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. On the other hand, the prices of Polygon and PancakeSwap have dropped in the past week due to the uncertainty in the crypto market.
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.
Per information from Coincodex, the Polygon coin is now trading below the 50-day and 200-day SMAs, regions that could act as major resistances in the future. However, market experts believe a turnaround could occur soon. In a Polygon price prediction on X, top analyst Thecryptomist forecast the altcoin could soar to $0.62 in the coming 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 zone on the 7-day, 14-day, and 30-day price charts.
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 and bets for the passive audience to earn more coins.
This game allows the user to enhance the characters, purchase gaming tools, and scale levels with the help of the KangaMoon coin. While the token presale is already over, this is just the beginning of KangaMoon and its popularity, as experts have forecasted a rise of more than 10x as the KangaMoon game prepares to launch.
Conclusion
According to the market analysis, the value of KangaMoon can rise by ten times in the next few weeks when its game launches. On the other hand, Polygon and PancakeSwap, are under bearish pressure as of now. Their prices have dropped on the weekly and monthly timeframes, however, analysts expect a recovery to happen soon.
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