As Bitcoin recently closed above $52,000, investors turned bullish on the top altcoins. This rejuvenated enthusiasm was not without merit; the total altcoin market capitalization, known as TOTAL2, was teetering on the brink of reclaiming the $1 trillion mark, a feat not seen since the heights of the 2021 bull run. Adding to this optimism is the TOTAL2’s weekly Relative Strength Index (RSI) surging above 70 for only the second time since that memorable period and hinting at a potentially lucrative market turn. However, the shadow of volatility looms large as investors remain cautiously optimistic, eager to see if this uptrend will cement itself or fade away like so many before.
In this dynamic landscape, Cardano (ADA) and Avalanche (AVAX) stood out, each telling a different story. ADA, buoyed by strong fundamentals and a robust online community, saw its price soar to approximately $0.64, a significant 19% increase within the week, despite a minor correction today. On the other hand, AVAX faced a challenging phase with its impending 9.5 million token unlock, causing a downtrend in its value. Token unlocks often lead to speculation about potential price drops due to increased market supply.
Amidst this complex web of market movements, the crypto world is eagerly anticipating the debut of ScapesMania (MANIA) on a decentralized exchange (DEX). With its presale stage now behind it, MANIA aims to captivate a broader spectrum of crypto investors. Will it rise to meet investor expectations, or will it be another ripple in the vast ocean of digital currencies?
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 $6,125,000 at an unprecedented rate and there’s a strong probability that the token's value might increase exponentially in the future.
The spotlight has shifted to the Token Generation Event (TGE) coming up on February 25 – March 09. The pool of tokens is smaller than it was before, the conditions are better than the market average, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join is only a click away.
Your Last Chance to Boost Potential Returns Post Listing
The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters while also ensuring a high level of community engagement. Through DAO governance, backers will be able to influence and benefit from a growing industry.
Moreover, the token's utility is impressive. It's not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the multi-billion casual gaming industry, it leverages the market's growth potential. Post-debut, holders can anticipate greater liquidity and easier trading. A solid token management plan will further increase longer-term growth potential.
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 PancakeSwap listing is on the horizon, with CEX listings still in the works.
ScapesMania is also notable for a great cliff vesting structure to prevent token dumping, making sure that supply and demand are well-matched for potential growth.
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): A Bullish Trend Amidst Overbought Concerns
Cardano's (ADA) founder Charles Hoskinson recently expressed an optimistic outlook for his brainchild. Hoskinson's confidence stems from a 166% quarter-over-quarter and nearly 700% year-over-year surge in Total Value Locked (TVL) in light of the project's strategic partnerships and an evolving ecosystem. Strong fundamentals, notable development milestones and a focus on privacy-centric solutions like Midnight fueled increasing interest and investment in ADA.
Cardano (ADA) Technical Analysis
Technically, Cardano (ADA) is oscillating between the support level at $0.55 and the resistance level at $0.66. This positioning is critical as it indicates ADA's immediate market sentiment and potential direction.
Source: TradingView
The Exponential Moving Averages (EMA) further reinforce this narrative, with the 10-day EMA at $0.62 slightly above the current price, and the 50-day and 200-day EMAs at $0.59 and $0.54 respectively, suggesting a generally bullish trend in the medium to long term.
The RSI at 66.94 points towards a slightly overbought condition, hinting at potential selling pressure, while the Stochastic %K at 82.86 aligns with this overbought scenario.
Additionally, the Average Directional Index (ADI) at 36.39 indicates a growing strength in the current trend.
The Commodity Channel Index (CCI) at 100.63 and the MACD Level at 0.014 further suggest a bullish momentum, albeit with caution due to the proximity of overbought conditions.
Cardano (ADA) Price Prediction
In a bullish scenario, if Cardano (ADA) maintains its current momentum and breaks through $0.66, it could target subsequent resistance levels at $0.7 and potentially $0.81, aligning with market analyst Ali Martinez's prediction of ADA reaching $8 by January 2025. This trajectory would be consistent with the overall positive outlook suggested by the technical indicators and Cardano's (ADA) strong market fundamentals.
Conversely, in a bearish scenario, failure to sustain above $0.55 could see ADA retracing towards lower supports at $0.49 and $0.38, a movement that would necessitate a reassessment of the bullish stance and a closer evaluation of market sentiment and fundamental developments.
Avalanche (AVAX) Token Unlock: Surprising Market Rally Ahead?
Avalanche (AVAX) was a hot topic in the crypto community, with the impending release of approximately 9.54 million tokens into circulation on February 22nd. Representing about 2.6% of AVAX's total supply, this token unlock led to speculation about its market impact. Surprisingly, the aftermath of the last unlock event in November showed no negative pressure on Avalanche's (AVAX) price; instead, the asset experienced a notable increase, rising 5% in the first week and nearly 44% in two weeks. Such a counterintuitive market response set a precedent that can affect investors' expectations for the coming event.
Avalanche (AVAX) Technical Analysis
Meanwhile, AVAX is currently trading between its first support level at $37.91 and the first resistance level at $43.16.
Source: TradingView
The EMAs are clustered closely, with the 10-day EMA at $40.15, the 50-day at $39.87 and the 200-day at $37.27 suggesting a neutral to slightly bullish trend in the short term.
The RSI at 47.36 indicates that Avalanche (AVAX) is neither overbought nor oversold, providing room for potential movement in either direction. But the Stochastic %K, at a high 75.89, leans towards overbought territory, hinting at a possible pullback.
Additionally, the CCI at -8.1 and a barely negative MACD Level of -0.09 further support this indecisive market sentiment.
These indicators, combined with the ADI at a low 22.39, suggest a lack of strong trend in either direction.
Avalanche (AVAX) Price Prediction
Increased accumulation by whales, as evidenced by their snapping up over 12 million tokens since early February, and the growth in AVAX holdings by long-term holders, indicate strong confidence among major investors. This, combined with a 38% month-to-date increase in Open Interest in AVAX futures and a Longs/Shorts ratio greater than 1, suggests that derivatives traders are betting on a bullish future for Avalanche (AVAX). In the bullish case, if these trends continue and are bolstered by a positive reception to the token unlock, AVAX could break past its first resistance level at $43.16 and aim for higher targets at $46.03 and $51.28.
On the flip side, the bearish scenario could unfold if the market interprets the token unlock as an oversupply risk, potentially leading to selling pressure. This could see Avalanche (AVAX) retracting towards $37.91, and in a more severe downturn, testing lower grounds at $35.53 or even $30.28.
Final Words
Cardano (ADA) and Avalanche (AVAX) each present a distinct narrative in the current crypto landscape. Charles Hoskinson's optimism, driven by a significant surge in TVL and ecosystem developments, underpins ADA's strength. Technically, Cardano (ADA) shows a bullish trend, with technical indicators leaning towards a positive outlook.
Conversely, AVAX faces a pivotal moment with its coming token unlock, which historically has led to unexpected market reactions. Currently trading between key technical levels, Avalanche's (AVAX) future hinges on market perception of this event and underlying investor confidence, making its trajectory less certain than ADA's.
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.
