Crypto prices did well during the weekend as a sense of greed remained in the market. The crypto fear and greed index moved to the greed zone of 75 even as Bitcoin price retreated slightly. In most cases, altcoins tend to do well when investors have embraced a risk-on sentiment. This article looks at Polygon (MATIC), Amp, and Ethereum and what to expect.
Polygon MATIC price prediction
Polygon is a pioneering platform that introduced the concept of layer-2 networks in the blockchain industry. It is still a big player in the sector with over 519 DeFi dApps being in its DeFi ecosystem. Its total value locked (TVL) in its ecosystem stands at over$978 million, with the biggest ones being AAVE, Quickswap, Uniswap, and Tangible.
Polygon has faced strong competition in the layer-2 industry recently. The most notable competitors are the likes of Optimism, Arbitrum, and Manta. This explains why the MATIC price has underperformed the market in the past few months. MATIC has jumped by over 100% from its lowest point in 2023 while other layer-2 networks have done much better.
The daily chart shows that the Polygon price has staged a strong recovery in the past few weeks. In this period, it has managed to move above the key resistance at $0.981, its highest swing on November 14th. Polygon is also approaching the key psychological point at $1.
Further, MATIC has risen above the 25-day and 50-day moving averages and is nearing the 50% retracement point. Most importantly, it is about to invalidate the head and shoulders pattern that has been forming. Therefore, the outlook for the token is bullish, with the next point to watch being at $1.098, the highest swing on December 27th.
Ethereum price forecast
Ethereum price has done well in the past few months, helped by the ongoing hopes that the SEC will approve a spot Ethereum ETF. ETH has flipped the important resistance point at $2,715, its highest point on January 12th. By moving above that price, it invalidated the double-top pattern that has been forming.
Ethereum is now nearing the psychological point of $3,000. It remains above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has jumped above the overbought point at 70. Therefore, the outlook for the ETH token is bullish, with he next point to watch being at $3,000. A break above that level will open the possibility of it rising to $3,500.
AMP price prediction
AMP has moved from one of the most popular cryptocurrencies to a thinly traded one. Its ranking in the industry has also moved from top 50 to now being the 256th biggest token in the world. Data by CoinGecko shows that its 24-hour volume stood at about $13 million.
Amp token price has moved sideways in the past few days. It has remained at $0.0040, which is a few points below the key resistance at $0.0047, the highest point in December. AMP has risen slightly above the 25-day and 50-day moving averages.
Meanwhile, the Relative Strength Index (RSI) has moved above the neutral point and is nearing the overbought point at 70. Therefore, the outlook for the token is mildly bullish, with the next point to watch being at $0.0047. A break above that level will see it jump to the next resistance level at $0.0058, the highest point in January 2023. This means that the token could jump by 50% from the current level.
Contributors
