Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Polygon, Cosmos, Fantom Metric Spike; Is This a Positive Outlook?

Published 06/23/2023, 07:11 PM
Updated 06/23/2023, 07:15 PM
Polygon, Cosmos, Fantom Metric Spike; Is This a Positive Outlook?
ATOM/USD
-
MATIC/USD
-
FTM/USD
-

  • MATIC’s OBV flattened from recent highs, signaling distribution over increased accumulation.
  • ATOM’s momentum could back the bullish price strength provided market sentiment does not turn gloomy.
  • The 20 EMA on the FTM daily chart slides below the 50 EMA, implying an emerging resistance at $0.29.

The daily active addresses of Polygon (MATIC), Cosmos (ATOM), and Fantom (FTM) topped other blockchains on a Month-on-Month (MoM) basis. According to data from crypto metric provider Artemis, Fantom addresses soared by 70.1%. Polygon picked up steam with a 225.9% hike while Cosmos grew by 85.2%.

The increase in the metric implies that an impressive number of users participated in sending or receiving tokens via each of these networks.

For Polygon, the spike could be linked to the developmental strides with NFTs and the Polygon 2.0 introduction.

On the other hand, Cosmos, which prides itself as the “Internet of Blockchains” also encouraged NFT transactions on its network over the last 30 days. Layer one (L1) project Fantom, in its own way, continued to contribute to the DeFi speed and scalability.

With respect to token value, MATIC and FTM grew by double-digits in the last seven days. However, ATOM was able to manage a 3.96% increase within the same time frame.

MATIC

MATIC’s upward trajectory might come to a halt despite the visible attempt by bulls to quench sell pressure at $0.67. One reason for this projection is the On-Balance-Volume (OBV).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

As of this writing, the OBV seemed to have flattened after its rise since MATIC established demand at $0.58. This implies that accumulation was waning. If the OBV sustains the current state, then bears could end up neutralizing an upward breakout while distribution takes over.

MATIC/USD Daily Chart | Source: TradingView

ATOM

ATOM’s 30-day performance was in contrast to its 7-day hike. But unlike MATIC, it has the tendency to continue in the upward direction. This premise was based on its Relative Strength Index (RSI) which was 45.46.

The RSI value mentioned above suggests a relatively improving price strength. However, this could be subject to the ATOM’s ability to fend off profit-taking.

In between its rise, the bullish momentum had been stopped by sell candles (red) at $8.91 and $9.36. Therefore, traders might need to watch out for the broader market sentiment before taking a position.

ATOM/USD Daily Chart | Source: TradingView

FTM

Since May, FTM’s price action has been dealing with a series of reappearing resistance. On May 4, a sharp decline at $0.44 made room for bearish dominance till June 5 when another bullish candle met another resistance at $0.32.

Though there was respite in the last seven days, FTM might revert to consolidation. This was because of the countertrend movement of the Exponential Moving Average (EMA).

At press time, the 50 EMA (yellow) was below the 20 EMA (blue). Thus, suggesting that FTM’s momentum could be bearish in the near term.

FTM/USD Daily Chart | Source: TradingView

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In conclusion, FTM and MATIC prices might soon fade substantially. However, ATOM, despite having the lowest hike out of the tree, could increase further.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post Polygon, Cosmos, Fantom Metric Spike; Is This a Positive Outlook? appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.