The crypto market is abuzz with Ethereum's Dencun upgrade. Launched on March 13, it dramatically reduced the fees required to use layer-2 (L2) networks. Following the upgrade, data from l2fees.info showed a sharp decline in the cost of using networks like Optimism (OP) and Polygon (MATIC) zkEVM, with fees dropping to less than $0.01 and $0.39, respectively.
While this drop is significant, QCP Capital, a prominent crypto asset trading firm, casts a shadow of doubt with their prediction of a potential price fall for Ethereum (ETH), despite the Dencun upgrade. This cautious stance is echoed in today's market trends, where ETH has slipped more than 2%, with OP following suit, declining over 4%. In stark contrast, MATIC is charting a divergent course, holding onto minor gains. This contrasting market reaction to the Dencun upgrade brings up a question: who stands to benefit the most from this Ethereum development?
Meanwhile, in the vibrant world of decentralized finance, ScapesMania (MANIA) is making waves post-TGE. Since stepping onto PancakeSwap, a decentralized exchange on the Binance Smart Chain known for its vast user base and liquidity, MANIA has shown remarkable resilience in the market where short-term ICOs often fade into obscurity.
Ride The Wave of Innovation with ScapesMania
The introduction of a new crypto project is usually met with very cautious optimism. But when its numerous past sales and token generation event (TGE) are a huge success, it all seems like the first step on a path full of growth potential. ScapesMania, the groundbreaking casual gaming project, has a lot to show for its unstoppable hype.
$MANIA has stepped into PancakeSwap, a decentralized exchange on the Binance Smart Chain network known for its extensive user base and liquidity. The debut trading day proved to be impressive. The token price demonstrated resilience, indicating robust tokenomics and promising prospects for the project. Unlike short-term ICOs, ScapesMania has proven itself to be a serious venture within a thriving market.
Just let the numbers speak for themselves:
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Holder count: 18.41K
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24-hour trading volume: $2.25M
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Over 2,535 buys and 1,651 sells
ScapesMania also topped DEXTools' Hot Pairs list right away after its debut.
This project started out with a presale event that garnered an incredible $6.125 million. The fact that it attracted over 60,000 followers across different social media networks and a vast number of holders is even more remarkable. This strong support and funding demonstrate how appealing and promising the project is to a wide audience. A real breakthrough might be just around the corner, so it would be a waste not to grab $MANIA tokens before they skyrocket.
The launch of liquidity pairings including MANIA/WBNB and MANIA/USDT marked the beginning of active trading. The demand from the community led to USDT becoming the main source of liquidity.
Why get involved with ScapesMania now that it's listed? First, $MANIA tokenomics are balanced, with a cliff and vesting system helping maintain stability. Second, ScapesMania incentivizes community members through its staking program, rewarding commitment with extra tokens. Third, through DAO governance, community members can vote on ecosystem development decisions. Finally, ScapesMania continuously expands token utility, offering more benefits to $MANIA holders.
With a strong plan for promoting the project after listing, its success might keep up the record-breaking pace after its debut. The team's dedication to long-term development and prominence in the cryptocurrency industry is shown by their impressive marketing efforts — 75K+ average monthly traffic is no joke.
Additional upsides that may be the biggest deciding factors when it comes to growth are:
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The project's smart contract has been approved by BlockSafu. Holders may rest certain that the project's infrastructure is reliable and up to par thanks to this endorsement.
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Enthusiastic support from numerous notable crypto influencers. It lends legitimacy and affirms ScapesMania’s status as one of the promising new projects.
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Experienced team. Innovating and executing a project successfully requires a team of seasoned specialists. This project is in a strong position to overcome any obstacles and take advantage of opportunities.
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Bright future. The project has come a long way, but it still has a long way to go. There are tentative plans to list on a centralized exchange (CEX), which will provide access to more markets and more liquidity.
Everything about ScapesMania was carefully designed to facilitate major growth potential. From successful, well-publicized sales to its advantageous alliances, seasoned staff, and strategic positioning in the casual gaming niche – it looks poised for big things.
Choosing ScapesMania right now, post-TGE, offers early access, exclusive benefits, diversification, lower competition within a dynamic niche, and, more importantly, a potentially perfectly-timed entry point for maximum growth. The coin's stable post-listing price and strong initial support, coupled with an influx of newcomers, indicate long-term confidence, so it might be the time to make your decision.
Polygon (MATIC): Record Highs in Active Addresses, TVL and NFT Volume
Polygon (MATIC) entered the spotlight after its Proof of Stake (PoS) network reached a new high with 1.23 million daily active addresses. Thus, the PoS chain maintained over a million daily active addresses for 20 consecutive days. Following the announcement, the price of MATIC hit $1.26 – its highest since February 2023.
Alongside this, the Total Value Locked (TVL) in Polygon (MATIC) zkEVM also witnessed a substantial increase post-Dencun, setting a new all time high of $185 million. Adding to Polygon's (MATIC) buoyant narrative is the data from Dune Analytics, which revealed that the volume of Polygon NFTs traded remained high, indicating sustained interest and engagement in Polygon’s NFT ecosystem despite market fluctuations.
Polygon (MATIC) Technical Analysis
Technical analysis of MATIC suggests a cautiously optimistic outlook. Currently trading between its first support level at $1.04 and first resistance level at $1.335, altcoin displays a positive trend.
Source: TradingView
The Exponential Moving Averages (EMA) – 10-day at $1.238, 50-day at $1.182, and crucially, the 200-day at $1.05 – are aligning to signal a bullish momentum.
The MACD level at 0.021 and the Momentum at 0.058 subtly lean towards the positive side, hinting at possible continued upward movement.
The Relative Strength Index (RSI) at 55.45 points towards a neutral to slightly bullish sentiment.
However, the Stochastic %K at 70.1 is edging towards overbought territory, hinting at potential price pullbacks.
Additionally, the Average Directional Index (ADX) at a low 15.75 indicates a lack of strong trend direction.
The Commodity Channel Index (CCI) at 48.97 supports this view of market uncertainty.
Polygon (MATIC) Price Prediction
Looking ahead, the bullish scenario for Polygon (MATIC) could see it breaking past $1.335 and aiming for $1.44. If the positive sentiment around Polygon’s growing ecosystem and liquidity continues, bolstered by the high activity on its NFT market, MATIC could potentially test the $1.735 level.
On the bearish side, if Polygon (MATIC) fails to sustain its current level and dips below $1.04, it might retest lower support levels at $0.85 and possibly $0.554, especially if broader market sentiment weakens or if investors begin to take profits following the recent highs.
Optimism (OP): Private Sale and Ethereum Scalability in Focus
The Optimism (OP) network, known for its innovative approach to scaling Ethereum through optimistic rollups, has recently grabbed headlines with its strategic private token sale of approximately 19.5 million OP tokens. This move, revealed on the Optimism governance forum on March 7, has introduced a two-year lockup period for these tokens, although they can be delegated to third parties for governance purposes.
Notably, just before this announcement, the OP token reached an all-time high of $4.85 on March 6, 2024. The surge in Optimism's (OP) value followed the market’s bounce-back, during which investors got their confidence back.
Optimism (OP) Technical Analysis
From a technical analysis standpoint, OP is currently in a precarious position, trading between its first support level at $3.874 and the first resistance level at $5.036.
Source: TradingView
The 10-day and 50-day EMAs are slightly above the last traded price, indicating potential bearish pressure, while the 200-day EMA lies below, offering a bullish counterpoint.
The RSI at 36.99 leans towards the oversold territory, suggesting a potential upside.
However, ADX at 25.7 shows a lack of strong trend, and the Commodity Channel Index (CCI) at -146.92 hints at an oversold market condition.
The MACD level and Momentum indicator further underscore the current market uncertainty surrounding Optimism (OP).
Optimism (OP) Price Prediction
In the bullish scenario, if OP breaks past $5.036, this could signal renewed investor confidence in Optimism's technology, especially in light of its role in Ethereum’s scalability. The further breakout to $5.53 and even $6.692 might be driven by the “buy the dip” sentiment following the recent price decline post-Dencun upgrade.
On the flip side, a bearish outlook could see OP retesting its lower support levels, particularly $3.206 and $2.044. This could result from the market digesting the implications of the private token sale and adjusting to the broader market trends.
Bottomline
The crypto market is stirring with activity, especially following Ethereum's Dencun upgrade. Crucial for reducing fees on L2 networks, this development has significantly affected the likes of Optimism (OP) and Polygon (MATIC) as the costs on these networks have dropped considerably, creating a favorable environment for their growth. Despite this, the crypto trading firm QCP Capital raises concerns about Ethereum's future price, hinting at a potential decline, and amid these uncertainties, MATIC is maintaining an upward trend, while OP is mirroring Ethereum's slight downturn. This mixed market reaction raises questions about who will benefit most from Ethereum's latest development, Polygon (MATIC) or Optimism (OP).
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.
