The crypto market is showing signs of recovery today. Bitcoin (BTC) is persistently attempting to break above $43,000 while market participants are widely anticipating the future for the crypto world following the long-awaited approval of Bitcoin ETF. Notably, representatives from major entities like BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) recently convened for the second time in a month to discuss essential rule changes required for the listing of a Bitcoin exchange-traded fund. The move can make a splash in the crypto industry indeed. For instance, Grayscale Investments foresees that the approval of spot Bitcoin ETFs by the U.S. SEC would open the door for the $30 trillion advised wealth market to gain exposure to Bitcoin.
In this crypto landscape, Polkadot (DOT) and Polygon (MATIC) are standing out with their noteworthy performance. Both coins have been consistently following an upward trajectory since yesterday, prompting the question of whether they can sustain their bullish momentum.
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Polkadot (DOT) Price Analysis:
As of the latest data, Polkadot (DOT) is trading at approximately $6.92, marking a 3.25% increase in a day. Its monthly performance is more impressive with a surge of 27%. The technical indicators from TradingView present a mixed but cautiously optimistic picture.
The Relative Strength Index (RSI) at 58.47, Stochastic %K at 53.92, and other oscillators like the Commodity Channel Index and the Awesome Oscillator are all in neutral territory. This suggests that DOT is neither overbought nor oversold, maintaining a balanced position. Meanwhile, the Momentum indicator is at 0.220, suggesting a buy action, while the MACD Level at 0.025 also indicates a buy. These metrics hint at potential upward trend in the immediate term.
Moving averages across various time frames are predominantly signaling 'Buy'. The 10-day SMA is standing at $6.816887060 while the 10-day EMA is at $6.841863145. This indicates a bullish trend in the short to long term.
Polkadot (DOT) Price Prediction:
The prevailing bullish sentiment in the majority of moving averages, with 'Buy' signals across various time frames, suggests a strong potential for DOT's price to continue its upward trajectory. If this bullish momentum is sustained and DOT maintains its current level around $6.92, it could aim for an immediate resistance level at $7.592289071. Upon breaking it, Polkadot may rise to the next upside target at $8.402729901.
However, the neutral readings from key oscillators, including the Relative Strength Index (RSI) and Stochastic %K, indicate that the market is neither overbought nor oversold. This neutrality suggests the possibility of a short-term consolidation or minor correction. Should DOT fail to uphold its current level and experience a downturn, it may find immediate support at $6.147002801.
Polygon (MATIC) Price Analysis
The on-chain metrics from IntoTheBlock provide mixed outlook for Polygon (MATIC). On the one hand, only 19% of holders are in profit at the current price, with a significant 75% out of the money, which explains the recent price declines. On the other hand, there are mixed signals with Smart Price showing bullishness, while Bid-Ask Volume Imbalance is neutral. A high concentration of 84% suggests significant control by large holders, which can impact price volatility.
According to the latest update from TradingView, MATIC is trading at approximately $0.7813. It has displayed a daily increase of 2.04%, recovering from yesterday’s lows of $0.7494. The analysis of technical indicators shows bullish potential in a short-term.
The Relative Strength Index (RSI) is at 44.17, indicating a neutral stance. The Stochastic %K is also neutral at 15.91. At the same time, the MACD Level at −0.0022 is showing buy signals.
The short-term bullishness is supported by the 10-day SMA at $0.7730 and the 10-day EMA at $0.7747. However, the longer-term perspective is bearish as the 100-day SMA is at $0.8034 while the 100-day EMA is at $0.8088. This analysis suggests that while there may be potential for short-term growth, the long-term outlook remains cautious with possible downward pressure on the price.
Polygon (MATIC) Price Prediction
The technical indicators for Polygon (MATIC) signal a favorable momentum in the coming days. The initial upside target is identified at $0.9012, and with the continuation of the current bullish trend, there's a prospect for an extended rise toward approximately $0.9856. These delineated levels present opportune points for profit-taking strategies.
At the same time, the potential for a temporary pullback cannot be ruled out. In such a scenario, immediate support is anticipated at the $0.7712 level. A more substantial decline might prompt a test of the lower support threshold at $0.7256.
Conclusion:
The cryptocurrency market is currently witnessing a recovery, with Bitcoin striving to break above $43,000 and anticipation building around the approval of a Bitcoin ETF. Noteworthy performers in this landscape are Polkadot (DOT) and Polygon (MATIC). While Polkadot shows a more bullish trend based on technical indicators, suggesting potential for growth, Polygon's on-chain data reveals a bearish sentiment among holders, with a significant portion out of the money and a dominance of large holders. Both cryptocurrencies, however, maintain a balance of interest across global markets, indicating their widespread appeal and potential for future growth or recovery.
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.
