The digital asset market enters the weekend of January 31 to February 1 under persistent pressure, marked by aggressive price movements that are defining new trends. According to BeInCrypto, the cryptocurrencies Dogecoin, STABLE, and Polygon are currently at decisive technical points, forcing investors to closely monitor their respective support levels during these days.
Dogecoin, the most relevant of the memes altcoins by capitalization, has experienced a 32% drop over the last two weeks, trading dangerously close to its three-month lows right now. With a correlation of 0.92 regarding Bitcoin, its immediate fate seems to be intrinsically linked to the behavior of the leading cryptocurrency during the weekly close.
Opposing dynamics between bullish momentum and capitulation risk
Unlike the prevailing bearish sentiment, the STABLE token has managed an impressive 81% rally recently, reaching an all-time high near 0.0325 dollars lately. However, despite the Chaikin Money Flow remaining positive, there is a latent risk of profit-taking that could pressure the price toward the 0.0214 dollar zone.
On the other hand, Polygon (POL) has positioned itself as the worst-performing asset this week, approaching its all-time low of 0.0985 dollars after a sustained fall. Although the network showed resilience at the beginning of the year, current demand is insufficient to guarantee a technical rebound that would move the token away from the zone of imminent danger.
Will these assets be able to regain the necessary momentum to avoid further drops?
Technical analysis suggests that Dogecoin needs to break through the 0.122 dollar resistance to open a recovery path toward higher levels in the coming days. Likewise, the case of STABLE is unique, as if it manages to stay above its moving averages, it could attract trend-following traders to seek a new price discovery phase.
In contrast, Polygon’s situation is critical, as the asset is less than 12% away from its lowest recorded level ever. Therefore, the ability of buyers to defend the 0.110 dollar support will be the determining factor to invalidate the bearish thesis and restore, in this way, the confidence of long-term holders.
Finally, the behavior of these cryptocurrencies during the weekend will serve as an indicator of the liquidity available in the altcoin sector. Although the general outlook is uncertain, the resolution of these key levels will provide a clear roadmap on whether we will witness a widespread rebound or a deeper correction throughout February.
