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.
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
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.
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