MATIC, ADA, and DOGE hot altcoins this week
The crypto market has been negative for most of the week. However, this week, altcoins such as MATIC, ADA, and DOGE have been among the top trending altcoins for their unique positioning in the market.
Network developments on Polygon pushed the price
MATIC price had a bullish technical pattern in early Feb, but that has shifted to a bearish pattern. The token has had a downtrend since Feb. 18, dropping 15% to a $1.34 low on Feb. 23. Long upper wicks on consecutive daily candles show the bearish pressure on MATIC/USD.
If MATIC keeps up its price shedding, the Polygon token could drop below the 20-day EMA(red wave) support close to the $1.31 level. On the other hand, a break and hold above immediate resistance could increase the MATIC token price above $1.63 before a downward movement.
Polygon has seen developing investor interest in the ecosystem, up 80.5% year to date as of Feb.18.
Polygon has gained traction in the past few weeks after they announced launching their beta version of the zkEVM on Mar. 27. These xkEVM testnets saw increased developer interest in the ecosystem. In addition, there is increased NFT activity whereby the weekly volumes have increased since Oct. 2022.
Cardano saw more adoption
Cardano(ADA) has been trading sideways, and the asset did not remain above the $0.40 resistance level. ADA has attracted traction due to increased network development and adoption. Hence, it brought about a price rally focusing on the network’s future value.
ADAUSD. Source: Tradingview
At the time of writing, the token is trading at $0.3833, a 0.14% drop from yesterday.
The 20-day EMA, at $0.39, has flattened out, and the RSI is close to 50, showing an equilibrium point between bulls and bears. If the prices increase, the bulls will try another overhead hurdle clearance.
When this happens, the price could rally to $0.52 and reach the $0.60 level. If the price goes below the 50-day SMA, it could turn the price to the strong support zone around $0.34.
DOGE’s tweets drove attention
Dogecoin (DOGE) has been sluggish in the last couple of days, whereby both the bulls and bears have been cautious and not taking up large bets.
However, it had a temporary rally yesterday after Elon Musk made a humorous joke about the famous Baha Men song, “Who Let The Dogs Out,” whereby he mentioned that he let the dogs out, which provided trendy DOGE quotations.
At the time of writing, DOGE is trading at $0.0847. That is a 1.05% drop over the last 24 hours, still holding the 10th position among the cryptos with the highest market caps.
DOGEUSD, Source: Tradingview
If the price breaks above $0.10 could bring down the $0.11 resistance. When this happens, the pair picks momentum and reaches $0.15. If the price goes below $0.08 could take the price to $0.07.
