The bearish pressure on the cryptocurrency markets is starting to ease slightly as Bitcoin prices quickly recovered from their recent lows of around $18,200. The BTC price broke down from the bearish flag, marking the bottom, which offered a catapult action to rise nearly 10% from its lows. Meanwhile, some of the altcoins stood strong, withstanding the bearish pressure and presently gearing up to establish a successful Uptober.
Ethereum (ETH)
The Ethereum price surged notably before the FUD circulating around the CPI rates dragged the asset below $1200. However, the prices rose notably and reached the upper resistance of the falling wedge. After a brief consolidation, the price may rebound and pierce through the pattern to reach immediate highs of around $1508.97.
Polygon (MATIC)
Polygon is among the platforms that have been constantly working to strengthen the Ethereum network and the DeFi/NFT space. The MATIC price, however, tanked heavily and reached close to $0.7, but the price quickly rebounded and surged by 15% to regain levels above $0.8. The price is expected to rise well beyond $0.84 after withstanding a couple of bearish interferences.
Avalanche (AVAX)
The price of the Avalanche has sharply declined, continuing a clear downward trend that began around the middle of September. However, the asset rebounded quickly after reaching the bottom below $15. Price is attempting to amplify the bullish candle that is currently in place in order to spark a significant upswing over the upcoming weekend. After rising above $17, the asset might experience some bearish action, drop back to the same support level, and then start to rise again.
Collectively, the markets seem to have rebounded significantly and are believed to continue on a decent upswing until the weekend. However, the weekend trades are expected to turn the tables for the altcoins as well and witness significant price action.
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