Main navigation

MATIC, SHIBA and Other Altcoins Bleed as Bitcoin Retraces by 2.5%

Advertisement
Tue, 28/12/2021 - 10:54
MATIC, SHIBA and Other Altcoins Bleed as Bitcoin Retraces by 2.5%
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

Bitcoin and the altcoin market have shown the deceleration of the recovery rally by losing from 2.5 to 5% of the previous growth. While the reversal should not be considered critical, it could still bring unpleasant results to the market at the end of the year.

MATIC ATH reversal

As the majority of tokens or coins are reversing after reaching local highs, Polygon's Matic is reversing after reaching its new ATH of $2.90. The reversal then appeared after the asset touched the $2.92 zone. Currently, the asset is trading at $2.60 after testing the $2.50 support.

Article image
Source: TradingView

Even after a short-term correction, Matic still remains in the uptrend that has been forming since the middle of December. The trendline's support is currently sitting at $2.50.

Shiba Inu rally stops

Unfortunately for its investors, the Shiba Inu recovery rally lost its initial momentum by retracing by 8.3% from the local top. Prior to the reversal, the weekly profit of the meme-based token was staying at 30%.

Advertisement

Related

The only condition on which the rally would be considered recovered is a breakout above the $0.0000395 zone and trading of the asset above $0.00004.

Bitcoin's sudden retrace

The majority of investors were expecting a true "Santa Claus rally" after Bitcoin showed two price spikes resulting in a 12% price increase in less than a week. But unfortunately for the crypto market, more than $100 billion has been withdrawn from various digital assets, resulting in a slight retrace of the majority of the altcoins and of Bitcoin itself.

Article image
Source: TradingView

Some traders and experts from the community assumed that the sudden correction might happen close to New Year's Eve, when the majority of market participants historically cash out a portion of their funds.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD