HomeCryptoLatest analysis of the crypto Cosmos (ATOM), Polygon (MATIC), and Bittensor (TAO)

Latest analysis of the crypto Cosmos (ATOM), Polygon (MATIC), and Bittensor (TAO)

How are the coins Cosmos (ATOM), Polygon (MATIC), and Bittensor (TAO) performing within the crypto market? Let’s see all the details and the latest news about them in this article.

Cosmos (ATOM) approaches critical EMA resistance levels

Cosmos (ATOM) is showing a remarkable recovery, with a price rebound that has captured the market’s attention. 

After recovering about 15% in just two days, the altcoin is approaching a key resistance level, the 50-day EMA, which represents one of the main technical challenges for the continuation of the bull trend. 

Currently, ATOM is trading at about 4.50 dollars, just above the 20-day EMA, located at 4.35 dollars, and facing the 50-day EMA at 4.47 dollars. For traders, ATOM’s ability to close above these moving averages is crucial. 

A positive close could indeed strengthen the bull sentiment, pushing the price towards the next resistance level, set at 5.66 dollars. 

On the contrary, a drop below these thresholds could trigger a new decline, bringing ATOM back towards a key support at 3.65 dollars. 

The relative strength index (RSI) of ATOM is currently around 53, indicating a relatively neutral momentum with a slight positive tilt. 

If the RSI were to exceed 60, it could confirm a bull acceleration, while a drop below 40 would indicate a possible bear reversal. 

The data on derivatives reveal a 27.67% drop in trading volume, suggesting greater caution among investors. 

However, the increase in Open Interest by 1.39% shows that many traders are maintaining their positions, anticipating a breakout or a significant reversal. 

Furthermore, the long/short ratios reflect an overall balance, but the bull values on Binance and OKX indicate growing optimism.

The data on liquidations indicate that the short positions have been hit hard, reinforcing the possibility that the bull trend continues to gain momentum.

Polygon Foundation transfers 13.14 million MATIC to Binance

According to the most recent data from Onchain Lens, the Polygon Foundation made a significant transfer of 13.14 million MATIC (POL) to the exchange Binance, with an estimated value of 5.36 million dollars. 

The operation quickly captured the attention of analysts and market observers. Furthermore, this movement of funds is not an isolated event. 

In fact, in the last seven months, the specific address linked to the Polygon Foundation has made a series of regular deposits, amounting to a total of 29.30 million MATIC (POL), equivalent to a total value of approximately 14.03 million dollars. 

Such movements suggest that the Polygon Foundation adopts a strategic and considered approach in liquidity management, with an average price of 0.47 dollars per token. 

This methodology could be interpreted as a strategy to preserve the economic stability of the Polygon network in an increasingly volatile and competitive cryptocurrency market.

The transactions of such magnitude not only reflect the ongoing activity of institutional players within the ecosystem, but can also have repercussions on market sentiment and price stability.

Investors and traders should carefully consider these dynamics to anticipate possible price variations or changes in liquidity. 

Not by chance, these transfers represent an indication of how the main entities in the sector manage their resources, potentially influencing the decisions of future investments.

TAO crypto: performance and price prospects in comparison with ATOM and Polygon

Bittensor (TAO) is trading at approximately $533.73, with an increase of 5.34% in the last 24 hours, demonstrating a performance superior to the cryptocurrency market, which in the same period grew by 5.85%. 

TAO recorded a gain of 0.79% against Bitcoin (BTC), the largest global cryptocurrency, confirming its relative strength.

According to current price forecasts, Bittensor could reach $669.54 by November 15, 2024, representing a potential increase of 30.06% over the next five days. 

This optimistic scenario reflects a growing interest in the currency, driven by technical factors and a favorable market sentiment.

In the last 30 days, Bittensor has faced a decline of 9.49%, but the medium-term trend remains positive, with an overall increase of 84.05% in the last three months. 

Even in the long term, TAO has recorded an extraordinary growth of 270.71% in the last year, given that last year it was traded at only $143.97. 

The cryptocurrency reached its all-time high of $776.03 on April 11, 2024, and the current cycle shows a high volatility range, with a maximum of $681.58 and a minimum of $166.97. 

In the recent 30 days, Bittensor recorded 10 positive days, indicating some price instability but also earning opportunities.

The technical analysis of today, November 10, 2024, indicates a neutral market sentiment with the Fear & Greed index showing Greed. 

The main support levels to monitor are $492.56, $470.17, and $451.85, while the key resistances are at $533.27, $551.59, and $573.98. 

Of the 25 main indicators, 64% suggests a bull forecast for TAO, with 16 favorable signals and 9 bear. 

This overall mix leads to a balanced outlook, suggesting that traders should carefully evaluate their strategies in a context of high volatility.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
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