The crypto market bounced back this week as Bitcoin surged to a record high of over $110,000. This surge pushed the prices of other altcoins higher, with the total market cap of all coins soaring to over $3.47 trillion. This cryptocurrency price prediction article looks at some of the top coins like Polygon (POL), SPX6900, Fartcoin, and Stacks (STX).
Polygon price technical analysis
Polygon, one of the earliest layer-2 networks in the crypto industry, has struggled in the past few years. A key concern is that it has lost market share to newcomers like Base, Arbitrum, and Unichain.
For example, DEX protocols on its network have processed transactions worth $3.8 billion in the last 30 days. In contrast, Unichain, which Uniswap launched in February, handled over $11.70 billion in the same time. Base and Arbitrum processed transactions worth ovr $29 billion and $20 billion, respectively.
The lost market share is one of the top reasons why the Polygon price has crashed in the past few months. POL was trading at $0.25 on Thursday, higher than the year-to-date low of $0.1535.
It has moved slightly above the 50-day Exponential Moving Average (EMA), a positive move. However, it has also formed a rising wedge pattern. It has also formed a bearish flag pattern, pointing to an eventual pullback. If this happens, the next point to watch will be at $0.1535, down by 38% from the current level. A move above the key resistance level at $0.2755 will invalidate the bearish outlook.
Stacks price prediction
Stacks is a Bitcoin layer-2 network that lets developers build apps that leverage on Bitcoin’s technology. Transactions in the network are handled by the sBTC token, which is backed 1:1 by BTC.
Stacks token price bottomed at $0.4815 on April 7 and then bounced back to almost $1 today. STX’s upside is being supported by the 50-day EMA and is nearing the 23.6% Fibonacci Retracement level.
The Relative Strength Index (RSI) has pointed upwards and is nearing overbought at 70. Similarly, the MACD indicator has moved above the zero line. Therefore, the most likely scenario is where it continues rising as bulls target the 50% retracement point at $1.7575.
SPX6900 price forecast
The SPX6900 token price has jumped in the past few weeks, moving from a low of $0.2417 on March 11 to a high of $0.90, its highest point since February 2.
SPX6900 has formed an ascending channel and is along the upper side. It moved above the 50-day moving average, while top oscillators have continued rising.
Therefore, the outlook for the SPX6900 token is bullish, with the next level to watch being at $1.000. A move above that point will have it keep soaring, with the next point to watch being at $1.50.
Fartcoin price technical analysis
Fartcoin, a top Solana meme coin, has bounced back in the past few months, making it one of the best-performing tokens in the market. It has jumped from a low of $0.2010 earlier this year to $1.5.
Fartcoin token formed an ascending channel and is nearing its upper side. Also, it has continued to receive support from the 50-day EMA, while the top oscillators have rallied in the past few weeks.
Fartcoin has also jumped above the 50% retracement level. Therefore, the most likely forecast is where the token keeps rising as bulls target the psychological point at $2. A drop below the lower side of the channel will invalidate the bullish outlook.
Read more: Fartcoin price prediction: is this the best Solana meme coin to buy?
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