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.

Popular meme coin, Shiba Inu, has seen over 20 Billion units of its token burnt by its newly launched Shiba Inu burn portal.

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.