Polkadot (DOT) and VeChain (VET) prices continued their uptrend as Bitcoin soared to near $52,000 and as the crypto fear and greed index moved to the greed zone. The DOT token soared to a high of $7.66, its highest point since January 16th. It has risen by over 27% from its lowest point in January.
VeChain, on the other hand, has gone parabolic, as it moved to a high of $0.038, its highest point since December. It is one of the best-performing major tokens recently as it jumped by over 50% from its lowest point in January. VeChain and Polkadot have a market cap of over $2.7 billion and $9.8 billion, respectively.
Crypto fear and greed index rises
The main reason the VeChain and Polkadot prices surged is that a sense of greed has spread in the market as investors have embraced the Fear of Missing Out (FOMO). For one, Bitcoin, the biggest cryptocurrency in the world, has soared from last year’s low of $19,000 to over $51,000 and analysts believe this trend may continue this year.
The base case among most analysts is that Bitcoin will at least retest the all-time high of $67,000. This means that it could rise by about 20% from the current level ahead of the upcoming Bitcoin halving event.
This trend has pushed the crypto fear and greed index to 75, meaning that investors are getting greedy. In most cases, cryptocurrencies like DOT and VET do well when there is a sense of greed in the market.
Further, the trend has happened because of the rising inflows in spot Bitcoin ETFs. Most funds, especially those by Blackrock and Fidelity have seen significant inflows this year. And this week, Franklin Templeton filed for an Ethereum ETF.
VeChain price prediction
Turning to the 4H chart, we see that the VET price bottomed at $0.024 in January and has now soared by over 50%. As this happened, the token soared above the key resistance point at $0.034, its highest swing since January 11th. Further, the token has remained above the 50-period moving average while the Relative Strength Index (RSI) has moved to the extreme overbought point at 80.
VeChain’s Average Directional Index (ADX) has moved to above 50, which is a sign that the trend is strong. Therefore, the outlook for the VeChain price is still bullish, with the next point to watch being at $0.040, the highest swing in December. A break above this level will lead to more upside.
Polkadot price forecast
Meanwhile, Polkadot price has continued rising in the past few weeks even as woes in its ecosystem remain. The DOT token surged to a high of $7.63 on Thursday morning, its highest point since January 16th.
Further, Polkadot has moved above the 50-day moving average, which is a positive sign. The ADX indicator has risen above 20 while the RSI is nearing 70. Therefore, this case, the outlook for the token is mildly bullish, with the next reference point being at $8.57, its highest swing on January 11th.
Other crypto tokens to watch
Most cryptocurrencies will likely remain in a strong bull run this week as Bitcoin leads the way. Some of the most notable ones to watch will be Heroes of Mavia (MAVIA), a gaming token that is surging, Zetachain, and Nervos Network. All these tokens have surged by double digits recently and the trend will likely go on.
Similarly, Bitcoin-associated cryptocurrencies like Stacks, Litecoin, Bitcoin Cash, and Bitcoin SV will likely continue soaring. In the stock market, companies like Coinbase and MicroStrategy have room to go up.
