Decentraland, Polygon & Bitcoin — Asian Wrap 23 Feb

Decentraland price could generate some major surprises across the entire cryptocurrency space. Despite six days of losses, it has maintained support within the Ichimoku Cloud and is now poised for a strong bullish breakout. Downside risks exist and could be extensive if support fails. 

MATIC price has developed a strong buying response as it approached the 100% Fibonacci Expansion near $1.40. However, the drip below the support zone at $1.48 was a very bearish event and could be a precursor to moves that would return Polygon to the $1.20 zone.

Brazil’s Economic Affairs Committee has approved a cryptocurrency bill for Bitcoin regulation; this is a key first step in the asset’s adoption. The bill could drive cryptocurrency usage in Brazil. Brazil is keen on regulating cryptocurrencies.