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Top 3 Crypto Altcoins With Massive Potential in 2022

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Top 3 Price Gainer Cryptocurrencies in the Last Hour
  • Theta Labs and American Idol collaborated on the NFT project.
  • Polygon has been up 3.28% in the last 24 hours.

Let us take a look at the top 3 altcoins with massive potential in 2022

Theta Network (THETA)

To honor the show’s 20th season and two decades on American television, American Idol will issue non-fungible tokens (NFTs). Theta Labs and American Idol collaborated on this project. According to the press release, the American Idol NFT Card Pack will be available on ThetaDrop, Theta network’s eco-friendly and low-cost marketplace. It costs $99 for a bundle that includes an NFT card for one of the top 14 finalists. Video streaming has been the primary focus of Theta (THETA), a decentralized blockchain network. In addition, Peer-to-peer (P2P) networking was introduced in March 2019 with the launch of Theta’s mainnet, which functions as a decentralized network.

According to CMC, the Theta Network price today is $3.18 USD with a 24-hour trading volume of $175,116,882 USD. Theta Network has been up 3.58% in the last 24 hours.

Polygon (MATIC)

Fluid (FLD) has stated that it would deploy Polygon (MATIC) as the main DeFi (Decentralized Finance) network so that it can provide more cost-effective and ultrafast transactions to the public. More than 7,000 decentralized applications (Dapps) are already available on Polygon. For Ethereum scalability and infrastructure development, Polygon (formerly Matic Network) is the first logically organized, easy-to-use platform. An essential component of the Polygon SDK is the ability to construct apps of any form.

According to CMC, the Polygon price today is $1.46 USD with a 24-hour trading volume of $700,859,827 USD. Polygon has been up 3.28% in the last 24 hours.

VeChain (VET)

This ecosystem attempts to tackle key data challenges for numerous global businesses such as healthcare, energy, food & beverage, sustainability, and SDG objectives by using distributed governance and Internet of Things (IoT) technology. Furthermore, for the fourth industrial revolution, which requires real-time and trustless data exchange amongst many parties, VeChain establishes a digital backbone using trustless information.

According to CMC, the VeChain price today is $0.062526 USD with a 24-hour trading volume of $238,048,261 USD. VeChain has been up 2.86% in the last 24 hours.

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Why Bitcoin Price Could Explode Above $30.6K In Near-term

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Bitcoin

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC could rally if there is a clear move above the $30,600 resistance zone.

  • Bitcoin formed a double bottom pattern near $28,500 and climbed higher.
  • The price is now trading above the $30,000 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above $30,600.

Bitcoin Price Could Soon Rally

Bitcoin price remained well bid above the $28,500 support zone. It seems like there was a double bottom pattern formed above $28,500 before the price started a fresh increase.

There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 resistance zone. However, the bears are still active near the $30,600 resistance zone.

The price traded as high as $30,500 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high.

On the downside, there is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. It is now trading above the $30,000 level and the 100 hourly simple moving average. An immediate resistance is near the $30,450 level. The next major resistance is near the $30,600 level.

Source: BTCUSD on TradingView.com

A clear move above the $30,450 and $30,600 resistance levels might start a strong rally in the near term. The next key resistance could be near the $31,500 level, above which the price might rise to $32,500.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,850 level and the trend line.

The trend line is near the 50% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. A clear move below the trend line might send the price towards the $28,500 support.

Technical indicators:

Hourly MACD – The MACD is now slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,850, followed by $29,600.

Major Resistance Levels – $30,600, $31,200 and $31,500.

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Avalanche (AVAX) Shows Optimism But Is This A Price Reversal?

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Avalanche

Avalanche (AVAX) has displayed recovery on its chart. Over the last 24 hours, the altcoin brought home 4.8% gain. Although, there has been a considerable daily gain, AVAX is trading underneath its long-standing price floor.

It is difficult for investors to look at just the daily gain as a good enough reason to buy the coin at the moment. Technical for the coin hasn’t suggested strong bullishness which might suggest that AVAX could be a good buy at the time of writing.

Avalanche (AVAX) has lost 8% of its market value in the last week. This forced many investors to liquidate the asset and leave. Since, AVAX broke below its long term support area, this could act as an important red flag for the investors.

The next solid area of support for AVAX was at $20. The coin traded around the current price level previously in the month of August, a year ago.

Avalanche Price Analysis: One Day Chart

Avalanche was trading at $31 on the one day chart | Source: AVAXUSD on TradingView

Avalanche (AVAX) was exchanging hands at $31 at the time of writing. The altcoin has been laterally trading at that price mark for nearly a week now. It revisited this price mark last year, however, back then the coin was on an uptrend.

Immediate resistance for the coin stood at $40 as established previously. A fall below the current price level could send AVAX near the $20 support mark. Failing to settle near the $20 mark could bring AVAX anywhere between the $12 and $9 support level.

Technical Analysis

Avalanche
Avalanche depicts low buying strength on the one day chart | Source: AVAXUSD on TradingView

The altcoin continues to depict weakness on its chart. The technical outlook seems bearish because buyers are nowhere to be seen in the market. As the coin revisited the August, last year’s price level, AVAX remained under the grasps of the sellers in the market.

According to the Relative Strength Index, the indicator was bordering the oversold mark. Until and unless, RSI manages to move above the half-line, it is too early to call this price action a reversal.

Going by the Directional Movement Index that reads the price direction, bears are in control. The -DI line was above the +DI mark signifying bearishness. The Average Directional Index line (red) was near the 50-mark, this reading meant that price action was strong with less signs of a reversal.

Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues

Avalanche
Avalanche might be flashing buy signal on the one day chart | Source: AVAXUSD on TradingView

On the one day chart, AVAX’s technical pointed towards a possible change in price direction at the time of writing. Moving Average Convergence Diverge aka MACD, displayed a green signal bar above the half-line.

A green signal bar above the half-line might mean a buy signal, if continued buy signals are witnessed it may mean a change in price momentum.

Parabolic SAR also depicted a dot beneath the price candles, this means a change in price direction. If more dots are seen beneath the candlesticks over the upcoming trading sessions then AVAX might stage a recovery on its chart.

Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming

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Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?

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Polkadot

Polkadot (DOT) has held itself for sometime at the current price level. The consistent downslide of major market movers have pushed many altcoins near their immediate support and below their nearest resistance levels. Recent market conditions have been quite harsh for investors.

The returns have been questionable. Polkadot (DOT) has witnessed a sharp fall in buying strength owing to the same bearish condition of the market. The coin has been in the limelight in the recent times due to the latest development.

These developments are related to interoperability and features of multi-chain which was announced in the middle of this month. These activities have helped buyers to enter the market. Selling pressure however, continue to outpower buying pressure in the market.

Polkadot now has an ecosystem which is consistently striving to bring new projects through para-chain auctions. It is still uncertain if over the upcoming trading sessions that coin can maintain its price action and touch its immediate resistance mark.

Polkadot Price Analysis: One Day Chart

Polkadot was trading at $10 on the one day chart | Source: DOTUSD on TradingView

The altcoin was priced at $10 at the time of writing and after several rejections from the $11 level. Nearest support level for the altcoin stood at $8 and a fall beneath that could land DOT near $6.26. Over the last 48 hours, DOT broke below its 10 month long support line.

In the past 24 hours, the coin tried to move northwards but the bulls have tired out. The lack of buyers have caused the bullish action to fizzle out. Trading volume was seen in green which is a sign of positive price action, however, another session dominated by sellers could change that.

Technical Analysis

Polkadot
Polkadot registered slight increase in buyers on the one day chart | Source: DOTUSD on TradingView

As mentioned above, Polkadot (DOT) has undergone quite a bit of developments recently and that could have helped the investors gain confidence. On the Relative Strength Index, the indicator stood below the half-line but noted an uptick.

This uptick signified buyers re-entering however, lacklustre price action caused buyers to remain wary. In accordance to the same, DOT remained below the 20-SMA which is considered bearish. The sellers were still in charge of driving the price momentum according to the aforementioned reading.

A slight push from the bears could help DOT rise above the 20-SMA which could then make the price reversal steady.

Related Reading | Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend

Polkadot
Polkadot flashed signs of less volatility on the one day chart | Source: DOTUSD on TradingView

Polkadot might target $14 if the current price action picks up a bit of momentum. Moving Average Convergence Divergence indicates price momentum. MACD flashed green histograms just above the half-line and that refers to a buy signal.

If buyers act on it then price of the altcoin could witness some relief. Bollinger Bands depict price volatility of the coin, a squeeze means chances of price fluctuations. At press time though, Bollinger Bands flashed nearly parallel movement indicating a stability in DOT’s price movement.

  Related Reading | Nox Bitcoin To Refund UST At $1 To Their Customers

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