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Daily Trends and Charts - Featuring MATIC - Bitcoin Hive and More!

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Hello everyone! Welcome back to another Daily trends and charts here on Coin Logic! Everyday we feature Bitcoin and Hive charting analysis as well as a daily featured crypto asset! Today's token of the day is MATIC.

Keep reading for the trending markets as in the top gainers and losers as well as the daily update on the Bitcoin Fear and Greed Index and the Bitcoin market dominance charts.

Token of the Day - MATIC (Polygon Network)

MATIC has been looking strong over the past couple of weeks even though the rest of the market has been taking a bit of a hit. The Polygon network has been gaining in popularity recently because of it's ability to operate with the Ethereum network, but with extremely cheap gas fees. Many dApp developers are moving or integrating their apps with Polygon.

On the daily candle time frame you can see that MATIC is still in an uptrend, but according to the indicators, is starting to slow up a bit.

Looking at the 1 hour time frame, you can see that MATIC is forming a rising wedge, that in about 70% of cases breaks to the downside. This isn't a guarantee, but if it does break down you are looking at a range target from about $1.75 to $1.50 per MATIC, looking more at the higher range though... This is without pulling any Fib retracements or anything fancy like that. Just good ole chart patterns and support/resistance.

You can see on the hourly time frame on the indicators that there is certainly some downward movement that is happening, so if you are short term trading MATIC, you might want to watch out.

Bitcoin

Bitcoin on the other hand isn't looking so strong... On the 1 hour time frame, you can see BTC is consolidating between 45k and 49k. It has been seemingly taking a stair step pattern down in the last week but seems to be finding a bit of a bottom, at least for now...

If you zoom out to the daily time frame though, it's not looking quite as grim. You can see that in this consolidation, we have been setting higher lows on a more macro view and we are starting to curve upwards a bit.

The momentum indicator, as well as the RSI and VWAP indicators are all starting to point to the upside. This could be looking good, but as always, keep your head on a swivel because things can always go the other way too! I am liking this view more than the 1 hour time frame, that is for sure.

Hive

Hive has been no stranger to the downside action after hitting its all time highs over the US Thanksgiving weekend. I have very happy to have seen it stay in the range it has been hanging out though. I didn't think that above $2 was sustainable for long and actually set my retracements to the shown levels when we started the retracement.

This floor that you see in the image above is showing a range $1.10 to 1.30 which you see that we went and touched but haven't really gone any lower! We have seen Hive consolidate nicely between $1.30 and $1.50 per Hive in the last week or so.

The momentum indicators are showing a small uptrend forming with a small anchor wave and then a bit of a trigger wave now starting to form with the green buy dot on the blue momentum wave. The RSI and VWAP are both riding pretty level so we may be looking at further consolidation, not necessarily downside, but just ranging in this area for a bit. Which is not a bad thing.

The price action and the momentum seem to be in tandem so it's not looking like any divergence is at play which is a good thing. I know we all want Hive to go to the moon again, but with all the development we have going, it's just a matter of time. The hype is starting to build.

What's Trending

Here are the top 10 gainers and losers of the Top 100 by marketcap. Not really much to be said here. You can usually count on if it's on one side today, it will be on the other side in the next couple of days, haha. No real pattern to be seen here as far a project types that are pumping and dumping.

Bitcoin Fear and Greed Index

The Bitcoin Fear and Greed index is sitting at a 27, in the Fear area. That is an improvement over the previous readings in the Extreme Fear area that it was sitting last week. This chart is a way to measure the market sentiment at the time. If it's in the fear range, may be looking at accumulating... Just saying... not financial advise. Blood in the streets is sometimes the best time to scoop up some cheap tokens.

Bitcoin Dominance

Bitcoin market dominance has been in the low 40% range for a while now. That is showing that the king is not sucking up as much of the money in the markets as it has in the past. With Ethereum taking up nearly 20% of the market share, that leaves the rest of the altcoins to fill in the blanks. There is allot of development and hype around allot of other projects and the top kings may still have their higher end of the market dominance, but that may change in the future as many of these other chain flourish.

Seems that Bitcoin and Ethereum are becoming more of the favored tokens by institutions and other projects are finding their value by the rest of the every day users.

Hope this helps! Don't get Rekt!

We aim to do this daily to help you gain a better understanding of the markets and how these crazy charts work!

Nothing we say is financial advise. This is for educational and recreational purposes only! Stay safe in these volitile markets and don't get rekt!

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