With Bitcoin rediscovering a way to its $37,000-base after seven weeks, the global market cap crumbled down toward the $1.8T-mark.

Needless to say that Polkadot, NEAR, and Fantom took a plunge on their charts over the last few days. On the flip side, the technicals of these altcoins could now aim to see a gradual recovery as they rise from the oversold territory.

Polkadot (DOT)

Considering an over three-month time span, DOT has been holding its grounds at the $14.4-level. In doing so, it has found a compression range with a ceiling at the $23.1-mark. 

Taking sight of the short-term price movements, the recent bearish phase from its April highs led the alt to lose more than 40.5% of its value. As a result, the altcoin tumbled to its two-month low on 1 May near the $14.4 floor. DOT’s historical tendencies could steer the alt to mark an upswing. The southbound 20 EMA (red), in this case, could pose hurdles in buying recuperation.

At press time, DOT traded at $14.99. The RSI’s week-long downward slide pulled the index to match its 14-week low. While resurging from the ashes of the oversold area, a close above its trendline resistance could open doorways for further recovery.

Near Protocol (NEAR)

Source: TradingView, NEAR/USDT

While the long-term narrative for NEAR is certainly not favoring the bulls, the buyers have refrained bears from finding new grounds in the last few months.

But with the sellers keeping a regular check on the alt’s peaks, NEAR lost nearly half its value from its multi-week April highs. With the 20 EMA (red) and 50 EMA (cyan) falling below the 200 EMA (green), the buyers found it challenging to uphold the Point of Control (horizontal red line) level at $11.

At press time, NEAR was trading at $10.728. Resonating with its peer alts, NEAR’s RSI saw slight improvements after drifting in the oversold region. From this moment forth, a close above the 35-mark would position the alt for a stronger comeback.

Fantom (FTM)

Source: TradingView, FTM/USDT

Contrary to NEAR, FTM bears have successfully punctured through vital points to find fresher grounds to rest on. Since reversing from the long-term $3.3-resistance, the sellers have denied any trend-altering privilege to the bulls.

The digital currency lost nearly 80.5% of its value (from 17 January) and hit its eight-month low on 1 May. The latest sell-off propelled a series of bearish engulfing candlesticks that kept testing the lower band of the Bollinger Bands.

At press time, FTM was trading at $0.6951. Without a surprise, the money volumes had taken a plunge, as reflected in the bearishness of the CMF. But over the last two days, the oscillator bullishly diverged with price while keeping the bullish comeback hopes alive.

Polygon has established its presence in the DeFi space and continues to do so, and this way, what Polygon lacks in the spot market is being fulfilled by killing it in the DeFi market.

Polygon has everyone’s attention

Polygon achieved a huge milestone recently after it hit 19000+ dApps this month. The DeFi network currently has over $3.69 billion locked in all, with over 8000 active teams on a monthly basis.

The low gas fees and quick finality has been drawing developers and investors alike to the chain, and their loyalty is visible in their behavior. Alchemy data shows that 65% of the teams integrated exclusively on Polygon, while another 35% deployed on Ethereum.

A significant proportion of the credit goes to alchemy, whose integration in May pushed the development rate significantly higher.

Furthermore, the explosion of NFTs helped Polygon in attracting more developers, which is why between October and now, Dapps on Polygon has grown sixfold.

Compared to last year, Polygon this year is observing significantly higher interest when it comes to NFTs as the total volume it noted throughout 2021 was $295 million, whereas NFTs just in these last four months have managed to accrue over $236 million.

Although the NFT trading volume and selling have gone down over the last month or so, it is on the path to recovery eventually.

However, Polygon’s DeFi front is the only attractive component of the network atm since its price action is certainly not at its best. Trading at $1.41, MATIC is at its 6-month lowest, thanks to the 18.32% decline observed over the week, which will result in panic from a lot of investors.

MATIC price action | Source: TradingView – AMBCrypto

As it is over 81.73% of MATIC holders are out of money and are currently waiting for MATIC to touch $1.2 at the least so that some 9k investors would be free from the bear trap.

Polygon investors in loss | Source: Intotheblock – AMBCrypto

The biggest impact on investors would be when MATIC actually crosses $1.2 as between $1.2 and $1.7, about 4.92 billion MATIC is waiting to be saved. This would lift pretty much more than 70% of the investors currently in loss out of losses.

Investors are waiting for profits at $1.2 to $1.7 | Source: Intotheblock – AMBCrypto

For now there isn’t much that investors can hold on to but hope.

Ethereum has played a significant role in the mainstream adoption of cryptocurrency and DeFi in general. Ethereum’s market capitalization is currently $340 billion, indicating how much the cryptocurrency grew in the last decade. That growth also incorporated ETH’s holders who played a vital role in this long journey.

Nothing without you

At press time, ETH’s key stakeholders are showing some impressive accumulation spree as per Santiment’s data. These stakeholders added 142k more ETH to ‘their bags over the past 10 days’. The graph below showcased a graphical illustration of this shopping spree. 

That analytical firm further added,

“After a long dump going back to mid-December, this is the most sustained level of accumulation we’ve seen in over four months.”

Ethereum addresses have steadily increased since last year. Data revealed that the Ethereum network gained 18.36 million addresses with a balance greater than zero in 2021. That works out to an astonishing growth rate of 1.53 million new addresses per month.

Even now, at press time, the number of addresses witnessed an exponential increase as showed the graph below.

Source: Glassnode

Now, this gradual increase, despite the rising competition within the crypto market made sense. According to data IntotheBlock, 70% of ETH holders saw massive gains while 28% stayed under the water. But overall, this echoes a bullish scenario for ETH’s holders from the past and can be expected to continue in the future too.

In addition, the Ethereum upgrades (Merge) have already started reducing the gas fee and increasing the speed of the chain. ETH’s average gas price, at press time, stood at 54.69 Gwei, a significant decline from the recent past. This is a change of -4.29% from yesterday and -23.87% from one year ago.

Source: Ycharts

Fair to say, with the upcoming ‘Merge’ and the declining fee structure, it would witness some traction growth as new investors would consider joining the ecosystem.

From North to South 

However, not everyone seems to agree with this narrative. Some Ethereum (ETH) holders have reduced their exposure to safeguard themselves from the volatile crypto markets going into the weekend. Top 100 Ethereum wallets witnessed significant outflows of ETH in the last 24-hours. As per Whalestats, these dominant holders sold around $783,734 in ETH in the past two days.