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Price Analysis

Polygon (MATIC), Cosmos (ATOM), and Zilliqa (ZIL) Price Prediction for Apr 9




Polygon (MATIC), Cosmos (ATOM), and Zilliqa (ZIL) concluded a historic Q1 2021, posting new 2021 years with a ballpark 10X gains. However, prices are now retracing, and the immediate trend would be defined by price action at crucial support levels.

Polygon (former Matic)

There are many moving parts in Matic and their efforts to scale Ethereum dApps.

For this reason, many traders are bullish, judging from the long-term MATIC technical analysis. There has been a weakness of late, but from the daily chart, Matic bulls have the upper hand.

For instance, month-to-date, discounting the last few days’ events, the MATIC price is up 13 percent. On the previous day, the coin is stable but down four percent week-to-date.

As we advance, buyers must take charge, and most importantly, trading volumes should grow for MATIC/USD prices to sync with the stellar growth of Q1 2021.

MATIC/USD Price Analysis

Matic Price Daily Chart for Apr 9

Technically, the MATIC price remains in an uptrend. However, some hints point to emboldened bears.

After sharp expansions to Mar 2021 peaks, the retracement saw the MATIC price plunge below the middle BB. This is bearish and explains why some traders are cautious, reading from their MATIC price forecasts.

Presently, MATIC/USD prices are stable, as aforementioned. There might be hope, but there must be conviction from traders.

Therefore, the confirmation of the double-bar bullish reversal pattern must be with high trading volumes—comparatively lower than March’s. A sharp close above $0.42 may pump MATIC prices back to $0.55.

On the flip side, losses below Apr 7 lows of $0.30 could spark a liquidation wave. Consequently, it could force MATIC/USD back to $0.20—Mar 2021 lows or the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

Cosmos (ATOM)

In the age of interoperability, Cosmos is a leader.

From the latest Cosmos price forecast, traders are upbeat about the project. After solid gains in the past five months or so, ATOM prices are now correcting. The good news for ATOM/USD traders is that prices are within range, held within a bull flag within tight ranges.

Week-to-date, ATOM prices are up nine percent. Still, ATOM/USD prices remain in range mode against the BTC and ETH. There is a notable drop in liquidity for traders as average trading volumes shrunk 34 percent on the last day to $790 million.

ATOM/USD Price Forecast

Cosmos Price Daily Chart for Apr 9

ATOM prices remain in an uptrend. While buyers are in control, ATOM/USDT prices are in consolidation within a $10 zone with caps at $15 and $25 on the upside.

In the immediate term, bears may take charge.

Despite overall optimism, sellers pressed lower, and bulls didn’t reverse losses of Apr 8. The result is a three-bar bearish reversal pattern in a low-volatility environment characterized by contracting BBs.

From now on, ATOM traders can take a wait-and-see approach. As such, a break above $15—beyond the current consolidation could mark buy trend resumption towards $40—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

On the other end, losses below $15 may see the ATOM/USD plunge back to $10—the 78.6 percent Fibonacci retracement level of the same trade range.

Zilliqa (ZIL)

A 42X price expansion year-to-date is enough to justify oozing confidence from Zilliqa traders. As determined from Zilliqa price prediction analysis pieces, some traders anticipate a moonshot.

In the medium term, though, the ZIL price could cool off, allowing those who missed the train to board despite repriced valuations.

Trading volumes might be tapering, lower than average, but the uptrend remains. On the last day, ZIL drew $196 million as daily volumes. This pushed ZIL prices 14 percent against the greenback in the past week of trading.

ZIL/USD Price Forecast

Zilliqa Price Daily Chart for Apr 9

The uptrend is firm, and ZIL/USD bulls are loading the dips, angling for new 2021 highs.

From the daily chart, the middle BB is a reliable support level. Therefore, ZIL bulls ought to sustain prices above this mark for the uptrend to be valid.

Presently, ZIL/USD prices are trending inside Apr 4 bull bar, at around ZIL’s 2021 highs. This is bullish. Therefore, a close above $0.23, in a buy trend continuation pattern could see prices surge to $0.30—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

On the reverse side, losses below the middle BB and $0.20 could see ZIL prices meltdown to $0.15 in a retest of Feb 2021 highs.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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