The much-anticipated approval of Spot Bitcoin ETFs in the U.S. has made a significant impact on the entire cryptocurrency space. The SEC’s approval marked a milestone, boosting daily Bitcoin trading volume to $52 billion. Altcoins like Cardano (ADA) and Polygon (MATIC) witnessed substantial gains.
Cardano (ADA) Overview: ADA has attracted attention with a $3.7 million inflow, and its DeFi ecosystem has surged from $50 million to over $400 million. ADA’s current live price range is $0.56 to $0.60, boasting a 100% surge in 24-hour trading volume. Technical indicators suggest a bullish sentiment, with potential profit-taking in the overbought zone.
Cardano (ADA) Price Prediction: With positive indicators and recent fund inflows, ADA’s bullish trend is evident. The next targets are $0.688886 and $0.837741, but caution is advised around the $0.540031 pivot point. Overbought signals may lead to a slowdown, and support may be found at $0.442955.
Polygon (MATIC) Overview: Polygon’s collaboration with Nomura marks a milestone, driving its price to $0.88 – $0.95 with an 11% weekly increase. Currently the 13th most valuable crypto, MATIC’s RSI suggests strong buying momentum. The MACD calls for buy action, and moving averages support a bullish trend.
Polygon (MATIC) Price Prediction: MATIC’s positive outlook is fueled by recent surges and strategic partnerships. Upside targets are $1.140598341 and $1.417451792. Caution is advised, with an eye on the support level at $0.694236244.
Conclusion: The cryptocurrency landscape is evolving with the landmark approval of a spot ETF in the U.S. Bitcoin’s ripple effect has significantly impacted Cardano and Polygon, showcasing potential for growth. While indicators are positive, investors must stay vigilant amidst market fluctuations
