The crypto space is currently trying to recover from the recent losses as Bitcoin yet again ranges high beyond $30,000. This recovery phase still lags significant momentum as the upswing is only because the bears remain relaxed but not because bulls dominate. Therefore, a consolidation phase is expected to prevail until and unless the BTC prices do not receive a strong push beyond $32,000.
Amid the bearish trend extended for a pretty long time, many popular altcoins which led the 2021 bull run, appear to have lost somewhere. Will these popular tokens regain their strength to outpower the newly trending altcoins like SHIB, LUNA, etc?
Polygon price mesmerized the entire crypto space with a gigantic rally from below $0.1 to as high as beyond $2 to mark its ATH. Soon after that the price fell into a deep bearish well and despite an attempt of a pullback, the price continued to fall hard. And the recent drop dragged the price to the 2021 June crash levels around $0.6. Despite a jump in the prices yet the asset remained largely unnoticed and hence consolidated within narrow regions and eventually dropped hard.
Since the beginning of the 2022 rally, the asset remained largely depleted and dropped hard below $0.5. However, technicals suggest that the price is all set for a notable rally ahead. But will the social & search trends aid to a significant influx of trading volume that may sustain the price beyond the gained levels, is yet to be analyzed.
Chainlink also shares a similar trend as MATIC price as the price has surged beyond $50 previously. However, the price quickly dropped, being trapped among the bears and currently trading below $10, around the December 2021 levels. Currently, fewer chances of a strong rebound are witnessed and hence the consolidation may prevail.
In the short-term, the LINK price could witness a significant pullback, but eventually, to end the month’s trade, the price may gear up high. As the rally inculcates extreme strength and with a quick upswing in BTC price, LINK price may also follow and seal the levels above $10 initially.
Other than MATIC & LINK, many other tokens like Polkadot(DOT), Uniswap(UNI), Maker(MKR), Compound( COMP), Dogecoin(DOGE) etc are among the gems which exploded in 2021 and quickly went into exile. Therefore, as they have already undergone a bear market, a smaller push may give them a large momentum to regain their initial momentum.