A Crucial Market Test Looms for Bitcoin Cash (BCH) and Polygon (MATIC), Investors Watch Closely

On Nov 6, 2023

The crypto market is really on a rollercoaster ride lately, with coins such as Bitcoin Cash (BCH) hitting some rough patches as they try to climb higher but run into tough resistance levels that are hard to break through. The slight downtrend in the price of BCH over the past week is a reminder of the market’s intrinsic volatility.

In contrast, Polygon (MATIC) seems to be riding a wave of optimism, bolstered by technical progress, notably its zkEVM handling an impressive number of transactions, which may signal an expanding ecosystem or enhanced functionality appealing to investors.

Amidst these mixed fortunes, ScapesMania (MANIA) is emerging as a dark horse in the presale stage, captivating the community’s attention with its promise of strong returns in a landscape where certainty is a rare commodity.

Yet, as MANIA basks in the speculative spotlight, it’s critical to acknowledge the inherent unpredictability of the market. Every coin, from Bitcoin Cash (BCH) to Polygon (MATIC), carries potential for both gains and setbacks. Investors are thus reminded that today’s rising star can be tomorrow’s lesson in humility – maintaining the market’s perpetual allure and its siren call to the savvy trader.

While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project’s appeal.

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Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.

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Despite the recent uptick across the crypto market, Bitcoin Cash (BCH) finds itself at a crossroads. The price hovers around the $239 mark, slightly down by less than 1% over the past day, reflecting a cautious sentiment among traders. The market cap rests at a substantial $4.67 billion, suggesting a significant place in the market, yet the recent 3% price dip over the past week indicates that BCH is struggling to harness the bullish energy seen in other parts of the crypto sphere.

Source: TradingView

From a technical standpoint, Bitcon Cash (BCH) is trading in a tight spot between significant chart points. Currently, it’s sandwiched between $232.87, which coincides with a stall in the 3-10 day MACD oscillator, and $246.54. The resistance is further cemented by the 9-day moving average at $250.64, which BCH recently attempted to cross but couldn’t sustain.

Bitcoin Cash (BCH) Price Prediction

If bullish sentiments take hold and Bitcoin Cash (BCH) breaks past $250.64, we could see it test the subsequent resistance at $252.08. A decisive push above this could signal a stronger uptrend, possibly challenging the 13-week high of $268.85.

Conversely, a bearish scenario could see BCH retreat from its current levels to test the immediate support at $232.87. If this level fails to hold, the door may open to further downside with the second support point at $227.33 within reach, near the 40-day moving average cross point. A breach here could intensify selling pressure, potentially exposing Bitcoin Cash (BCH) to the third support level at $223.27.

The buzz around Polygon (MATIC) isn’t just about its rising price tag – it’s also making waves with its tech achievements. Mihailo Bjelic, one of the brains behind Polygon (MATIC), dropped some big news that their zkEVM has clocked in a whopping 7 million transactions. As the asset primes itself for a fresh update, we’re seeing this positive energy reflected in its price, which has been inching up for three straight days. It’s a nice, steady ascent – not too fast, not too slow.

Source: TradingView

Right now, Polygon (MATIC) is trading in a sweet spot, nestled between $0.5363 and $0.7654. Even though there’s a bit of a hiccup with the MACD indicators taking a breather, they’re still hanging out on the sunny side. And with the price of MATIC skipping over the 9 and 18-day moving averages, it’s like the market’s flashing a green light for bullish behavior. If the token keeps this up, it could take a swing at that $0.7654 ceiling next.

Polygon (MATIC) Price Prediction

In case the buying pressure persists, bolstered by optimistic technicals and fundamental news, Polygon (MATIC) might just make a push towards the $0.9301 resistance level, aligning with its recent 1-month high.

On the flip side, the bears could take the reins if the momentum stalls significantly. The stalling MACD on multiple timeframes and the proximity to the recent 1-month low of $0.5012 suggest that a downturn is not off the table. Should MATIC break below the nearest support, it could see a retracement towards $0.436.

With the volatile nature of the crypto markets, a shift in investor sentiment or broader market downturn could see Polygon (MATIC) retracting gains and testing lower supports, reminding traders that while the uptrend is currently in play, the winds can change quickly in the world of cryptocurrencies.

As the crypto carousel turns, Bitcoin Cash (BCH) and Polygon (MATIC) each ride their own horses. Amidst the whirlwind, one can’t help but marvel at the shifting tides of fortune in the crypto realm. While BCH navigates the choppy waters of market resistance, MATIC sails on the tailwind of its recent 7 million transaction milestone, potentially steering toward a new version of its platform.

Yet, the intrigue deepens when considering that in the grand tapestry of crypto, every thread has the potential to unravel. Today’s trends could either weave into a stronger bullish fabric or get snipped by bearish blades, turning the market’s hopeful patterns into cautionary tales.

At the market’s feast, traders are reminded: every coin has a seat at the table of volatility, where the next course could be as surprising as a presale project’s success or as expected as a historical resistance test. The future is a cryptic code, laden with as much promise as peril.

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.