Key Takeaways:
- The cryptocurrency market enjoyed a relief rally on Saturday.
- Multiple tokens, like MATIC, ALGO, SOL, and AXS rallied upwards.
- However, DOT struggled with continuing its uptrend.
NEW DELHI (CoinChapter.com) — The cryptocurrency market started the weekend with a bang as crypto tokens like Polygon (MATIC), Algorand (ALGO), Solana (SOL), Polkadot (DOT), and Axie Infinity (AXS) registered massive gains with no signs of stopping.
However, ALGO price rally seems to be cooling on Nov 5, with the token painting a red candle.
Meanwhile, Bitcoin (BTC) price rose above $21,000, with Ethereum (ETH) price following suit and rising above $1,600. The wider crypto market also enjoyed bullish rallies.
However, macroeconomic headwinds remain, with massive protests in Spain resulting from uncontrolled inflation underscoring the EU’s economic condition. Additionally, recession warnings from the Bank of England might dampen investor spirits.
1. Polygon (MATIC) Price Prediction
Polygon’s native token MATIC price jumped more than 50% in three days from Nov 3’s low of $0.87 and reached an intraday high of $1.31 on Nov 5. Furthermore, the MATIC token registered its highest single-day gain (22.9%) since Jul 18 on Nov 4.
The long upper wick on Nov 5’s daily candle indicates traders have started to book profits. Moreover, the relative strength index for the Polygon token price climbed into the overbought region, with a value of 78.99 on the daily charts.
An overbought RSI often preludes a bearish trend reversal, which is why traders consider it a sell indicator. As a result, MATIC price might fall to support near $1.11. A marketwide sell-off might see the MATIC token test support near $1.02 before recovering.
Meanwhile, the uptrend resulted in MATIC’s 20-day EMA (red wave) moving above its 200-day EMA (green wave) to form a bullish technical pattern called the Golden cross. Traders consider the pattern a sign of positive market sentiment and a buy signal.
Hence, if bulls keep the uptrend going, the MATIC token price could rise to resistance near $1.22. On the other hand, a break and hold above immediate resistance might help the Polygon token price challenge resistance near $1.35 before downside corrections pare gains.
Meta’s Polygon-Powered NFTs Help MATIC Gather Speed
One major bullish cue for the Polygon token came from Web2 giant Meta’s decision to launch a toolkit that would help users mint, showcase, and sell Polygon-powered NFTs on its social media platform Instagram.
Instagram’s parent company Meta stated creators would be able to sell their NFTs on and off Instagram. Polygon is Meta’s initial partner for this upgrade.
[Polygon] will have an end-to-end toolkit — from creation (starting on the Polygon blockchain) and showcasing, to selling. People can easily support their favorite creators by buying their digital collectibles directly within Instagram.
Meta said
At present, only a small group of creators in the US have been granted access to test the new feature. Meta stated that the feature would roll out to other countries soon but shared no timeline.
Another feather to Polygon’s hat came from the multinational bank JP Morgan executing its first-ever cross-border transaction using DeFi.
The Monetary Authority of Singapore’s’ (MAS) Project Guardian, established to explore DeFi’s “applications in wholesale funding markets,” facilitated the trade. The program examined the benefits that tokenized assets and DeFi protocols can bring to traditional finance’s table.
Interestingly, the bank executed the trade on Polygon using a modified version of the Aave protocol’s smart contract code. Singapore’s’ DBS Bank, Tokyo-based SBI Digital Asset Holdings, and business leadership platform Oliver Wyman Forum were also part of the pilot program.
2. Algorand (ALGO) Price Prediction
Algorand’s native token ALGO price continued rallying after jumping nearly 18% between intraday low ($0.366) and high ($0.43) levels on Nov 4. The Algorand token jumped 10.4% on Saturday, reaching an intraday high of $0.45 from the day’s low of $0.403.
If the uptrend continues, the ALGO token price will likely needle above its 200-day EMA (green wave) and target resistance near $0.462. Moreover, a break and hold above immediate resistance might help the ALGO token rise to resistance near $0.5 before retreating.
Meanwhile, the Algorand token’s relative strength index continues to be overbought, clocking at 83.8 on the daily chart. An overbought RSI often preludes a trend reversal favoring bears, resulting in traders considering the indicator a sell signal.
An overbought RSI-induced sell-off might result in ALGO price falling to $0.421. Additionally, failure of immediate support could force the Algorand token to test support near $0.39 before recovering.
FIFA Fueling Algorand Rally
In May, FIFA announced a partnership with Algorand, making it the official blockchain partner for the governing body. In addition, the partnership led to the creation of FIFA’s NFT marketplace, FIFA+ Collect.
The marketplace would allow fans to buy, sell, and trade NFT collections that commemorate iconic moments in the history of soccer.
This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”
FIFA Chief Business Officer Romy Gai said in an announcement
In addition, Algorand is a major sponsor of the FIFA world cup, which will help introduce the blockchain project and its crypto token to billions of viewers globally. With the tournament happening in Nov, the news would continue pushing ALGO price rally upward.
3. Solana (SOL) Price Prediction
Solana’s native token SOL price registered gains of 9.33% on Nov 4, carrying the bullish momentum into the weekend. SOL price reached an intraday high of $35.7 on Saturday from the day’s low of $33.67, jumping nearly 6% in the process.
Bears aggressively defend the Solana token’s 100-day EMA (blue wave) resistance.
However, if SOL price closes above the 100-day EMA, bulls would likely push the token to resistance near $37. A break and hold above immediate resistance would also help the SOL token reach resistance near $41.8 before downside corrections pare gains.
Meanwhile, the SOL token’s RSI remains neutral, with a value of 63.33 on the daily charts. However, the RSI trendline is sloping upward, leaving little room for the Solana token to continue its uptrend before the RSI becomes overbought.
If SOL’s uptrend falters, the token might fall to support from its 50-day EMA (purple wave) near $32.5. A marketwide sell-off could result in the Solana token breaking below immediate support to test support near $30 before recovering.
Yoots Boosts Solana NFT Sales
The trading volume of NFTs minted on Solana jumped 180% in the past 24 hours, up to 311,350 SOL tokens (worth nearly $10.35 million), per data from Tiexo. The rise in volume is welcome news for Solana, which saw a drop of 50% in NFT sales in Oct following a strong showing in Sept.
y00ts, the successor to the DeGods project, was responsible for most of the NFT trading volume on Solana. The collection contains 15,000 profile pictures with a mix of different design traits. The project delayed its full launch after a widely publicized Sept mint.
4. Axie Infinity(AXS) Price Prediction
AXS, the native token of the play-to-earn NFT-based game Axie Infinity, started rising on Nov 4 after crabbing for nearly two weeks. After closing Friday with 10.2% gains, the AXS token price reached an intraday high of $11.84 from Nov 5’s low of $9.71, jumping 21.5% in the process.
However, the long upper wick on Saturday’s daily candle indicates that bears aggressively defend the 50-day EMA (purple wave). If the bears continue selling, AXS token price might fall to support from its 20-day EMA (red wave) near $9.64.
Breaking below immediate support would force the Axie Infinity token to test support near $8.83 before recovering.
Conversely, a continued uptrend might result in AXS price conquering resistance near $11.6 before challenging resistance from its 100-day EMA (blue wave) near $13.5.
Meanwhile, AXS’s RSI remains neutral, with a value of $58.28 on the daily chart. Although the RSI trendline is sloping upwards, there’s time for the AXS price rally to continue before the RSI becomes overbought.
Axie Infinity developers, Sky Mavis, announced plans to invite select studios to build next-generation Web 3.0 games on the Ronin network. The Axie Infinity developer would share its resources and experience in Web 3.0 gaming with the studios.
In return, the studios would help Sky Mavis build a Web 3.0 gaming ecosystem on the Ronin network. Moreover, the program will also help create a unified gaming ecosystem with different genres of games serving a diverse audience.
The developer has been very selective in its vetting process and has evaluated over 250 game studios, per its press release.
5. Polkadot (DOT) Price Prediction
DOT price recorded its highest single-day gain (9.97%) since Jul 27 on Nov 4. The Polkadot token price has been rising since Oct 21, largely due to the massive development activity on its blockchain network.
Polkadot price dropped nearly 4% on Saturday, between intraday high ($7.24) and low ($6.96) levels, after the 100-day EMA (blue wave) resistance rebuffed DOT’s price uptrend. Bulls must close above the EMA resistance near $7.2 to continue the bullrun.
A break and hold above immediate resistance could help the DOT token price reach resistance near $8.04 before downside correction pares gains.
Conversely, if traders continue selling, the Polkadot token might see its price fall to support near $6.8. Moreover, a marketwide sell-off could result in DOT price testing the 20-day EMA (red wave) and 50-day EMA (purple wave) support confluence near $6.5.
Meanwhile, DOT’s RSI remains neutral, with a value of 65.01 on the daily charts.
