Donald Trump has widened his lead over Kamala Harris on Polymarket as the 2024 U.S. presidential election approaches. 

After a period of near parity in mid-August, Trump’s odds on Polymarket have surged several percentage points, with 53% of bettors favoring him compared to 47% for Harris.

This shift marks a comeback for Donald Trump, whose odds dipped after Joe Biden announced he wouldn’t seek re-election, resulting in a temporary boost for the current Vice President.

Despite the rise to 53%, Trump’s chances are much lower than the 72% peak following the Bitcoin 2024 conference in late July in Nashville, Texas.

Trump and crypto 

Trump’s resurgence can in part be attributed to his strong appeal among crypto investors, a demographic increasingly influential in this election, according to Coinbase.

His pro-crypto stance, including promises to support the Bitcoin (BTC) sector and blockchain initiatives, has resonated with crypto heavyweights.

On Aug. 27, Trump announced announced his fourth NFT collection, “Series 4: The America First Collection,” offering digital trading cards via Bitcoin Ordinals. Two days later, he announced plans to make the U.S. the “crypto capital of the planet” if re-elected, referencing his initiative, World Liberty Financial.

On the other hand, Harris’s campaign has struggled to maintain momentum among Polymarket users, particularly after key events like the Democratic National Convention, where crypto was notably absent from the discourse.

During this election season, both parties have catered to the crypto crowd, aiming to appeal to the crypto community and its financial contributions. As a result, Polymarket election bettors have been on quite the ride, and it’s expected that things will only get crazier as election season approaches.

Analyst claims that one of the main reasons behind Bitcoin’s recent downturn was movements from dormant addresses.

According to the CryptoQuant analyst, over 52,000 Bitcoins (BTC), held for less than three months, have been moved on-chain over the past three days. In addition, 75,228 coins aged between three and six months have also been moved.

These assets belong to short-term and mid-term holders. Per CryptoQuant’s data, 2,834 BTC tokens that have been dormant between six months and two years started making movements on-chain.

As the price continues to consolidate below the $60,000 mark, data shows that 16,003 Bitcoins aged five to seven years have entered the market.

The analyst claims these movements have been contributing to the market-wide bearish sentiment and “need to stop.” 

“When bitcoins that have remained dormant for a long time are moved, it’s usually in preparation for something, and you may see them used for selling.”

CryptoQuant analyst wrote.

While Bitcoin’s funding rate hints at a potential rebound for the asset’s price, the increased amount of dormant circulation could still trigger a further price drop.

Bitcoin is down by 0.2% in the past 24 hours and is trading at $59,750 at the time of writing. The asset’s market cap is currently sitting at $1.17 trillion with a daily trading volume of $33 billion.

The BTC Relative Strength Index is still hovering at the 46 mark, according to data from crypto.news price page. The indicator shows that Bitcoin is oversold at this price point but is getting close to the neutral zone as the price roams near the $60,000 mark.

A rebound from the broader cryptocurrency market triggered a $170-billion recovery in valuation, spiking the market cap 8% to $2.26 trillion.

Here are some of the most notable movers to watch this week.

Solana reclaims $160

Last week, Solana (SOL) surged 12%, reclaiming the $160 level and peaking at a two-week high of $162 on Aug. 24 despite setbacks in its ETF product. After closing the week strong, SOL has now pulled back to $157.17.

However, Solana remains above the 200-day EMA at $140.12, signaling ongoing bullish momentum. This week, SOL needs to hold above the 200-day EMA to sustain the ongoing upward trend. 

Meanwhile, the Chande Kroll Stop indicators place the Stop Long at $145.22 and the Stop Short at $153.18. Maintaining above $153.18 is key for further gains, as a breach could lead to a bearish reversal.

This week, investors should watch for a retest of the $160 and $162 resistance zones or a decline toward key support at $153.18.

FET spikes 50%

Fetch.ai (FET) closed last week as one of the top gainers, spiking 50% and reclaiming the $1 level. On Aug. 24, FET reached a monthly peak of $1.3 but has since retraced to $1.249.

FET currently trades above the 50-day EMA ($1.108), signaling midterm bullish momentum. However, it remains below the 200-day EMA ($1.766), indicating lingering long-term bearish sentiment. 

FET’s immediate resistance points this week are at $1.447 and $1.565, with strong support at $1.063 and $0.945, with a pivot level of $1.255. A break above the resistance could target the 200-day EMA, while failing to hold support would lead to a drop below the 50-day EMA.

RENDER breaches upper Bollinger Band

Render (RENDER) saw a 37% rise last week, reclaiming the $6 level for the first time this month. 

Currently trading at $6.153, RENDER is comfortably above the Upper Bollinger Band ($5.894), which often signals overbought conditions. This suggests a potential pullback or consolidation might be on the horizon.

However, the strong trend indicated by the ADX at 33.25 supports the idea of sustained upward momentum. The asset maintains a bullish bias with the +DI at 28.35 and -DI at 16.63. 

If the current momentum holds this week, Render could aim for higher targets around $6.5 and potentially $7.0.

Nonetheless, a dip below the Upper Band might lead to a retest of the 21-day moving average ($4.875).