In this week's crypto rally, Bitcoin's (BTC) market capitalization soared past $1 trillion, even surpassing Tesla on this indicator. This surge saw BTC breach the $52,400 barrier before settling around $52,200. Market analysts predict Bitcoin to grow another 40% and set new records by March 2024.
Ethereum, not to be outdone, also climbed impressively, breaking the $2,800 barrier to touch $2,816, and though it slipped slightly, it still marked a 2% gain. Cardano (ADA) and other top ten altcoins weren't far behind, rallying between 3-10%, with Polygon (MATIC) also joining the upward trend, albeit modestly, with a 1% rise to approximately $0.88.
Amidst this bullish sentiment, the broader market experienced heightened trading activity, evidenced by a substantial $225 million liquidation in the crypto market within a day, according to CoinGlass data. Interestingly, this included $45.15 million in long order liquidations and a whopping $180 million in short order liquidations. Meanwhile, ScapesMania (MANIA), although its presale stage has concluded, is drawing attention as it gears up for its anticipated DEX listing.
Bitcoin's recent surge, propelled by an unprecedented $600 million poured into ETFs in just one day, sets a dynamic stage where both the crypto heavyweights and newcomers like MANIA could thrive. Will these trends hold and how will new entrants like ScapesMania fare in this bustling market?
Ride The Wave of Innovation with ScapesMania
The ScapesMania public sale wrapped up, becoming the talk of the crypto community. The project managed to secure over $6,125,000 at an unprecedented rate and there’s a strong probability that the token's value might increase exponentially in the future.
The spotlight has shifted to the Token Generation Event (TGE) coming up on February 25 – March 09. The pool of tokens is smaller than it was before, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join is only a click away.
Your Last Chance to Boost Potential Returns Post Listing
The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.
Moreover, the token's utility is impressive. It's not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the $376 billion gaming industry, it leverages the market's growth potential. Post-debut, holders can anticipate greater liquidity and easier trading.
The community's excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania's transition from niche to mainstream.
ScapesMania's smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.
Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.
Make sure you don't pass up the opportunity to leverage all discounts and potentially beat the market with the TGE fast approaching. Be quick if you want to be the first one in line for all the post-listing opportunities, which might be quite lucrative.
TGE ALERT – Keep Up With Latest News
Cardano (ADA): Breaking Down the Bullish Surge and TVL Triumph
Cardano (ADA) was charting an impressive trajectory recently. This upward trend in ADA's price performance aligned with the significant growth witnessed in Cardano’s ecosystem, as reported by Messari. The last quarter saw a surge in the total value locked (TVL) and stablecoin value locked in Cardano’s (ADA) network.
As the DeFi ecosystem on Cardano, led by projects like Minswap and Indigo, skyrocketed, its TVL surged by 166% quarter-on-quarter to hit a new all-time high. Such developments not only increased ADA’s prominence in the crypto space but have also seen it climb rapidly in TVL rankings, moving from the 34th to the 11th position over the year.
Cardano (ADA) Technical Analysis
Technically, Cardano (ADA) is currently trading between the first support at $0.417 and the first resistance at $0.608.
Source: TradingView
The Exponential Moving Averages (EMA) present an encouraging picture, with the 10-day EMA at $0.548 and the 50-day EMA at $0.523, both suggesting a bullish trend. The 200-day EMA at $0.435, though lower, still indicates long-term support above the second and third support levels.
The Commodity Channel Index at 162.26 also shows a bullish momentum. The MACD Level is positive at 0.013, reinforcing the positive scenario.
The Relative Strength Index (RSI) at 62.91 leans towards an uptrend but isn’t in the overbought region yet. However, the Stochastic %K is high at 87.99, suggesting that ADA might be overbought in the short term.
Moreover, the Average Directional Index (ADI) at 16.67 is low, indicating a lack of strong trend.
Cardano (ADA) Price Prediction
In a bullish scenario, Cardano (ADA) could break past $0.608, driven by the positive developments in the Cardano ecosystem, including the surging TVL and advancements in its DeFi sector. With the momentum indicated by the technicals, ADA may target the second resistance at $0.719 and even the third resistance at $0.91, especially if market sentiment remains strong and the broader crypto market continues its upward trend.
However, in a bearish scenario, if Cardano (ADA) fails to maintain its current momentum, a pullback towards $0.417 could be seen. It’s crucial to note that even in a bearish scenario, the robustness of Cardano’s ecosystem, marked by the growth in DeFi activities, innovative solutions like transaction chaining, and governance initiatives like Project Catalyst, provides a strong backdrop that could cushion any significant downtrends and keep ADA's price movements above the lower support levels at $0.337 and $0.146.
Polygon (MATIC): Big Binance Transfer Shakes the Market
Polygon (MATIC) became a focal point in the crypto market, following the news of substantial token movements by the Polygon Foundation. The foundation's transfer of 9 million MATIC tokens, worth approximately $7.75 million, to Binance on February 13 marked a significant event.
This transaction was part of a larger pattern, as revealed by Spot On Chain, with two wallets linked to the Foundation moving a total of 15.5 million tokens to the exchange over five days at an average price of $0.85. This move coincided with Polygpn's (MATIC) price briefly dipping to $0.85, down from a peak of $0.88, but the cryptocurrency showed resilience, quickly rebounding.
Polygon (MATIC) Technical Analysis
Technically, MATIC is trading in a volatile zone, currently positioned between its first support level at $0.6407 and its first resistance level at $0.9834.
Source: TradingView
The EMAs paint a cautiously optimistic picture, with the 10-day EMA at $0.8534, the 50-day EMA at $0.8264, and the 200-day EMA at $0.7824, all suggesting a gradual uptrend.
The CCI at 141.2 indicates that Polygon (MATIC) is in a bullish phase. The MACD at 0.0172 and Momentum at 0.1045 both reinforce this bullish sentiment, albeit with caution due to recent market events. The ADI at 16.61 is low, suggesting a lack of strong trend.
Additionally, while the RSI at 59.91 indicates a neutral position, the Stochastic %K at 87.36 leans towards an overbought scenario, suggesting a potential price reversal.
Polygon (MATIC) Price Prediction
In a bullish scenario, MATIC could break past $0.9834, targeting the next resistance levels at $1.1799 and $1.5226, bolstered by strong buy signals from the EMAs and MACD.
On the flip side, bearish pressures could see Polygon (MATIC) retracting to test $0.6407 and potentially lower at $0.4945 and $0.1518, especially if market reactions to the Foundation's token movements turn negative.
Closing Thoughts
In the whirlwind of this week's crypto rally, Polygon (MATIC) and Cardano (ADA) have taken center stage. MATIC, reacting to significant token transfers by the Polygon Foundation, demonstrated remarkable resilience, dipping only briefly before bouncing back, signaling a robust market presence. On the other hand, ADA, fueled by the growth in its DeFi ecosystem and a soaring total value locked, has shown impressive performance, rallying strongly.
Both Polygon (MATIC) and Cardano (ADA) are navigating a volatile market, with MATIC trading between key support and resistance levels and ADA buoyed by bullish technical indicators. Polygon’s (MATIC) trading swings and Cardano's (ADA) upward momentum highlight just how much a sharp move or a fresh update can shake up the crypto scene.
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.
