Over the last two and half months, a majority of major cryptocurrencies have showcased a bullish rally in January, followed by a February correction, and started a recovery phase in March. This three-phase of price behavior indicates an uptrend sentiment where the market participants are accumulating at dip opportunities. Thus, today we use the Trend-Based Fib Extension indicator to determine the individual targets for following crypto coins. This indicator is a tool used to identify potential price targets based on the direction and strength of the asset’s current trend.
Polygon(MATIC)
Amid the last correction phase, the MATIC price turned down from the $1.56 resistance and tumbled 35.8% to revisit the $1 psychological support. Furthermore, with the ongoing recovery, the coin price has showcased 22% growth and breached a local resistance of $1.17.
This bullish breakout should offer buyers additional support to prolong the bullish rally. Anyhow, this post-correction rally has the potential to rise 50% higher from the current of 1.146 and hit the $1.75 mark aligned with the 100% mark of the Fibonacci extension indicator.
Also Read: What Are Bitcoin Ordinals And How Do They Work?
Solana(SOL)
From the peak of $26.8, the last correction phase discounted the Solana coin price by 40% and plunged it to the $16 mark. However, the current recovery phase has surged the price by 28% and reclaimed a crucial psychological level of $20.
With sustained buying, the SOL price may soar 72.6% high to reach the $35 mark aligned with the 100% mark Fibonacci retracement level.
Polkadot(DOT)
During the recent correction phase, the Polkadot coin price reverted from the $7.91 resistance and fell by 35.8% down to the $5.1 local support. Following this, the ongoing recovery has driven the prices 20% up to breach the $6.1 barrier.
If the buyers manage to sustain above this support, the DOT price resumes the bullish rally and surpasses the last swing high resistance of $7.91. The potential growth for DOT price as per the Fibonacci extension is 44.8% to reach the $8.9 mark.
