This morning, Bitcoin hit a new local high at $46,750. Let's explore the market situation for the altcoins Injective (INJ) and Polygon (MATIC) as of Friday, February 9.
Injective (INJ)
No substantial changes have occurred on the Injective chart since our last overview. INJ is moving within a sideways range, with support between $29.0 and $31.4 and resistance between $35.0 and $37.5. Given the upward trend of Bitcoin, the asset is more likely to experience bullish momentum.
In the near term, INJ may attempt to breach the resistance levels at $39.13 and then aim for $42 to $44. This buyer momentum has the potential to push toward a new all-time high beyond $45.28.
Should Bitcoin fail to maintain its position above the $45,000 mark, a significant correction could be triggered. In such a scenario, Injective could swiftly drop to the $27.3 support level.
INJ chat on the H4 timeframe
Polygon (MATIC)
Similar to many altcoins, MATIC is slightly behind Bitcoin's recent surge. The asset is currently fluctuating between a support zone of $0.75–$0.78 and a resistance zone of $0.85–$0.89.
The market might see Bitcoin stabilize at its current highs, which could lead to further growth for altcoins. In this context, MATIC could consolidate above its present resistance zone, targeting the $0.95 level. It's also worth noting that breaking past the $1.00 psychological barrier could significantly accelerate MATIC's growth.
A downturn for Polygon might need to be considered if Bitcoin undergoes a correction. Should the support range be breached by sellers, MATIC could descend below the $0.69 mark, leading to a more pronounced decline.
MATIC chat on the H4 timeframe
Given that the cryptocurrency market tends to be quieter over the weekend, Bitcoin is expected to hover around the $46,500 level with limited volatility on Saturday and Sunday.
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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) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — 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:
