The post DeFi Tokens Shows Bullish Signs: Polygon (MATIC), Polkadot(DOT), and Fantom(FTM) Expected to Rally Hard! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto market sentiment remains largely bearish even today as all the tokens on the chart trade in red today. Bitcoin trades down by 1.5% at $38332 and ETH trades around $2600. Most altcoins follow the broader sentiment as they shed gains and further consolidate.
Polygon (MATIC) and Ethereum challengers Polkadot (DOT) and Fantom (FTM) are expected to rally strongly, according to popular crypto analyst Michaal van de Poppe (FTM).
After successfully finding support at $1.20, Van de Poppe assures that Ethereum-scaling solution Polygon is due for a bounce.
He says, as long as the fundamentals remain unchanged, it appears that we will continue testing higher levels. A $2 test might be conceivable in that circumstance.
MATIC price might blast through the breaker and make a push for the weekly resistance level at $1.94 in a strongly bullish scenario. This move would be a 33 percent gain, and it’s where the short-term uptrend is most likely to create a local peak.
Polkadot, an interoperable blockchain, is another coin on the trader’s list (DOT). According to Van de Poppe, DOT might rally by 55 percent and test $27.04 resistance.
The analyst believes that as long as everything stays regular, he expects this one to continue running here towards $27.
DOT Price is currently facing resistance at $19.06, followed by $20.37. The altcoin could set a new all-time high if it can break above these levels. $16.64 and $15.92 are the support prices. The altcoin Price is hovering between $15.84 and $18.01, commanding a market share of 1.00 percent.
Fantom, an open-source smart contract platform, comes next. FTM Price is expected to rally to at least $1.90 after respecting support at $1.25. As per analyst Poppe,
“Same view on FTM here which is showing a heavy bounce from support. Expect tests to be happening at $1.90 and possibly $2.25, and then we’ll have to see.”
At the time of writing, The altcoin is trading at $1.60 down by 6.1% in the last 24 hours. The resistance on the upside is at $1.76 and the support is at $1,54.