Secret Network (SCRT) and Polkastarter (POLS) Technical Analysis
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Secret Network (SCRT) and Polkastarter (POLS) Technical Analysis

May 18, 2021      Dalmas Ngetich

The Secret Network price is trending at a two-month support level. Still, SCRT/USDT may rally to $5. Meanwhile, Polkastarter momentum is gathering with POLS/USDT bulls targeting $8.

Polkastarter (POLS)

The Polkastarter protocol’s primary offering is the fixed swap smart contract allowing projects to launch liquidity pools.

Herein, they would efficiently execute the swapping of tokens at a fixed price rather than using AMMs like Uniswap.

POLS is its central token.

Past Performance of POLS

POLS prices are oscillating a descending channel.

Despite the selling pressure of the last few weeks, the uptrend is valid. POLS technical analysis suggests strength in the daily chart.

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POLS is up 15 percent with support from rising trading volumes, up 17 percent to $62 million on the last trading day.

Day-Ahead and what to Expect

POLS/USDT Bollinger Bands are constricting, as visible in the daily chart, pointing to possible accumulation in smaller time frames.

At the same time, there is a double bar bullish reversal pattern bouncing from the lower BB.

If anything, a close above the main resistance trend line may see POLS rally towards $5 and Q1 2021 highs.

POLS/USDT Technical Analysis

Polkastarter Price Daily Chart for May 18

POLS buyers are in charge and may break above the bull flag.

If momentum builds up and buyers close above $4—the main resistance trend line in confirmation of the double-bar bullish reversal pattern, POLS/USDT may race to $5 and $8.

Secret (SCRT)

SCRT is the native currency of the privacy-focused blockchain, the Secret Network.

READ  DeFi Ecosystem

The platform supports transactional and computational privacy using Secret contracts.

Past Performance of SCRT

SCRT/USDT technical analysis reveals a consolidating market.

Although the uptrend is still on, SCRT/USDT prices are boxed within a bull flag and a descending channel. SCRT prices are reacting at a two-month support level.

Meanwhile, SCRT is up roughly 13 percent, backed by rising trading volumes—up 87 percent to $7.1 million on the last trading day.

Day-Ahead and what to Expect

SCRT/USDT is in range mode with immediate support at $2.3.

While SCRT bulls are confident, the medium-term trend depends on the confirmation of bulls’ efforts of the last two days.

In that case, a reversal of May 12 lows may signal strength and buy trend resumption of early 2021.

SCRT/USDT Technical Analysis

Secret Price Daily Chart for May 18

Prices are consolidating.

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If SCRT prices close above $3.5, unwinding losses of May 12, SCRT/USDT prices may float to April 2021 highs of $5.

On the flip side, losses below April and March 2021 lows may trigger a sell-off towards the February 2021 lows of $1.

#DeFi #Polkastarter #POLS #POLS/USDT #SCRT #SCRT/USDT #Secret Network
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.