Meme Coin Mania
While the cryptocurrency market has witnessed a bullish resurgence, the unexpected outperformance of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) over major altcoins like Polygon (MATIC) has stirred up the crypto space.
According to CoinGecko price data, the past seven days have seen DOGE and SHIB outshine MATIC by a significant margin. DOGE valued at $0.1705, has soared by 96.95%, while SHIB, at $0.00002904, has skyrocketed by 198.42%. In contrast, MATIC’s gains have been comparatively modest priced at $1.13, a 7.48% uptick over the past day. This unexpected surge in meme coin prices has left many scratching their heads, as these tokens were initially created as jokes or memes within the cryptocurrency community.
Polygon’s Steady Climb
While MATIC may have lagged behind the meme coin frenzy, altFINS’ analysis suggests that the cryptocurrency is poised for further upside potential. The analysis highlights a bullish breakout from a sideways channel ($0.75 – $1.05), signaling a potential resumption of the uptrend.
According to altFins, this breakout could clear the way for MATIC to revisit the $1.25 level, representing a 25% upside potential. The analysis also identifies key support and resistance levels, with the nearest support zone at $0.75 and resistance at $1.25.
Furthermore, MATIC’s trend is bullish across all time horizons, and momentum indicators like the MACD and RSI suggest a bullish bias.
A Temporary Divergence?
While the meme coin craze has captured the imagination of traders and investors, this divergence from altcoins like MATIC may be temporary. As the market matures and investors seek projects with real-world utility and fundamentals, the focus may shift back to projects like Polygon.
