This week, Bitcoin (BTC) led the market with an 8% gain, setting a bullish tone for the broader crypto market. Among the top performers were MATIC, KLAY, and FET, each showing impressive upward trends.
Polygon (MATIC) Poised for a $1 Rally?
Polygon (MATIC) surged by 32.19% this week, breaking out of a falling wedge pattern. Currently ranked 19th globally with a market cap of $5.321 billion, MATIC last traded at $0.5341, marking a 1.5% intraday gain.
Several factors contributed to this bullish trend, including the upcoming upgrade from MATIC to POL, slated for September 2024. This breakout follows a 145-day decline, which saw a 73% drop from its first-quarter peak. However, the recent rally has reduced this decline to 58%, showing renewed optimism for further price acceleration. MATIC has already pierced the 50-day EMA, with the 200-day EMA in its sights.
Klaytn (KLAY) Bounces Back from All-Time Lows
Klaytn (KLAY) gained 32.69% this week, making it one of the top crypto gainers. After a prolonged downturn, KLAY responded to buyer demand, breaking out of a falling wedge pattern. As of now, KLAY ranks 95th globally with a market cap of $647.454 million and last traded at $0.1705, despite a slight 1% intraday dip.
Optimism surrounding the upcoming Kaia mainnet launch, a merger of Klaytn and Finschia scheduled for August 29th, has fueled this rally. The spot volume inflow also increased by 36.31%, suggesting that KLAY may either consolidate or pull back before continuing its upward momentum.
Fetch.ai (FET) Surges with Artificial Superintelligence Alliance
Fetch.ai (FET) has been making headlines with a 28.44% gain this week, driven by its involvement in the new Artificial Superintelligence Alliance. This initiative merges Ocean Protocol (OCEAN) and SingularityNET (AGIX) into FET, which will eventually be rebranded under a unified token, ASI.
FET saw a 10% intraday rise, reaching $1.060 and a market cap of $2.668 billion, placing it 31st globally. The spot volume inflow spiked by 52% to $221.90 million, indicating strong demand. FET’s breakout from the falling wedge pattern suggests further potential for rallying, especially if it can breach the 50-day and 200-day EMA bands.
