ADA and MATIC: Attractive to Buy on the Dips?

Bittime – Analyst Ali Martinez predicts thatCardano (ADA)could repeat its 2018-2021 performance this cycle, with the potential to break through $5.

However, Martinez also expects ADA to consolidate in the $0.55 to $0.80 range for some time. After that, ADA price might spike to $1.70, followed by another period of consolidation before finally exploding to $5.

Meanwhile for Polygon (MATIC) , its price has decreased by 8.02% in the last 24 hours to $1.04. 

Based on on-chain data from IntoTheBlock, MATIC may find support in the $1.02 to $1.05 range, supported by the purchase of 608 million tokens by 10,900 addresses. 

However, Martinez warned that MATIC price could fall to $0.91 if it fails to maintain this support.

Cardano (ADA)

ADA's price is under pressure like other altcoins . A 7.91% drop in the last 24 hours saw the price hovering around $0.65. 

ADA tried to rise on March 15-16, but was held back by resistance at $0.73. ADA's deepest decline was actually triggered by weakness below $0.70 on ADA/USD's 4-hour chart.

If selling pressure continues, ADA price could potentially fall 11.51% to $0.59. However, the Fibonacci extension indicator actually sees a drop to $0.59 as being profitable for ADA holders in the short term. This indicator shows a potential increase in ADA to $1.13 (4.236 Fib level).  

Analysis of Chaikin Money Flow (CMF) was also carried out to see the potential for ADA movements in the future.

Currently, CMF is showing a similar downward trend as ADA price. This indicates the potential for further price decline before a rebound.

Check Today's Crypto Market:

Cardano (ADA) Price Conditions Today

Source: Bittime

Cardano is experiencing an increase of +6.88%. This increase makes Cardano have a price of IDR 10,789. A price to be proud of because Cardano's previous lowest price was IDR 10,102 in the last 24 hours.

Polygon (MATIC)

The Supertrend indicator on the 4-hour chart of MATIC/USD gives a sell signal at $1.17. Unfortunately, the buy signal at $1.16 was not able to last long due to strong selling pressure. Currently, the MATIC movement is trying to find the nearest support at $1.03. Failure to survive the selling pressure could push MATIC to the $0.92 level.

The Moving Average Convergence Divergence (MACD) indicator which is in the negative zone further strengthens the bearish momentum. The position of the 12-day EMA (blue) below the 26-day EMA (orange) indicates seller dominance.  

With the current market structure, MATIC's potential rebound is quite difficult. The price may drop below $1. However, a strong bullish move could take MATIC to much higher levels, even touching $1.50.

Polygon (MATIC) Price Conditions Today

Source: Bittime

In IDR, MATIC today has a price of 16,954. This price was obtained after MATIC experienced an increase of +4.73%. Previously, in the last 24 hours, MATIC had its highest price at IDR 17,329.

Also Read How to Buy Crypto:

Conclusion: Buying on the Dips - A Tough Decision

This analysis shows that the decision to buy ADA and MATIC when the price is falling is quite complicated. 

While there is potential long-term gains for ADA, buyers should be prepared for a long period of consolidation and a potential drop to $0.59. 

Other technical indicators such as CMF also signal the potential for further declines before a price increase.

For MATIC, the situation looks more challenging. The price is currently under heavy selling pressure, and technical indicators such as MACD are showing strong bearish momentum. 

While there is a possibility that the price could rebound to $1.50, the current market structure makes that potential difficult to realize.

Overall, the decision to buy ADA and MATIC when the price drops depends on your risk tolerance and your long-term investment strategy. 

If you invest with a long-term horizon and are prepared to deal with price fluctuations, then buying on the dips can be a profitable strategy.  

However, if you have a low risk tolerance and expect quick profits, it may be best to wait for the right moment before entering the market. It is important to always do your own research before making any investment decisions.

How to Buy Polygon (MATIC) on Bittime

You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Polygon (MATIC) on Bittime . 

Monitor the price chart movements of Polygon (MATIC) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

Cardano (ADA) Price Prediction 2024-2030: Will ADA Reach $5?

What is CitaDAO (KNIGHT)? Cryptocurrency Trading and Exchange Platform

Analyst: Cardano (ADA) Drop A Bullish Sign?

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.