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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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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 […]

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Grand Time’s Web3 Ecosystem Helping People Worldwide Realize Financial Freedom

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Grand Time’s Web3 Ecosystem Helping People Worldwide Realize Financial Freedom

As an ambitious project that emerged to lower crypto’s entry barriers, Grand Time – the community-driven Web3 ecosystem of several interconnected solutions – has contributed significantly to improving the lives of billions of people worldwide. The Grand Time team is on a mission to provide financial freedom to underbanked and unbanked populations across underdeveloped countries, […]

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Ripple To Launch XRP Powered On-Demand Liquidity Solution In Lithuania

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Ripple, an American FinTech firm, and FINCI, a Lithuanian FinTech firm, have partnered up to make retail remittances and B2B payments faster and more affordable. This is done through RippleNet’s On-Demand Liquidity (ODL), which uses XRP for cross-border payments that are crypto-enabled. This partnership will allow customers and businesses to make real-time payments while sparing […]

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Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over

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Bitcoin has been getting stable at its crucial support level of $30,000. For over a week now, Bitcoin has been trading near its immediate support level. Over the last week, the coin lost close to 6% of its value and in the last 24 hours, BTC fell by 3%. The past week has been extremely choppy for Bitcoin and also for the altcoin due to continued market weakness. The coin had plunged to a low of $25,000, BTC had last traded about that price level in December 2020. Bitcoin has recovered by $5000, however, a chance of a further downslide cannot be ruled out.  The technical of the coin pointed towards continued selling pressure in the market. Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,100 at the time of writing after the coin was rejected from the $31,000 price level. Immediate resistance for the coin stood at $25,000. A fall beneath the same will send the coin straight to $19,000. On the flip side, if the bulls send a temporary relief then the coin will target moving above the $30,000 price level and trade close to the $31,000 resistance mark. The volume of Bitcoin traded was seen in the red which indicated bearishness on the one day chart. Technical Analysis Bitcoin might have been able to show signs of stability on the chart but further signs show that the coin can soon plummet again. King coin was trading underneath the 20-SMA line which meant that sellers were dominating the price momentum in the market. Support from the buyers can push the coin above the immediate resistance of $30,000. The support from buyers seems like an unlikely situation considering how the coin has formed a bearish flag (yellow). A bearish flag indicates further push from the bears and this could cause the coin to trade below the $20,000 support mark. The coin hadn’t touched the $20,000 price level in over a year now. The Relative Strength Index was below the half-line which indicated that sellers are still in charge as shown by the SMA lines. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping Bitcoin’s bearish flag reflected how the coin continued to fall on the chart after the pattern was formed. The bulls have tired out from the constant battle with sellers. In accordance with the same reading, Awesome Oscillator flashed bearishness. The indicator dictates the price momentum of the market and red histograms underneath the half-line meant a sell signal for the coin. If sellers continue to act on it, $20,000 can soon be on the charts. Chaikin Money Flow is responsible for depicting capital inflows and outflows. The indicator was below the half line because capital outflows were still dominant at press time. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Crypto News

ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally

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ATOM had displayed optimistic price action recently after the coin rallied close to 14% a little over 48 hours ago. The coin had managed to undo the loss of 21% that it incurred in the past week with its recent rally. Bearish sentiments are still present across the whole industry and altcoins have also walked along the same price sentiment. Ever since ATOM revisited its all time high in the month of January this year, the coin has struggled to release itself from the grasp of the bears. At the time of writing, Cosmos (ATOM) was the 28th biggest crypto by market capitalisation as seen on CoinGecko. Bitcoin again slid below the $30,000 mark while Ethereum struggled to trade above the $2000 price level. The global cryptocurrency market cap today was at $1.32 Trillion after a fall of 4.6% in the last 24 hours. ATOM Price Analysis: One Day Chart Cosmos (ATOM) was trading for $10.57 at the time of writing. Gradual push from the bears have caused the digital asset to trade below its resistance lines. At press time, the coin was trading close to its immediate support level because the market received a fall in buying strength. Over the last 24 hours, the altcoin registered a sharp fall by 9% forcing the coin trade near the local support. Immediate resistance for ATOM stood at $13.73 and to trade above the same ATOM would need support of the buyers. Volume of the coin traded depicted bearishness which indicates selling momentum rising in the market. Technical Analysis Cosmos (ATOM) invalidated its 8-month long resistance line and that caused sellers to lose confidence on the asset. The coin was trading below the 20-SMA line which meant that sellers were in control of the price momentum. If the coin continues to remain below the 20-SMA line then a bullish revival remains tough for the altcoin. If buyers find a way back into the market then the coin can attempt to trade near the $13 price mark. A rejection from the aforementioned price level will push the coin beneath the $9.42 support level. The coin traded near the $9.40 level last year in the month of July. The Relative Strength Index displayed an uptick because the indicator was seen above the oversold region. Despite recovery, ATOM continues to remain under heavy selling pressure. Related Reading | How Cosmos Could Outgrow Ethereum, Making The Case Cosmos (ATOM) had staged a brief recovery and following that indicators reflected some bullishness. It is too early to say if the altcoin will continue moving in the same direction. Awesome Oscillator depicts the price momentum in the market. The indicator displayed green histograms underneath the zero-line, this reading signifies a sell signal. If sellers act on the sell signal, price could dip further causing the bears to strengthen. Chaikin Money Flow was under the half-line, although the indicator noted an increase in capital inflows over outflows. Despite increase in capital inflows, ATOM’s capital outflows precede its inflows. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key