Will MATIC Match DigiByte’s 350% Gains?

One such altcoin is MATIC, which began a more minor upward movement on May 13. Well-known cryptocurrency trader @Scottmelker tweeted a MATIC chart that shows the price moving above an important short-term resistance line.

MATIC has previously been known to move rapidly and Melker stated that the same could occur this time:

The $MATIC mainnet is finally going live. People have been waiting a long time for this. The market is clearly responding – my alarms are blaring. This could go nuts once again.

MATIC Trading Range

After the rapid decrease on March 12, the MATIC price found support at 170 satoshis, a support level that has been in place since December 2019. The price has failed to flip the closest resistance area, found at 205 satoshis. In addition, MATIC is still trading below its 200-day moving average (MA), which has been providing resistance. The MA has been a reliable gauge of the direction of the trend since the price has been bullish above it and bearish below. Therefore, until the price moves above and validates the MA as support, we cannot state that it has begun a new upward move.

In the short-term, MATIC breakout was preceded by bullish divergence in the RSI, increasing its legitimacy. This suggests that the price is likely to continue moving upwards towards the next minor resistance area, found at 250 satoshis. In the larger scheme of things, this movement would cause an increase above the 200-day MA and possibly signal that a new upward trend has begun.

Digibyte (DGB)

Another coin that has often moved upward with strength has been DigiByte (DBG). In fact, DGB has increased by over 350% in the past 30 days. @Akadosang put forth the notion that DGB could be the one to initiate altseason:

$DGB leading altseason while not listed on Binance would be something fun to see

However, the price has reached a long-term resistance level at 250 satoshis and has been rejected. The movement leading up to it closely resembles a five-wave Elliott formation, which suggests that the price has completed its upward move and a corrective period awaits. This possible movement is supported by the bearish divergence that has developed in the daily RSI. Therefore, the DGB price is expected to decrease towards the closest support area at 145 satoshis.