• Fantom is in a crucial demand zone, with no major resistance in its path towards $0.79. 
  • MATIC price could rally to $0.91 as there is no major resistance once Polygon’s native token tackles the $0.86 level. 
  • DENT supply on exchanges hits its lowest level in the past year, down to 51.21% on Friday.

Bitcoin’s price rally above $44,000 has supported altcoin price gains as several assets enjoy a relatively high correlation with BTC. Throughout December, large wallet holders of different altcoins engaged in accumulation, moving their tokens off exchanges and reducing the selling pressure on these assets, making way for higher gains as the year draws to a close. 

Among others, three altcoins that are likely to note a bullish breakout are Fantom (FTM), Polygon (MATIC), and Dent (DENT). 

Also read: Bitcoin price could climb towards $48,000 target with upcoming US SEC approval on BTC Spot ETF

Fantom price in crucial demand zone

According to IntoTheBlock data, Fantom price is currently in a crucial demand zone between $0.4456 and $0.4874, where 3,666 addresses accumulated 674.42 million FTM tokens. Once the token breaks out of this zone, FTM price is likely to rally higher, with no major resistance in its path.

If Bitcoin price sustains above $44,000 and the outlook on the asset remains bullish, FTM price could rally to $0.7990, the upper boundary of the resistance zone where 7,710 wallet addresses acquired 61.6 million FTM tokens. 

FTM

Global In/Out of the Money for FTM. Source: IntoTheBlock

Polygon native token eyes $0.91

MATIC price rally to its $0.91 target is likely as the altcoin recovers from its recent decline from the local peal of $0.9831 it reached on November 14. Following this rally in MATIC price, the altcoin suffered a correction, followed by a recovery. The pattern repeated itself, with MATIC price now set to tackle resistance at $0.8669. 

Once MATIC price flips this resistance level to support, there is no major roadblock in its rally to $0.91, the 38.2% Fibonacci retracement level of the decline from its February 18 peak of $1.5675 to June 10 low of $0.5121. 

MATIC

MATIC/USDT 1-day chart

However, a daily candlestick close below the 50-day Exponential Moving Average (EMA) at $0.7890 could invalidate the bullish thesis for MATIC price.

DENT supply on exchanges hits lowest level in 2023

According to Santiment data, DENT supply on exchanges has hit its lowest point in the past 12 months. The metric is down to 51.21% of the token’s total supply, while price continues to rise. 

DENT price is up 53% in the past month and the cryptocurrency’s gains are likely sustainable, according to on-chain metrics.

DENT

DENT supply on exchanges as % of total supply. Source: Santiment

Network Growth, a key on-chain metric that helps determine whether an asset’s gains are sustainable, is increasing alongside DENT price increase, supporting the rally.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.

More Ethereum News

Floki poised for growth after listing on Revolut

Floki poised for growth after listing on Revolut

Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.

More Floki News

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP