Why Is Avalanche (AVAX) Falling as Polkadot (DOT) Flies High?



Bitcoin, the flagship cryptocurrency, has been riding a bullish wave for a fifth consecutive day to test a striking $59,500 – a level not seen since November 2021. This surge, driven by an influx of investments into new U.S. spot Bitcoin exchange-traded products, has resulted in an impressive nearly 41% rise in February alone. The coming Bitcoin halving, historically a catalyst for price surges, further fuels expectations of Bitcoin surpassing its previous all-time high of $68,789. 

 

Ethereum has also climbed to its two-year high of $3,356, while the global market cap has risen 2.5% to $2.21 trillion.

 

Interestingly, not all cryptocurrencies are sharing in this prosperity. Polkadot (DOT) has notably mirrored the market’s positive trend, yet Avalanche (AVAX) presents a contrasting narrative. Despite the favorable market conditions, AVAX has turned bearish in the latest trading session, struggling to surpass its February high of $43.26.

 

Amidst this unexpected turn, emerging projects like ScapesMania (MANIA) are generating their own buzz. While its presale stage has concluded, the crypto community is eagerly anticipating its impending Token Generation Event and subsequent DEX listing.

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 upcoming PancakeSwap listing. The date was already announced in a recent AMA with the CEO, so don’t miss out! 

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.

>>> LISTING ALERT – Keep Up With Latest News <<<

Avalanche (AVAX): Overcoming Challenges, Eyeing Resistance

Avalanche (AVAX) recently encountered a significant hiccup that impacted its market performance.The network experienced a major outage lasting over five hours, initially attributed to a “new inscription wave” but later identified as a code-related issue causing nodes to overload CPU usage.The problem, centered around excessive gossiping within the network, was promptly addressed with a software update to disable the problematic logic.

Following the outage, AVAX witnessed a 10% decline in its price, dropping below $36.This downturn was exacerbated by heightened selling pressure and the unlocking of approximately $365 million worth of tokens from vesting schedules. Although there has been some recovery, Avalanche (AVAX) kept struggling to consolidate above the psychologically important $40 mark.

Avalanche (AVAX) Technical Analysis

AVAX is currently trading between its first support at $34.84 and first resistance at $40.34.

Source: TradingView

The Exponential Moving Averages (EMAs) for 10, 50, and 200 days are hovering around $39.23, $38.24, and $37.46, respectively, suggesting a consolidation phase near the current price levels.

The Average Directional Index (ADX) at 30.88, although not strongly indicative of a trend, coupled with a Commodity Channel Index (CCI) of 82.81, suggests a growing bullish sentiment.

The MACD Level at 0.64 and a Momentum of 0.48 further confirm this cautiously optimistic outlook.

However, the Relative Strength Index (RSI) at 64.65, while indicating a slightly bullish momentum, also warns of a potential overextended condition. The Stochastic %K, at an elevated 83.91, supports this view, implying that the asset might be approaching overbought territory.

Avalanche (AVAX) Price Forecast

In the bullish scenario, if Avalanche (AVAX) manages to break past $40.34, it could target the next resistance levels at $43.25 and potentially $48.76, supported by increased buying pressure and positive market sentiment.

On the flip side, a bearish turn could see AVAX testing $34.84. Should it fail to hold this level, further declines could see it approach $32.23 and potentially $26.72. Such a downturn would likely be driven by continued market skepticism following the recent network issues and the impact of unlocked tokens flooding the market.

Polkadot (DOT): What’s Driving the Rally?

Polkadot (DOT) exhibited a notable performance in the recent upswing of the cryptocurrency market. DOT saw a remarkable price increase of over 15% in the past week, with a surge of more than 5% in just the last 24 hours. This bullish trend was not just limited to price movements; Polkadot’s (DOT) trading volume also escalated by over 13%, indicating heightened investor activity amid positive developments on the technical front.

Despite this uptrend, an intriguing aspect is the persistence of bearish sentiment as indicated by DOT’s weighted sentiment remaining negative. Yet, the high social volume of Polkadot (DOT) reflects its continuing popularity in the crypto space, suggesting a complex interplay of market perceptions and realities.

Polkadot (DOT) Technical Analysis

From a technical analysis perspective, DOT is trading between its support level at $7.38 and resistance level at $8.69.

Source: TradingView

The EMAs show a positive trend, with the 10-day EMA at $8.27, 50-day EMA at $7.87, and 200-day EMA at $7.46 all below the current price level.

The ADX at 34.78, and the CCI at 150.5, suggest a strong upward trend. The MACD at 0.19 and Momentum at 0.45 further reinforce this bullish outlook.

But the RSI at 72.53 indicates an overextended condition, which often precedes a pullback. The Stochastic %K is also in the overbought territory at 89.09.

Polkadot (DOT) Price Prediction

Considering these technical indicators, the bullish scenario for Polkadot (DOT) would involve breaking past $8.69, potentially testing the next resistance at $9.96. This move could be supported by the continued high development activity around the Polkadot blockchain as indicated by the recent spike in daily code commits and a stable number of developers and users.

Conversely, in a bearish scenario, if DOT fails to maintain its current momentum and falls below $7.38, it might find support at $6.85 or even $5.93. The bearish sentiment prevailing in the market, despite positive technicals and development progress, adds an element of unpredictability.

Bottomline

In today’s bullish crypto market, Avalanche (AVAX) and Polkadot (DOT) present two contrasting narratives. AVAX, despite the overall bullish market trend, has turned bearish, struggling to surpass its recent high. This downturn contrasts starkly with DOT’s performance, which has mirrored the positive market trend, witnessing over a 15% increase in the past week. Polkadot’s (DOT) rise, accompanied by a surge in trading volume, suggests active investor engagement, even though it faces a perplexing bearish sentiment.

This divergence in trajectories of Avalanche (AVAX) and Polkadot (DOT) highlights the nuanced and unpredictable nature of the crypto market where each token’s journey is uniquely influenced by a blend of market sentiments, technical indicators, and underlying blockchain developments.

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.





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