Cryptocurrencies Price Prediction: Monero, DUSK & Polygon – European Wrap 3 February

Monero Price Forecast: XMR extends decline amid persistent bearish outlook

Monero (XMR) remains under intense selling pressure for the third consecutive week, recording a 4% loss at press time on Tuesday. This is consistent with the declining retail interest in privacy coins, which was among the lowest-performing segments over the last week. The technical outlook indicates further downside risk below the 200-day Exponential Moving Average (EMA), but reduced trading volume suggests that sell-side intensity is waning.

Privacy coins remain under pressure so far this week, diverging from the minor relief seen in the broader cryptocurrency market as Bitcoin (BTC) resurfaces above $75,000. Artemis data show that the privacy segment has declined by 24% over the last week, making it one of the worst-performing sectors after gaming and social tokens.

DUSK Price Forecast: DUSK rebounds after defending a key technical level

DUSK (DUSK) price is extending its recovery, trading above $0.108 at the time of writing on Tuesday, after finding support at the key level on the previous day. Derivatives data support the ongoing rebound, with growing long bets among traders. On the technical side, the outlook is slightly bullish if the key support holds.

CoinGlass data show that DUSK's long-to-short ratio reads 1.02 on Tuesday and has been steadily rising. The ratio above one reflects bullish sentiment in the markets, as more traders are betting on the asset price to rally.

Polygon Price Forecast: POL rebounds on ERC-8004 standard adoption, largest token burn

Polygon (POL) takes a breather above $0.1100 at press time on Tuesday, following an 11% recovery from a critical psychological support at $0.1000 the previous day. The purple chain is warming up as it recorded its largest monthly burn of more than 25 million POL tokens in January, while bridged net inflows and stablecoin supply rise amid the launch of Ethereum’s trustless agents through ERC-8004 on Polygon. Technically, POL remains under pressure due to a prevailing downtrend evidenced by declining moving averages on the daily chart. 

On-chain data show Polygon is heating up, with an expansion into the agent economy driving increased liquidity and inflows. Polygon announced the adoption of Ethereum’s trustless agent standard (ERC-8004), which allows agents on layer-2 networks to have portable identity and reputation. With the growing ecosystem of AI agents, Polygon’s bet on the agent economy could lead to renewed network effects, developer adoption, real-world use cases, and actual agent-to-agent economic value creation.