While bulls triggered a rebirth during December early sessions, bears quickly denied their actions by catalyzing a considerable sell-off over the last 24 hours. As a result, alternative coins such as MATIC and Ethereum witness double-digit declines on their daily price chart. The latest flash crash in the cryptocurrency space had digital currencies breaching their multi-month support floors.
Ethereum (ETH) had its price touching a 2-week peak on December 1 following a slight upturn during late November trading sessions. However, the latest broader market sell-off had the second-largest digital coin falling, suffering a 17.7% 24hr loss to break down from an ascending wedge pattern.
After ETH touched its ATH, bears catalyzed a more than 27% plunge since November 1, hitting its 7-week low during late sessions on December 3.
The downswing has the leading altcoin breaching a 37-day support level around $3,976-area. Furthermore, the correction happened on a considerably high trading volume, showing a massive bearish move. While writing this content, ETH trades at $3,867.
The Relative Strength Index stayed deep inside the oversold territory while flashing a massive crash phase. Now, the indicators may be showing trend reversals. Moreover, the DMI indicates a bearish favor, but the ADX showed a slightly vulnerable directional trend. Meanwhile, bulls require an accelerated momentum to overpower the closest resistance to avoid gradual downswings.
After a slight correction, MATIC saw a whopping 46.25 ROI from November 28 low to December 3. That altcoin grew after forming a climbing wedge pattern on the four-hour timeframe. Meanwhile, the incline had MATIC touching a 6-month peak on December 3. The upward actions had the crypto breaching a 6-month long resistance zone at $2.22.
However, Polygon suffered a more than 15% drop in its price within the last day. MATIC somehow mimicked the global market trend as it experienced a downswing following a bullish revival. Nevertheless, bulls defended the 7-week support at $1.43.
While publishing this content, MATIC trades near $.1795.The Relative Strength Index showed bears preference. For now, the 38-level remain critical for bulls to maintain for MATIC to prevent more declines to the oversold area. Furthermore, the MACD and DMI confirmed the previous narrative.