Polkadot (DOT) and Avalanche (AVAX) Set New Courses, Market Eagerly Watches On

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The cryptocurrency market is currently on a lively upswing: Bitcoin has risen to around $36,700, while Ethereum has impressively increased to about $2,100. This upward trend is fueled by the growing excitement over the potential approval of Bitcoin ETFs and the boost Ethereum received from BlackRock’s proposal for a spot Ethereum ETF.

In this active environment, altcoins such as Polkadot (DOT) and Avalanche (AVAX) are also gaining momentum, each posting around a 14% gain in the past week. Among these, ScapesMania (MANIA) is emerging as a presale project that’s catching the attention of investors, noted for its potential for high returns and a degree of predictability. 

However, despite the encouraging current trends, both upward and downward movements are possible in the near future.

While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project’s appeal.

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Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.

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Polkadot (DOT) has been in the spotlight recently due to a notable upgrade to its staking platform. The introduction of Staking Dashboard 1.1, offering insights into 14-day staking activities, has favorably impacted the asset’s price. Since the announcement of this upgrade, DOT has climbed above $5, currently trading at around $5.1. This represents a 2% increase in the last 24 hours, with a trading volume of approximately $403 million. The recent upswing in value has elevated the market capitalization of Polkadot (DOT) to roughly $6.66 billion.

Polkadot (DOT) Technical Analysis

Technically, Polkadot (DOT) is navigating between key support and resistance levels. The primary support and resistance levels to watch are $4.71 and $5.42, respectively. The cryptocurrency has also recently broken above a descending pattern, suggesting a potential shift in trend. 

Source: TradingView

Noteworthy technical movements include the stalling of the 3-10 day MACD oscillator around $5.06 and the crossing of the 9-day moving average at $4.78. Other significant points include the 1-month high and 13-week high both at $5.25, and the 52-week low at $3.60, which also marks the 1-month and 13-week low.

In terms of future scenarios, if DOT continues its bullish momentum, it could aim to breach the second level resistance of $5.42, potentially targeting the third-level resistance at $5.59. On the contrary, a bearish turn could see the token dropping below the first support point of $4.71, with possible further declines to the second support at $4.54 or even the third support at $4.27. 

These movements will depend on both internal developments of Polkadot (DOT) and the broader market trends, making its near-future trajectory an intriguing aspect for investors to monitor.

Avalanche (AVAX) has been making notable strides in the cryptocurrency market, buoyed by a surge in its price. The token’s network activity has remained stable, mirroring its performance at the end of October. This includes a high transaction speed of 210 and a total gas usage of 6.98 trillion in the past week. Additionally, the blockchain’s daily active addresses and value capture in terms of fees and revenue have increased. 

The staking ecosystem of Avalanche (AVAX) is strong, with a staking ratio of almost 60% and staking rewards at 7.84%, alongside over 85,000 staking wallets and more than 248 million AVAX tokens staked.

Avalanche (AVAX) Technical Analysis

Technically, Avalanche (AVAX) is trading in a pivotal zone between $11.77 and $14.78. As per Hyblock Capital, its price action has been fluctuating, with a notable increase in liquidations as the price briefly hit $13.2, followed by a recovery. The AVAX price’s strength is backed by a rising wave of development activity, highlighting constant upgrades and enhancements on the platform. The asset’s standing in the derivatives market is also strong, indicated by a positive Binance Funding Rate. 

Source: TradingView

Presently, Avalanche (AVAX) is priced at around $13.3, with a 24-hour trading volume of approximately $574 million, showing a 3% decline in the past day.

For the future, AVAX faces both bullish and bearish possibilities. The bullish case hinges on continued network strength and development, potentially pushing the price towards resistance levels of $13.70, then $14.78, with the 1-month high at $13.94 acting as a key turning point. 

Conversely, the bearish scenario considers the possibility of breaking below the immediate support at $11.77. If this happens, the price could further slide to the second support at $10.92 or even the third at $9.84. These levels align with the 13-week low and the 52-week low, both around $8.66, indicating critical thresholds for the token. 

In a vibrant crypto market, traditional giants like Bitcoin and Ethereum are climbing alongside promising altcoins like Polkadot (DOT) and Avalanche (AVAX). Each token’s journey, marked by technical milestones and network upgrades, weaves a tale of potential highs and cautionary lows. Whether it’s the staking advancements of DOT or the robust network activity of AVAX, the future holds a mixed bag of bullish breakthroughs and bearish setbacks, keeping investors keenly tuned in for the next market wave.

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.