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The crypto market is priming itself for a return to bullish price action with the Bitcoin Halving. According to data from Coinmarketcap, the global crypto market cap rose by 3.5% over the past 24 hours to hit $2.34 trillion.
Additionally, the crypto market saw a spike in volume with a 10.8% increase, bringing to the volume as of the time of writing to $113.59 billion.
Based on the growth in volume and marketcap, we have identified three cryptocurrencies that have been trading sideways and could be set for a bullish breakout in the short term.
Injective (INJ) Targets March Highs
Over the past week, INJ has traded between a compact price zone, spanning from $23 to $29. With price approaching the resistance level at $28.9, INJ looks to push past the selling pressure.
The Relative Strength Index (RSI) pushed strongly above the neutral 50 to signify building buying pressure. In similar manner, the Moving Average Convergence Divergence (MACD) maintained its bullish crossover by moving into positive territory along with green histogram bars above zero.
A bullish candle close above the $28.9 resistance would serve as a long entry position with profit targets at $34 and $38.
Polygon (MATIC) Could Rebound to $0.9
MATIC rebounded from the lower limit of $0.6 with three bullish candles in a row. This saw the altcoin advance toward the $0.753 upper limit of the short term price range.
A look at the RSI showed it was yet to cross the neutral 50 mark while the MACD indicator also flashed bullish signals. Traders looking to go long should adopt a cautious approach and wait to see how price reacts at the $0.753 zone.
If price is rejected at the level, MATIC could stay confined to the range for the near term. However, sustained buying pressure at the level would serve to strengthen the buying bias with bullish targets at $0.85 and $1.
Mina (MINA) Buyers Set to Flip Key Resistance
MINA’s RSI crossed into full bullish zone with a reading of 54, as buyers looked to break above the selling resistance at $0.8531. Earlier, the MACD posted a bullish crossover and has maintained the uptrend.
These strong bullish signals from the on-chart indicators point to an imminent break of the $0.8531 resistance. Thus, traders can ride the bullish rebound with long positions from $0.860 with a price target of $1.1
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
