The cryptocurrency market is advancing this Wednesday, and this situation also supports the price of Polygon MATIC/USD, Terra LUNA/USD, and Loopring LRC/USD.
Bitcoin is trading above the $48,000 level, and for now, everything indicates that the price could advance again above $50,000 resistance.
According to analyst Michaël van de Poppe, this could be the end of the mini-bear cycle, and he believes that Bitcoin will remain in a bull market until third-quarter 2023.
The cryptocurrency market continues to attract big investors, and according to the latest news, MicroStrategy announced plans to buy more Bitcoins.
MicroStrategy is the largest publicly traded corporate holder of Bitcoin globally, and it currently owns 122,478 Bitcoins acquired at an average purchase price of $29,861.
Many institutions started to look at cryptocurrencies for being an excellent store of value, while Mike McGlone, Senior Commodity Strategist at Bloomberg, said that he believes that 2022 will be a successful year for Bitcoin and other cryptocurrencies. Eric Demuth, CEO of Bitpanda, added:
Over the past few years, the cryptocurrency space has evolved from a niche market to one that’s getting closer to the mainstream, and an increasing number of investors are interested in getting exposure to the crypto world.
Polygon, Terra, and Loopring could advance even more in January if the positive trend continues, and traders should consider that if Bitcoin advance again above the $60000 resistance, it would add a further boost to the whole cryptocurrency market.
MATIC is eying $2.6 resistancePolygon (MATIC) continues to perform well in the last trading days of 2021. MATIC could advance even more in the ongoing bull market, and if the price jumps above $2.6 resistance, the next price target could be at $2.8 or even above.
Data source: tradingview.com On the other side, if the price falls below the $2.2 support level, it would be a strong “sell” signal, and we have the open way to the $2.
LUNA could advance above $100Terra’s (LUNA) price has advanced from $59 to $96 since the beginning of December 2021, and the current price stands at $95.
Data source: tradingview.com If the price jumps above $100 resistance, the next price target could be at $110; still, if the price falls below $80 support, it would be a firm “sell” signal.
LRC has strong support at $2Loopring (LRC) has advanced from $1.98 above $2.4 in less than 24 hours, and the current price stands at $2.25.
Data source: tradingview.com As long the price is above the strong support level that stands at $2, there is no risk of a crash.
SummaryThe cryptocurrency market continues to perform well in the last trading days of 2021 year, and Polygon, Terra, and Loopring could advance even more in January 2022 if the positive trend continues. Many institutions started to look at cryptocurrencies for being an excellent store of value, and according to the latest news, MicroStrategy announced plans to buy more Bitcoins.
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