Today’s crypto market saw an uptick, hinting at a potential end to the bearish phase that has loomed since 2022/2023. Bitcoin soared past the $50K mark, a first in several months, bringing the total crypto market capitalization to an impressive $1.88 trillion. However, this sudden surge wasn’t without its drama as it led to nearly $200 million in liquidations, predominantly among short traders.
The crypto market’s correlation with traditional stock markets like the S&P500 and the Dow Jones Industrial Average which have reached their all-time highs further bolsters the optimistic outlook for digital currencies. The recent developments in spot Bitcoin ETFs in the United States, accumulating over 682K BTC, have not only boosted confidence in Bitcoin but have also paved the way for Ethereum-focused ETFs, with giants like Franklin Templeton joining the race. As the SEC gears up to decide on ETH-ETFs by May, the anticipation of approval adds another layer of suspense to the market’s trajectory.
The altcoin market, showing a bullish pennant breakout, hints at more gains in the near future. Notably, Polygon (MATIC) emerged as one of top performers, enjoying a nearly 7% increase. Ripple (XRP), while less spectacular, still managed a commendable 2% rise, indicating a green trend across the board. Amidst this bullish climate, Cardano (ADA) has also caught the eye of investors, with its price climbing over 4% amidst a 37% surge in daily trading volume. This growth aligns with the increased inflow into digital assets, as reported by CoinShares, with Bitcoin, Ethereum, Solana, and ADA leading the charge.
Amidst these established giants, ScapesMania (MANIA) emerges as a promising newcomer. With its presale stage being over and coming DEX listing, MANIA is a project to watch closely due to its strategy focused on customer engagement and rewarding tokenomics.
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
Ripple (XRP): Whale Accumulation and OI Surge Stir the Market
Ripple (XRP) has recently been the center of attention with the intriguing movement of $33 million worth of XRP tokens from Binance to unknown wallets. Another significant transfer, a part of a broader whale accumulation, has sparked discussions and theories among the Ripple (XRP) community and investors. This speculation is underpinned by a noticeable increase in XRP’s price which has risen by 5% in the past week. Furthermore, there’s been a substantial 34% surge in the 24-hour trading volume, now exceeding $1 trillion, and a 5% increase in Open Interest for XRP, as reported by CoinGlass.
Yet, despite these positive indicators and heightened market activities, Ripple (XRP) hasn’t mirrored the massive rallies seen in the broader crypto market, leading to a closer examination by investors and market analysts.
Ripple (XRP) Technical Analysis
From a technical standpoint, XRP is currently trading between its first support at $0.4453 and first resistance at $0.6005.
Source: TradingView
Its Exponential Moving Averages (EMAs) show a mixed sentiment, with the 10-day EMA at $0.5226 slightly below the last price, but the 50-day and 200-day EMAs at $0.5479 and $0.5602, respectively, indicate a longer-term trend that’s slightly bearish.
The Relative Strength Index (RSI) at 49.3 is neutral, suggesting that Ripple (XRP) is neither overbought nor oversold. But the Stochastic %K is high at 81.6, hinting at potential overbought conditions.
Meanwhile, the Commodity Channel Index (CCI) at 92.6 indicates a short-term bullish sentiment. However, the MACD level close to zero and negative Momentum (-0.011) suggest a lack of strong bullish momentum.
The Average Directional Index (ADI) at 30.5 also shows a moderate trend strength.
Ripple (XRP) Price Prediction
In a bullish scenario, if XRP breaks above its first resistance at $0.6005, it could aim for the next targets at $0.6982 and $0.8534, bolstered by positive market news such as the integration of smart contract features on the XRP Ledger (XRPL) through Hooks which has garnered significant support from the community.
On the other hand, a bearish outlook could see Ripple (XRP) falling back to its first support level at $0.4453, and if the sentiment turns more negative, it might even test lower grounds at $0.3879 and $0.2327. Persistent concerns about the integration of Hooks into the XRPL and its potential risks could contribute to a bearish sentiment.
Cardano (ADA): Aiming for New Heights Amid Investment Surge
Cardano (ADA) has recently been a focal point in the cryptocurrency market due to a remarkable influx of investments. According to the latest report by CoinShares, ADA-oriented investment products witnessed a staggering 1,000% increase in just one week, amounting to $6.1 million in new inflows. This surge places Cardano (ADA) as the third-largest recipient of funds, with a year-to-date figure standing at an impressive $11 million.
Cardano (ADA) Technical Analysis
From a technical perspective, ADA is currently trading between support at $0.417 and resistance at $0.608.
Source: TradingView
The EMAs present a bullish trend, with the 10-day EMA at $0.535) and 50-day EMA at $0.519 positioned above the 200-day EMA at $0.433.
The RSI at 59.4 suggests a growing bullish momentum without being overbought. The MACD level at 0.008 and Momentum at 0.042 both reinforce the current upward trend.
But the Stochastic %K, currently at 84.9, indicates a strong uptrend nearing overbought territory. The CCI at 141.2 also points to an overbought condition.
Cardano (ADA) Price Prediction
In a bullish scenario, following Ali Martinez’s analysis, Cardano (ADA) could break through the additional resistance zone between $0.54 and $0.56, a level where a large number of ADA is held. Overcoming this resistance could propel Cardano (ADA) towards the $0.68 mark, marking a potential 26% increase from its current position in light of the recent surge in fund inflows and the positive sentiment among investors. Further price barriers are set at $0.719 and $0.91.
On the flip side, in a bearish scenario, if ADA fails to sustain the momentum and falls below the support level of $0.417, it might face further decline towards the lower thresholds at $0.337 and potentially $0.146.
Polygon (MATIC): Unveiling the ‘Type 1 Prover’ and Its Market Impact
Polygon (MATIC) has recently been in the limelight following the introduction of the “type 1 prover” technology by Polygon Labs. This innovation, slated for release later in 2024, will facilitate EVM-compatible chains to adopt zero-knowledge proofs. The type-1 prover, an upgrade over the existing type-2 mechanism, offers compatibility without necessitating hard forks or adjustments to current clients.
This is a pivotal development for Polygon’s (MATIC) ambition to transition a variety of blockchains into validiums – layer-2 networks that leverage zero-knowledge proofs for increased efficiency and lower transaction costs. Validiums differ from ZK-Rollups by storing only zk-proofs on the Ethereum mainnet, with the actual transaction data held off-chain. This technological advancement and the impending launch of the AggLayer for blockchain interoperability are expected to be key drivers in MATIC’s strategy moving forward.
Polygon (MATIC) Technical Analysis
From a technical analysis perspective, Polygon (MATIC) is currently trading between its first support at $0.6407 and first resistance at $0.9834.
Source: TradingView
The EMAs paint a positive picture, with the 10-day EMA at $0.8404, the 50-day EMA at $0.8221 and the 200-day EMA at $0.7805, all below the current trading range, indicating an upward trend.
The RSI at 60.3 suggests that MATIC provides room for movement in either direction, while Stochastic %K is high at 84.8, indicating potential overbought conditions.
The MACD at 0.0126 and Momentum at 0.0894 further support the bullish bias in the short term. But it’s noteworthy that the low ADI at 15.6 suggests a lack of strong trend.
Polygon (MATIC) Price Prediction
In a bullish scenario, if Polygon (MATIC) continues its upward trajectory, breaking past the first resistance level of $0.9834, it could aim for the second target at $1.1799, and potentially test the most desired ceiling at $1.5226. The excitement over the coming Polygon 2.0 and recent tech breakthroughs are driving a wave of investor enthusiasm.
Conversely, in a bearish scenario, failure to maintain the momentum could see MATIC fall back towards its first support level at $0.6407. A break below this level could lead to a test of the second defense line at $0.4945, and in a more significant downturn, the $0.1518 mark. The market’s reaction to Polygon’s recent and coming developments will likely determine which of these scenarios unfolds.
Bottomline
In today’s dynamic crypto landscape, Ripple (XRP), Cardano (ADA) and Polygon (MATIC) are making notable strides amidst a market showing signs of recovery from the prolonged bearish phase.
Ripple’s movement of $33 million worth of XRP from Binance to unknown wallets, coupled with a 5% price increase and a surge in trading volume and Open Interest, has spurred both curiosity and cautious optimism among investors.
ADA has witnessed a remarkable 1,000% increase in investment products in light of a growing investor confidence that’s reflected in its bullish technical indicators.
On the other hand, MATIC is capturing attention with its innovative “type 1 prover” technology, poised to revolutionize EVM-compatible chains and L2 networks, and strong technical signaling potential upward movement.
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.
Source: https://cryptodaily.co.uk/2024/02/will-bitcoins-surge-past-50k-catalyze-mega-moves-from-ripple-xrp-cardano-ada-and-polygon-matic