Bears tightened their grip on the crypto market after comments from the Federal Reserve point toward another year of interest rate hikes.
) has been gradually drifting lower toward the vital support at $0.51, indicating that the bears have kept up the pressure.Although the RSI is in the oversold territory, the bulls have failed to start a rebound. This indicates a lack of demand at the current levels. If the $0.51 level gives way, the selling could intensify and the MATIC/USDT pair could dive to $0.45.
The critical resistance to watch out for on the upside is $0.60. If buyers clear this roadblock, the recovery could reach the 50-day SMA . There is a minor resistance at $0.64 but that is likely to be crossed.Toncoin has been trying to form a base for the past few days. That has resulted in the formation of an inverse head and shoulders pattern, which will complete on a break above $1.53.
Contrary to this assumption, if the price turns down from the current level, it will indicate that the bears are not willing to relent. That could first pull the price to the moving averages and if this support breaks, the next stop could be $1.25. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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