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Crypto News

Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?

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Polkadot (DOT) has held itself for sometime at the current price level. The consistent downslide of major market movers have pushed many altcoins near their immediate support and below their nearest resistance levels. Recent market conditions have been quite harsh for investors. The returns have been questionable. Polkadot (DOT) has witnessed a sharp fall in buying strength owing to the same bearish condition of the market. The coin has been in the limelight in the recent times due to the latest development. These developments are related to interoperability and features of multi-chain which was announced in the middle of this month. These activities have helped buyers to enter the market. Selling pressure however, continue to outpower buying pressure in the market. Polkadot now has an ecosystem which is consistently striving to bring new projects through para-chain auctions. It is still uncertain if over the upcoming trading sessions that coin can maintain its price action and touch its immediate resistance mark. Polkadot Price Analysis: One Day Chart The altcoin was priced at $10 at the time of writing and after several rejections from the $11 level. Nearest support level for the altcoin stood at $8 and a fall beneath that could land DOT near $6.26. Over the last 48 hours, DOT broke below its 10 month long support line. In the past 24 hours, the coin tried to move northwards but the bulls have tired out. The lack of buyers have caused the bullish action to fizzle out. Trading volume was seen in green which is a sign of positive price action, however, another session dominated by sellers could change that. Technical Analysis As mentioned above, Polkadot (DOT) has undergone quite a bit of developments recently and that could have helped the investors gain confidence. On the Relative Strength Index, the indicator stood below the half-line but noted an uptick. This uptick signified buyers re-entering however, lacklustre price action caused buyers to remain wary. In accordance to the same, DOT remained below the 20-SMA which is considered bearish. The sellers were still in charge of driving the price momentum according to the aforementioned reading. A slight push from the bears could help DOT rise above the 20-SMA which could then make the price reversal steady. Related Reading | Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend Polkadot might target $14 if the current price action picks up a bit of momentum. Moving Average Convergence Divergence indicates price momentum. MACD flashed green histograms just above the half-line and that refers to a buy signal. If buyers act on it then price of the altcoin could witness some relief. Bollinger Bands depict price volatility of the coin, a squeeze means chances of price fluctuations. At press time though, Bollinger Bands flashed nearly parallel movement indicating a stability in DOT’s price movement.   Related Reading | Nox Bitcoin To Refund UST At $1 To Their Customers

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Hammer Time: The Bullish Signal That Could Save Bitcoin

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Bitcoin price is still struggling to hold onto support at $30,000 on high timeframes after smashing through it more than a week ago now. With buyers stepping in after the plunge, there is a chance for bulls to stop the downside with a bullish reversal candlestick setup. Learn more about the potential setup and find out if it’s “hammer time”. A Bullish Hammer Could Put A Stop To The Bear Market You wouldn’t necessarily know it by the ultra bearish sentiment or the recent plunge and resulting panic across the crypto market. But if you look at medium timeframe price charts, Bitcoin bulls could be preparing out a stop to the bleeding and stage a bullish hammer reversal. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Japanese candlesticks are said to be developed by the so-called “God of Markets,” Honma Munehisa. Homna was a rice trader and wrote the first ever book in market psychology. Candlesticks are comprised of a body and shadow, often called a wick. They are typically depicted as red and green, or white and black (open and closed). Each candle includes information on the open, close, low, and high of the trading session it represents. How the candle opens, closes, and the highs and lows set during the session will shape the candle, and often provide information about what might be going on in the market — and what might come next. Could this hammer put a stop to bears? | Source: BTCUSD on TradingView.com The Technicals Supporting A Bitcoin Reversal Setup On BTCUSD weekly and 2-week timeframe charts, the top cryptocurrency is working on a bullish hammer. A bullish hammer is a characterized as having a long lower wick acting as the handle, a small upper body, and little to no upper shadow. Although the bullish signal only takes one candlestick to suggest a bottom is in, it is only confirmed with a strong follow through back to the upside. There are plenty of technicals supporting a reversal | Source: BTCUSD on TradingView.com Hammers are most effective when they follow a string of at least three down candles, and are supported by bullish technicals. The bullish hammer is happening at what could be the end of a wave 4 expanding triangle correction, according to Elliott Wave Principle. The MACD is retesting the zero line, much as it did during the wave 1 Black Thursday correction. Each bottom, also coincidentally touched the lower Bollinger Band before reversing to the upside. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Will this bullish hammer confirm, and stop the bloodbath from continuing? Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

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The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from their fortunes. Vitalik Buterin, co-founder of Ethereum, is one example. In 2014, the 28-year-old founded Ethereum, a leading cryptocurrency by market capitalization. Buterin revealed on social media on Friday that he is no longer a billionaire. […]

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Klein Finance: A Decentralized Exchange on KuCoin Community Chain

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Klein Finance: A Decentralized Exchange on KuCoin Community Chain

Klein Finance is a decentralized exchange that is used to provide liquidity and trade KCC20 tokens on the KuCoin Community Chain. The exchange is known for enabling fast, efficient, and low-slippage stablecoin swaps, which tends to prove that decentralized token exchanges are not only feasible but also more efficient than traditional foreign exchange transactions. It […]