Crypto News

Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next?

Polkadot price had touched the $8 price level before the bulls lost steam and fell on the one-day chart. DOT travelled 3.6% lower in the last 24 hours on its chart. Over the past week, DOT had gained some value, but most of that was nullified at press time. The Polkadot price was making a recovery over the last two days as it had declined before that. Buyers had stepped in during the recovery period. At the time of writing, however, buyers had exited the market again. The technical outlook for the coin was bearish, with sellers taking over the market. The support zone for Polkadot price stood between $6.16 and $5.52. A fall below the $5.52 mark could bring DOT down below the $5 mark. As Bitcoin’s bulls fizzled out in the market, most altcoins that registered gains also started to lose their bullish momentum. If demand for DOT increases on its chart, the coin can attempt to revisit its immediate resistance mark. If buying power continues to fall, DOT will return to its local price support line. Polkadot Price Analysis: One Day Chart DOT was trading at $6.29 at the time of writing. The bulls tried hard to defend the price of the altcoin at $8, but buying strength fell, and it caused the altcoin to fall on its chart. The Polkadot price will witness a tough price ceiling at the $6.80 mark as the coin has been rejected at that level a couple of times in the past. A move past the $6.80 level will help DOT inch near the $7.73 price mark. On the flip side, the local support level for the coin stood at $6.17 and a fall from that mark would push Polkadot near the $5.52 level. Over the last trading session, the amount of Polkadot traded fell, signalling declining buying strength. Technical Analysis DOT was displaying that there was a fall in buying strength on the one-day chart. For most of this month, Polkadot price witnessed increased selling pressure, which has caused the bears to eventually gain more strength. The Relative Strength Index was below the half-line, and that meant sellers were out in force compared to buyers in the market. Polkadot was below the 20-SMA line, and that can be interpreted as less demand. It also meant that sellers were driving the price momentum on the one-day chart. Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets DOT’s technical indicators displayed that selling strength had taken over the chart. The Moving Average Convergence Divergence indicates the price momentum and overall price action of the coin. The MACD continued to display red signal bars, which were also sell signal for the coin. Bollinger Bands measure price volatility and price fluctuation. The bands had widened as they reflected incoming price fluctuations for the altcoin. Related Reading: Ethereum Price Broke Out Of Descending Channel, What’s Next? Featured image from Publish0x, Chart: TradingView.com

Bitcoin Crypto News

Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again?

The Bitcoin price surged over the last 24 hours. However, the bulls have lost steam on the chart. The coin gained nearly 4% in the last 24 hours, but most gains were reversed at press time. In the last week, BTC made no progress in terms of price movement. Technical indicators were yet to reflect the minor bullish spell as the indicators remained bearish at the time of writing. On one hand, sellers continue to dominate the market and, on the other hand, the bulls continue to defend the two crucial support levels of the coin. The current support zone lies between $19,000 and $18,600. If the bulls make a comeback, then the coin can again touch the $20,000 mark. A move above the $20,000 mark will help Bitcoin price propel above the $25,000 mark. The global cryptocurrency market cap today is $980 billion, with a 1.0% positive change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $19,044 at the time of writing. The bulls tried hard to take the Bitcoin price above the $20,000 mark, but they failed to. This also signified increased demand at the lower level for the coin. The overhead resistance for the coin stood at $19,600. If the coin manages to move above the $19,600 mark, it could move to trade at $20,000 again. For that to happen, the buyers need to assert dominance on the chart. The support level for the coin rested at $19,000. Falling through would bring BTC to $18,600. The bulls will then have to defend the coin at $17,600 in order for the coin to keep recovering. The amount of Bitcoin traded in the last session decreased, pointing toward a fall in buying strength. Technical Analysis BTC’s movement showed that the coin was being dominated by the sellers at press time. The $19,000 price zone remains a high-demand zone. This could make it harder for the bulls to climb back to the $20,000 price mark. The Relative Strength Index was below the half-line and that points towards a fall in buying strength and increased bearishness. The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market. Increased buying strength could help Bitcoin rise above the 20-SMA line, helping the bulls to take over. Related Reading: Investors Cash Out $5M From 7-Week Bull Run On Short Bitcoin BTC’s technical indicators depicted mixed signals on the one-day chart. The Moving Average Convergence Divergence indicated the price momentum and overall price action of the coin. MACD continued to flash bearish signals with red signal bars, which were sell signal for the coin. On the contrary, the Chaikin Money Flow measures capital inflows and outflows were positive. CMF continued to remain positive as capital inflows were higher as seen on the indicator. There was a drop in the CMF indicator, which indicates that bears are closing in on Bitcoin. Related Reading: Stellar Price Moves To A Lower Level, Can The Bulls Defeat This Resistance Mark? Featured image from Pexels , Chart: TradingView.com

Bitcoin Crypto News

Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one.  Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law.  If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030.  The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies.  Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price.  Crypto Market Cycles  Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.  The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown.  Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action  Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com

Altcoins

Altcoin Built on Ethereum Erupts 75% in Three Days Following Patent Infringement Lawsuit With Coinbase

An Ethereum-based crypto project is quietly outshining other digital assets as markets turn green on a relief bounce. Veritaseum (VERI) is a global blockchain-based software that aims to provide access to peer-to-peer financial marketplaces. Veritaseum offers a suite of various products, including a forensic research tool, a lending or “rental” platform, and a tokenization service. […]

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Altcoins

Prosecutors Say Embattled Terra (LUNA) Founder Do Kwon Now on Interpol Red Notice: Report

The international policing organization Interpol is officially requesting that law enforcement worldwide help locate and arrest the embattled Terra (LUNA) founder Do Kwon, according to a new report. Bloomberg notes that South Korean prosecutors in Seoul confirmed Interpol has placed a “red notice” on Kwon. The prosecutors requested the action earlier this month after claiming […]

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Crypto News

Aave Price Action: Bearish Pull Forces AAVE To Resist Drop To $74 Level

AAVE has been showing hints of recovery today which is quite the opposite of its figures a few hours ago. AAVE shows signs of recovery as price climbs by 7.35% Coin generally bearish but the bulls are now attempting to take over AAVE breaches $77.53 level This could be due to the general crypto market recovering too as of press time. Will this be for long term? The coin has been generally bearish as it resist falling into the $74 level. Key support is now spotted at the $73.65 level and resistance is present at $77. 52. Evidently, AAVE is seen to be moving downhill earlier as it failed miserably in breaching the $77.53 level. At this point AAVE is treading the bearish route for short term. Judging by the 1-day price analysis, it is moving downwards as triggered by the uptick in selling pressure. If the selling pressure subsides, then AAVE price could shoot way up which is happening right now. Chart: TradingView.com AAVE Price Climbs By 7.35% According to CoinMarketCap, the coin’s price has skyrocketed by 7.35% or trading at $79.64 as of press time which means it has successfully breached the $77.53 level that it has been trying to do so for the past couple of days. The Bollinger Bands Indicator higher band is now seen at the $78.63 mark which is now the key resistance for AAVE while the lower band is seen at the $73.83 mark. More so, RSI has previously manifested a decline to 40 but has shown recovery and is now looking more balanced. The 4-hour price chart reveals that the bears have been dominant for many hours but the bulls are now taking over. Previously, the sharp decline of AAVE has caused a devaluation of price down to the $73.22 level which has been a good sign to the sellers. Related Reading: Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT? Price Likely To Build Momentum AAVE price is seen to be generally bearish due to its sideways consolidation but is seeing an uptick now and making some room for the bulls. The price has plummeted by $74.34 yesterday but it has now found its mojo and on its way to making more gains. Momentum will likely build up in the coming days. At this point, AAVE is expected to continue trading in its current range for the next 24 hours. However, the scenario with AAVE/USD still looks like a tug-of-war and anything can happen at this point as either the bears or the bulls can get exhausted and propel the coin to move either way in the coming days. Related Reading: Uniswap Price Watch: UNI Registers 16% Rally In Last 7 Days AAVE total market cap at $1.12 billion on the daily chart | Source: TradingView.com Featured image from AMBCrypto, Chart: TradingView.com

Crypto News

Stellar Price Moves To A Lower Level, Can The Bulls Defeat This Resistance Mark?

Stellar price has continued to travel south over the last 24 hours. On the last day, XLM lost more than 6% of its market value. Stellar has recorded positive price sentiment recently, owing to an update that spread optimism across the XLM community. In the latest update, Stellar users can now transfer USDC and Stellar Lumens via email. Despite the update, technical indicators have sided with the bears on the one-day chart. The buying power has fallen considerably, even though the number of buyers is greater compared to the number of sellers. In the last week, Stellar price went up close to 7%. However, at press time, the bulls look exhausted. The present support zone for XLM stands between $0.111 and $0.106, respectively. A fall from the $0.106 mark will lead the Stellar price to touch the $0.99 price mark. Broader market support will be necessary for most altcoins to recover. If buyers don’t pick up momentum and XLM doesn’t topple above the 20-SMA, then the altcoin is in for a further drop in price. Stellar Price Analysis: One Day Chart XLM was trading at $0.112 at the time of writing. The coin could not hold onto its weekly gains and fell on its chart as a result of declining buying strength. It is important for the bulls to defend Stellar at the $0.111 level, else Stellar price could drop down to $0.106. Once the coin touches the $0.106 mark, it could also fall near the $0.99 level. Overhead resistance for the coin stood at $ 0.116. A move above that level could push the coin to $0.119. The amount of Stellar traded in the past trading session declined, indicating a fall in buying strength. Technical Analysis XLM was still not in the excess selling territory, but if buyers continue to decline, sellers will soon take over. Stellar has had a good past week, but the bulls failed to move past the $0.116 resistance mark, causing the coin to depreciate in price. The Relative Strength Index was right on the half-line, and that is an indication of an even number of buyers and sellers. A fall in demand will immediately push the price of Stellar below the 20-SMA line. This would mean that the sellers were driving the price momentum in the market. Related Reading: TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally There could be a chance for Stellar to redeem its price given that XLM continued to display a buy signal on the one-day chart. The Moving Average Convergence Divergence measures the price momentum and the overall price direction of the altcoin. The MACD continued to form green signal bars that correlate with the buy signal for the coin. Although the green histograms were declining on the chart as a sign of increased selling strength, sellers had not taken over yet. The Parabolic SAR displays the price action of the altcoin. The dotted lines below the price candlestick mean that XLM could rise on its chart again with sustained demand. Related Reading: Cardano Price Surges, Will The Bulls Hold The Recovery? Featured image from Personal Financial, Chart: TradingView.com