upside on Nov 4. However, as the FTX collapse hit the market, the digital asset returned to formation quickly and broke the triangle’s support on Nov 17.

Polygon (MATIC) daily price chart
Polygon (MATIC) daily price chart. Source: TradingVIew.com

Since then, the MATIC price has generally consolidated sideways, fluctuating between $0.74 and $0.96. It is not yet clear what the coming sessions have in store for MATIC. However, the long-term bearish target of $0.096 still stands for the altcoin. In case of a short-term bullish continuation, traders can expect another return to the $0.96 resistance in the books.

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