The post Polygon (MATIC) and NEAR Protocol (NEAR) Price Poised For Massive Spike Soon appeared first on Coinpedia Fintech News
The altcoin industry has established a solid bottom for the recent correction triggered after Bitcoin’s (BTC) price reached a local top of around $74,000. Since the Bitcoin halving event last weekend, the altcoin market has been gaining against the flagship coin, as observed in the dominance.
Furthermore, the cryptocurrency market cap, excluding Bitcoin, TOTAL2, which stands around $1.03 trillion, has formed a weekly reversal pattern. On the other hand, Bitcoin dominance has declined by more than 2 bps to about 54.99 percent on Friday.
Ultimately, a reversal in the ETH/BTC pair in the coming weeks will trigger the next phase of the altseason.
Top Altcoins on the Brink of Bullish Breakout
Polygon (MATIC)
Polygon (MATIC), a veteran Ethereum-based layer two scaling solution, remains at the forefront of web3 mainstream adoption. As of this report, the Polygon network has more than $1.5 billion in stablecoins market cap and has so far facilitated over $5 billion in bridged total value locked (TVL).
According to a popular crypto analyst alias World Of Charts, MATIC’s price against the US dollar has been forming a bullish flag in the four-hour time frame. In case of a breach on the upper border of the falling channel, the crypto analyst expects MATIC’s price to rally toward $1.3 in the subsequent weeks.
From a technical standpoint, MATIC’s price on the weekly chart has been retesting the bullish breakout from a macro-falling logarithmic trend in preparation for the parabolic rally to new ATH.
NEAR Protocol (NEAR)
NEAR Protocol (NEAR), a fast-growing layer-one blockchain with over $309 million in TVL, is among the top 20 most valuable digital assets. The mid-cap altcoin has a fully diluted valuation of about $8 billion and a daily average traded volume of around $802 million.
According to the crypto analyst, the NEAR price is on the cusp of a 2X rally in case of a successful breakout from a bullish flash.