Polkadot (DOT) and Polygon (MATIC) Ride the Crypto Wave – What’s Behind the Surge?

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The crypto market is witnessing interesting trends, particularly with Bitcoin. The leading cryptocurrency has been consolidating under $38,000 for three weeks, showing a bullish undertone as pullbacks become less deep. The supply of Bitcoin inactive for a year has reached a record high of 70%, indicating that holders might not be planning to sell soon. In other developments, Binance’s listing of perpetual futures for the BONK token has raised eyebrows, as such moves have historically signaled price peaks for smaller cryptocurrencies. In this background, Polkadot (DOT), Polygon (MATIC), and the emerging ScapesMania (MANIA) are attracting the attention of crypto enthusiasts. 

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Polkadot (DOT) Price Action Analysis

Polkadot (DOT) has been trending steadily upwards since mid-October, having gained nearly 24% in a month. As of the moment of writing the coin was stuck in a tight range between $5 and $5.89. The RSI at 54.84, Stochastic %K at 37.12, and CCI with a value of -5.86 indicate a neutral position. At the same time, moving averages are all strongly bullish providing buy signals in both short and long term. Specifically, the EMA 200 stands at $5.22 while the SMA 200 is found at $5.26. 

The support levels for Polkadot at $3.81, $3.16, and $2.12 represent potential areas where the price might find a floor and possibly rebound. On the upside, resistance levels are identified at $4.85, $5.24, and $6.28. These are the thresholds that Polkadot needs to surpass to signal a stronger bullish momentum.

Polkadot’s ecosystem is seeing growth with community initiatives such as the anti-scam bounty. Besides, Parity’s plans for partial transition to decentralized teams in Polkadot’s ecosystem highlight the platform’s evolution and its commitment to innovation. These developments are vital for its long-term stability and appeal to investors. 

Polkadot (DOT) Price Prediction

A crossover between the 50-day and 200-day EMAs indicates DOT may break out of the current range. DOT is solidly within an upward channel pattern, aiming to break the resistance level at $5.65 with a maximum target at $7.

In a bearish scenario, a retest of the 200-day EMA at $4.85 could spur a slide to the next support at $3.16.

However, the overall volatility in the crypto market poses significant challenges. The mixed signals from technical indicators also suggest that the market is still deciding on a clear direction for Polkadot.

Polygon (MATIC) Price Action Analysis 

The POLS mint event held recently on the Polygon (MATIC) blockchain generated significant anticipation and lived up to expectations, resulting in the burning of over 100 million MATIC tokens. The Polygon community witnessed a massive turnout for the POLS token mint and the surge in network activity, revealing that the network processed over 6 million transactions within a 24-hour period at a rate of 170 transactions per second. Еhis event spurs interest in the coin.

At the moment of writing, Polygon (MATIC) was trading near $0.7821, showing a weekly decrease of 7.12%. The Relative Strength Index (RSI) is at 52.76, suggesting a neutral market sentiment. The Stochastic %K is at 21.81, also indicating neutrality.  

The short-term moving averages, EMA 10 and SMA 10, located at 0.79 and 0.81 correspondingly are indicating Sell, while mid to long-term averages (EMA 30, 50, 100, 200 and SMA 30, 50, 100, 200) are showing Buy signals. The mixed values of moving averages indicate the market is still deciding its direction.

Polygon (MATIC) Price Prediction

In the short to mid-term, Polygon shows potential for growth, especially if it can maintain its momentum and break through key resistance levels. The first key resistance is located at $1.0749, and upon breaking it, the price may head towards $1.2790.

The primary challenge for Polygon lies in maintaining its upward trajectory amidst market volatility. If it fails to keep it, the bearish scenario may unfold where MATIC may tumble to the first support at $0.4360. The further downside target may be found at $0.2713. 

Final Words

In the dynamic crypto landscape, Bitcoin’s resilient consolidation and Binance’s intriguing moves with the BONK token set the stage for market excitement. Polkadot (DOT) demonstrates a steady upward trend, suggesting potential bullish momentum amid a growing ecosystem, while Polygon (MATIC) experiences excitement from events like the POLS mint. Looking ahead, Polkadot’s positive outlook is underscored by technical indicators, and Polygon (MATIC) navigates mixed signals.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.