AVAX and MATIC: Altcoin Analysis for December 13, 2023
As Bitcoin continues its local downtrend, hovering around the $41,000 mark, we bring you a detailed analysis of the altcoins Avalanche (AVAX) and Polygon (MATIC) as of Wednesday, December 13.
Avalanche (AVAX)
Despite Bitcoin's recent decline to the $40,000 mark, AVAX has continued its upward trajectory this December. In the last fortnight, the asset has surged by 66%, hitting a new annual high at $42.96.
Currently, AVAX is undergoing a correction, with its price hovering around the support zone of $32.7-$34.7. The key resistance level to watch is $38.4. If breached, the coin might retest the higher resistance zone of $40.7-$43.0.
The future course of AVAX will heavily depend on Bitcoin's trend. A continued downtrend in BTC could potentially drag AVAX down to new lows, possibly to $30.5 or the $26.2-$28.4 level.
AVAX chart on the H1 timeframe
Polygon (MATIC)
MATIC is currently heavily influenced by Bitcoinβs market behavior. The asset is confined between a support zone at $0.80-$0.83 and a resistance band at $0.88-$0.90.
MATIC's priority is to continue the upward trend, but only if BTC's price stabilizes within a sideways range. In this case, MATIC could break through the current resistance and target the next zone at $0.920-$0.946, aiming for a new annual high.
In a scenario of further correction, Polygon might fall to levels such as $0.78 and $0.75, or test the buying range around $0.720-$0.744.
MATIC chart on the H1 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
