Cryptocurrency prices fluctuated on Feb. 26 after experiencing double-digit losses the previous day.
Quant (QNT), a cryptocurrency project focused on real-world asset tokenization traded above the $110 mark Wednesday morning before giving back some of its gains. The same holds true for Polkadot (DOT), Uniswap (UNI) and Pi Network (PI). These were some of the more closely watched tokens among traders.
Pi Network, which launched its mainnet last week, surged as traders anticipated an upcoming Binance listing. Its rally pushed its self-reported market capitalization to over $14 billion, making it the 11th-largest cryptocurrency.
Quant price rises after bullish candle formation
Quant, which develops enterprise blockchain solutions, rose for the second consecutive day, reaching its highest level since Feb. 1. There were no major news events linked to the surge, suggesting the price increase may have resulted from a bullish engulfing pattern on the daily chart.
A bullish engulfing pattern occurs when a red candle is followed by a larger bullish candle that fully covers it. It is one of the most well-known candlestick patterns in technical analysis.
Polkadot price rises after ETF applications
The Polkadot coin jumped after Grayscale filed to list a spot DOT exchange-traded fund, which has higher chances of approval, as we predicted.
Polkadot has shown strong technical support at $3.90, a level it has held since 2023. The asset has formed a quadruple bottom pattern, with a neckline at $11.77.
Additionally, Polkadot has entered the accumulation phase of the Wyckoff Theory, which is typically followed by the markup phase, where demand exceeds supply, often leading to a parabolic price movement.
The initial price target for Polkadot in the markup phase is $11.70, followed by the 23.6% Fibonacci retracement level at $16. A move to the 50% retracement level at $30 would represent a 527% increase from the current price.
Uniswap rises after SEC drops charges
Uniswap price rose slightly after the Securities and Exchange Commission dropped charges against the exchange. It had charged the company of offering unregistered securities under Gary Gensler.
It dropped these charges a day after it ended its litigation against Coinbase, the biggest crypto exchange in the US. Uniswap token has formed a double-bottom pattern, pointing to a brief rebound.
Pi Network price rises ahead of Binance listing
Pi Network has become one of the best-performing coins this week as it outperformed Bitcoin and other altcoins. Its surge is mostly because of the upcoming Binance listing as more than 85% of users have agreed to that.
Pi coin is also rising as investors embrace Fear of Missing Out or FOMO following its mainnet launch last week. The next key event will happen on Friday when the grace period for the KYC verification ends.
Dead cat bounce?
There is a risk that the ongoing recovery of bitcoin and most altcoins may be a dead cat bounce—a temporary rebound before resuming a downward trend. A dead cat bounce, also known as a bear trap, occurs when an asset in a prolonged decline briefly rallies before continuing its downward movement.
