XRP/MATIC/NEAR Analysis: February 6

NEAR’s 20 SMA surged over its 50 SMA as it reclaimed the $13.2 support level as the overall tone in the cryptocurrency market improved.

On their 4-hour charts, XRP and MATIC both maintained their up-channel (pattern reversal) trajectories.



The alt has been steadily declining since it lost the $1.01 level on November 26. As a result of that, bears repeatedly tested the $0.7292-mark up until the January 21st selling-off. To put it another way, XRP fell 32.6 percent from 12 January to its six-month low on 22 January after breaking out of the previous down channel (white).

XRP’s EMA ribbons have flipped from bearish to bullish in the last 15 days, thanks to a surge of 22.11 percent. This was followed by a reversal from the channel’s top trendline. An immediate support level would be at the 20-period moving average at $0.6482.

XRP was trading at $0.6674 as of this writing. The RSI climbed dramatically into the overbought region on February 5th after testing the 55-mark several times. The 55-level will be tested again if the price drops below the immediate support.

Polygon (MATIC)


MATIC dropped 54.24 percent and touched a three-month low on January 24 after hitting its all-time high on December 27 at $2.92. Thus, the slide surpassed the crucial 61.8 percent Fibonacci support.

After bouncing back from its six-month Point of Control, MATIC has seen a ROI of 31.14 percent in the last 13 days (red). Thus, it reclaimed the 78.6 percent level of support but was unable to break through the $1.744 level.

At the time of this writing, MATIC was trading at $1.71. The RSI went from overbought to underbought in a matter of seconds. Even though it appeared to have a bullish bias, it fell below the 58-mark level, which suggests a decrease in buying power. As the AO histogram neared its equilibrium, it reached a red zone, confirming the earlier study.

Near Protocol (NEAR)


NEAR’s value plummeted by 53.83 percent from its all-time high on January 15 to its one-month low on January 24. It also lost its $11.6-level resistance, which was critical (previous support).

On its 4-hour chart, NEAR showed an ascending channel (white). The bears were now facing a major roadblock at $13.2. The bullish influence was also amplified by the crossing of the 20 SMA (red) and the 50 SMA (blue).

The alt was trading at $13.461 at the time of this writing. Over the previous two weeks, the RSI has seen a significant recovery from its record low. In spite of the overbought conditions, it continued to show a positive bias. In addition, on February 5th, the bullish CMF hit a five-month high, suggesting record high money volumes in the market.

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