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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)
Source- Tradingview
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.
Solana(SOL)
Source- Tradingview
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)
Source- Tradingview
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.
The post Cryptocurrency That May Skyrocket In March As Per Trend-Based Fib Extension Indicator appeared first on CoinGape.
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