Could This Be Avalanche (AVAX) and Polkadot’s (DOT) Make-or-Break Week?

Just when major cryptocurrencies like Bitcoin and Ethereum showed impressive upswings over the weekend, with Bitcoin soaring above $48,000,a peak not seen in 26 months, and Ethereum hitting $2,540, its highest since January 19, the tide abruptly turned. This sudden bearish wave on February 12 took many by surprise, especially considering the substantial net inflows into spot Bitcoin ETFs observed in the previous week. However, these crypto giants couldn't sustain their momentum, with both experiencing a drop of more than 1%.

This downturn wasn't isolated; top altcoins like Avalanche (AVAX) and Polkadot (DOT) also felt the heat, plunging more than 4% and 3% respectively. Interestingly, while AVAX saw a 17% dip in its 24-hour trading volume, dropping to $533 million, DOT's daily trading activity conversely increased by 4%.

Amidst this uncertainty, the crypto community is casting its eyes on emerging projects like ScapesMania (MANIA) that seems to be charting a different course. Offering presale discounts and stage bonuses, MANIA is making waves by prioritizing tokenomics and rewards for its users.

Ride The Wave of Innovation with ScapesMania

The ScapesMania presale wrapped up, becoming the talk of the crypto community. The project managed to secure over $5.4M at an unprecedented rate and there’s a good probability that the token's value will increase exponentially in the future.

The spotlight has shifted to the public sale with the Token Generation Event (TGE) coming up in March. 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 before the TGE is only a click away.

Your Last Chance to Boost Potential Returns Before the TGE

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 as the public sale unfolds. Be quick if you want to get your hands on those lucrative tokens before they're all gone!

Public Sale ALERT – Seize Your Chance

Avalanche (AVAX) Price Analysis

The recent trajectory of Avalanche (AVAX) has been a subject of keen interest in the crypto community, especially given its notable price performance over the last 20 days. Climbing steadily since January 22, when it dipped to around $28, AVAX reached a remarkable high just above $40 on February 10. This uptrend has been characterized by its confinement within an ascending parallel channel – a formation often indicative of corrective movements. So the bullish momentum faced a hiccup at the channel's resistance trend line, coinciding with the $40 resistance area. 

Source: TradingView

Currently, Avalanche (AVAX) is hovering between its first support at $35.16 and its first resistance at $42.78. Traders closely monitor this trading range in light of AVAX's coming token unlock event that can introduce volatility. The market’s reaction to the token release will determine altcoin's short-term price action.

Avalanche (AVAX) Technical Outlook

From a technical analysis standpoint, Avalanche's (AVAX) Exponential Moving Averages (EMA) at 10, 50, and 200 days are $39.16, $37.31, and $35.56 respectively, suggesting a generally bullish trend in the short to medium term. The MACD Level at 0.73 suggests a potential bullish crossover.

The Relative Strength Index (RSI) at 54.24 is near the mid-range, not strongly indicating either overbought or oversold conditions. However, the Stochastic %K is low at 20.16, hinting at possible overselling.

The Average Directional Index (ADX) at 39.76 shows a strong trend, though it doesn't specify the direction, while the Commodity Channel Index (CCI) at -33.99 leans slightly bearish. The negative Momentum of -1.47 indicates a lack of strong buying pressure.

Avalanche (AVAX) Price Forecast

Looking ahead, the bullish scenario for AVAX hinges on breaking through $42.78. Overcoming this resistance could pave the way for a test of higher levels at $45.82 and potentially $53.44.

On the flip side, a bearish outlook looms due to the impending unlock of 9.54 million AVAX tokens on February 22, which constitutes about 2.6% of its total supply. This could exert downward pressure on Avalacnhe's (AVAX) price and cause the bearish scenario to unfold. In this case, AVAX might retest $35.16 and could even slide towards $30.58 or $22.96 if the selling intensifies.

Polkadot (DOT) Price Analysis

Polkadot (DOT) has recently been a focal point of attention in the crypto market, but not all for positive reasons. After achieving a local high of $9.6 in late December, DOT has faced a significant downturn, plummeting by almost 30%. This decline is part of a larger trend, as it now trades at a value that is 87% lower than its all-time high of $55.

Source: TradingView

Despite these challenges, Polkadot (DOT) made headlines on February 6 with a remarkable achievement in the NFT sector, leveraging Unique Network parachain. The network demonstrated its capability by minting a staggering 4,930 NFTs per minute for the Web3 game "Forever Has Fallen," outpacing rivals like Solana and Polygon and showing DOT's true potential in high-speed and large-scale NFT minting.

Polkadot (DOT) Technical Outlook

From a technical standpoint, Polkadot (DOT) is currently trading between its first support at $6.68 and its first resistance at $7.44. The EMAs at 10, 50, and 200 days are clustered around the $7 mark, indicating a lack of clear trend direction in the short to medium term.

The RSI at 43.4 suggests that DOT is neither overbought nor oversold, hovering near the neutral territory. However, the low Stochastic %K value of 15.9 points to potential overselling.

The ADI at 20.1, combined with a negative CCI of -157.7, implies a lack of strong trend momentum and a potential bearish sentiment in the market. Furthermore, a near-zero MACD and negative Momentum reinforce this cautious outlook.

Polkadot (DOT) Price Forecast

In a bullish scenario, Polkadot's (DOT) recent achievements in the NFT space and the coming integration of Asynchronous Backing could provide the necessary impetus for a rebound. The network's enhanced minting capacity and scalability, along with a growing user and developer base, could attract more investment and drive prices towards higher resistance levels, potentially testing $7.77 and $8.53.

Conversely, in a bearish perspective, if DOT fails to capitalize on its technological advancements and address challenges in network security and stability, the price could break below $6.68 and test lower supports at $6.25 and S3 $5.49. This could be exacerbated by broader market trends and investor sentiment if the crypto market continues to face downward pressure.

Bottomline

In today's crypto market, both Avalanche (AVAX) and Polkadot (DOT) have experienced notable fluctuations. AVAX faces a pivotal moment with its coming token unlock event which could inject volatility into its market performance. On the other hand, DOT, despite its recent downturn, has showcased potential in the NFT sector, suggesting an underlying strength in its technological infrastructure. The future of both Avalanche (AVAX) and Polkadot (DOT) hinges on their ability to navigate through these crucial events and market sentiments, with potential bullish scenarios reliant on overcoming key resistance levels and bearish outlooks shadowed by the impact of broader market trends and internal challenges.

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