The upcoming halving, token burning and strong network activity are burning bullish signals for the 5 high-volume altcoins. In this article, let’s look at the predictions for cryptocurrencies that could make a move in the second week of February.
MATIC price could exceed $1.50
Polygon is currently trading around $1.2. It has gained an impressive 67% since the start of the year as it continues to recover from its long downturn in 2022. It also attracts established platforms from the DeFi industry to its ecosystem. The latest platform to join this trend was Dopex Finance. On February 4, Polygon announced the launch of the decentralized options protocol on its network.
He also stated that this is a step forward for Dopex as it will reach a wider user base and provide opportunities for investors to take advantage of its new features. After the announcement, MATIC’s price responded positively and its daily and weekly charts are in the green zone.
The Dopex Finance collaboration comes after the Polygon team completed a hard fork on the bBockchain network. According to Polygon, the hard fork significantly reduces price fluctuations in its network while following Ethereum’s gas mechanisms. It also ensures that gas fees remain relatively low during peak periods on its network.
Altcoin shows strong fundamentals
Currently, there are positive views on MATIC’s current upward move, showing solid fundamentals pointing to further price increases. The altcoin is trading well above what several analysts expected this week.
MATIC formed support above the $1 zone, which means the bulls are in control and we may see more consolidation in the coming days. The current resistance level is $1.50 and if trading volumes continue to rise, his next target is $2.
Litecoin (LTC) network prepares for August
The Litecoin network will complete its third halving cycle in August 2023. LTC is currently limited to a supply of 84 million. The halving of LTC production as of August creates a potential rise in price expectation. According to analysts, with the third halving, LTC price could climb up to the $500-$750 region. As Kriptokoin.com, we have included the details of the halving and the expectations in this article.
As altcoin market recovers, LUNC continues to gain volume
According to CoinMarketCap, the price of Terra Classic (LUNC) has rallied around 3% in the last 24 hours. The latest spike came after a highly volatile trading session that saw LUNC price hit the daily high of $0.0001945. The volatility in LUNC price can be seen on the 2-hour chart for the altcoin. The volatility started as the price of LUNC surged from $0.00016661 to $0.00021107. At this local top, traders took profits, causing the 2-hour candle to close below the resistance at $0.00020628.
This short-term bullish argument is supported by the 2-hours RSI indicator as the RSI line crosses above the SMA line and slopes strongly towards the overbought zone. Traders will want to watch the 9 and 20 EMA lines on LUNC’s 2-hour chart today. If the 9 EMA line breaks above the 20 EMA line today, the price of LUNC could surpass the $0.00019350 and $0.00020628 resistance levels.
Altcoin whales are after XRP again
According to the data, the price of XRP has increased by a staggering 21% over the past 30 days. On the other hand, Ripple, the company behind XRP, released its fourth-quarter XRP Markets Report this week. It showed that demand for its On-Demand Liquidity (ODL) offering is still strong, as the company posted $226.31 million in net XRP sales in that quarter alone. Such developments are particularly notable considering that Ripple is still in a public legal battle with the SEC.
Also, according to a recent tweet by WhaleStats, Ripple (XRP), which is among the top 100 BSC whales, is currently one of the ten most traded cryptocurrencies. XRP also topped the list of top 10 tokens bought in the last 24 hours by the biggest BSC whales. According to the data, the 100 largest BSC whales currently hold $29.23 million worth of XRP, or 2.53% of all their assets.
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