KangaMoon (KANG) Surges after BitMart Exchange Listing, Polygon (MATIC) and PancakeSwap (CAKE) Drop Due to Market Uncertainty

KangaMoon has been one of the most bullish altcoins in the crypto market after recent news from BitMart Exchange. According to reports, BitMart has listed the gaming token KangaMoon on its platform, an action that has sparked bullish forecasts from analysts.

The price of KangaMoon has surged astronomically after the recent listing on BitMart exchange. According to data from CoinMarketCap, the KANG token has soared by over 100% in the past 24 hours, reaching a new all-time high of $0.12. This surge comes amid a broader bullish trend in the crypto market, with Bitcoin and Ethereum both trading in the green.

However, the prices of Polygon (MATIC) and PancakeSwap (CAKE) have dropped in the past week due to the uncertainty in the crypto market. Both tokens are trading in the red on the 7-day, 14-day, and 30-day price charts.

Polygon (MATIC) Falls Under Bearish Control

Due to the bearish pressure in the general crypto market, the price of Polygon (MATIC) is now trading in the red region. Data from CoinMarketCap shows the altcoin’s value has dropped on the weekly and monthly timeframes.

The price of MATIC has dropped by 7.3% in the past 24 hours, reaching a new 7-day low of $0.43. The altcoin’s price is also down by 14.3% in the past 30 days, further highlighting the bearish pressure.

However, despite the recent bearish trend, the technical analysis for MATIC on Coincodex shows that the altcoin could soon begin to trade in the opposite direction.

The Fear and Greed Index for MATIC has dropped to the “Extreme Fear” level, indicating that the bear market may be nearing its end.

Moreover, the Stochastic RSI for MATIC is also indicating an oversold condition, which could lead to a short-term price rebound.

In a recent Polygon price prediction on X, top analyst Thecryptomist forecasted the altcoin to soar to $0.62 in the upcoming trading sessions.

Pancakeswap (CAKE) Remains Bearish Even With 8.5M Burn

Apart from Polygon, Pancakeswap (CAKE) is also trading in the red zone, after meeting with resistance at higher levels. The price of Pancakeswap is now in the red on the 7-day, 14-day, and 30-day price charts.

The CAKE token has dropped by 4.2% in the past 24 hours, reaching a new 7-day low of $2.9. Pancakeswap coin is also trading at a loss on the weekly and monthly timeframes.

However, despite the recent bearish trend, the technical analysis for CAKE on Coincodex shows that the altcoin could soon begin to trade in the opposite direction.

The Fear and Greed Index for CAKE has dropped to the “Fear” level, indicating that the bear market may be nearing its end.

Moreover, the Stochastic RSI for CAKE is also indicating an oversold condition, which could lead to a short-term price rebound.

This loss comes after the project burned 8.5 million CAKE recently. Despite the bearish pressure, Pancakeswap coin still has a profit of 33.8% on the YTD timeframe, a sign that bulls are present in the market but do not have the upper hand.

In terms of future price movement, Pancakeswap faces resistance at the 50-day and 200-day SMAs. Surpassing these levels could allow Pancakeswap to reach $4.

KangaMoon Goes Live on BitMart

After a long period of waiting, KangaMoon has finally gone live on one of the top exchanges in the crypto market, BitMart. The listing comes a few days after KangaMoon started trading on the decentralized exchange Uniswap.

Earlier in May, crypto Enthusiast and NFT enthusiast CryptoDJ talked about the KangaMoon project and advised many to get on.

Those who listened to him also saw profits on their holdings. Notably, the investors who have the highest returns now are those who joined the project at the early stage. Their portfolio has grown by more than 10x since the price of KangaMoon has increased from $0.01 to over $0.1 after its BitMart listing. Also, they expect its market cap to cross the $500 million mark soon.

Since the end of the presale, the KangaMoon ecosystem has been expanding. Over 32K users have joined KangaMoon, and it has more than 10K KANG holders due to the staking option which went live recently.

Also, the KangaMoon coin has already been listed on CoinMarketCap and CoinGecko, two platforms where holders and potential investors can monitor its price movement.

Going forward, the KangaMoon community is expecting the metaverse game called “Kangaverse.” The game will also include battles, tests and games, competitions

The above is the detailed content of KangaMoon (KANG) Surges after BitMart Exchange Listing, Polygon (MATIC) and PancakeSwap (CAKE) Drop Due to Market Uncertainty. For more information, please follow other related articles on the PHP Chinese website!