Category: Polkadot

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Crypto News EOS Market Analysis Polkadot The Graph Trading

Top 3 Coins to Watch Today: DOT, GRT, EOS – July 21 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 75% after Q2, showing little sign of interest from buyers.

June’s consolidation at possible support from $9.65 to $7.12 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.18 may see profit-taking from bulls.

The first test of possible support near $7.04 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $6.85, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.35 to $6.00.

2. The Graph (GRT)

The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.

GRT Price Analysis

At the time of writing, GRT is ranked the 60th cryptocurrency globally and the current price is US$0.1109. Let’s take a look at the chart below for price analysis:

Source: TradingView

GRT‘s 80% retracement during Q2 set a low near $0.08747 during its consolidation that began in early June.

Relatively equal highs near $0.1435 could be the current target if the price breaks through resistance beginning near $0.1658. Bullish continuation may reach through the next significant swing high near $0.1838 into the daily gap near $0.2173.

If bullish strength continues, the zones just below the previous monthly highs near $0.2343 and $0.2512 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $0.1036 into possible support near $0.09872. If this down move occurs, the swing low near $0.09042 and possible support near $0.08624 may be the primary objective.

3. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 48th cryptocurrency globally and the current price is US$1.07. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has plummeted nearly 70% from its April 2022 highs and almost 95% from its May 2021 all-time high.

The closest resistance overlaps with the 8 EMA near $1.25, where the daily chart shows inefficient trading. This level rejected the price’s first retest on May 13.

Slightly higher, $1.41 offers the next noteworthy resistance. This area was inefficiently traded and overlaps with the last significant swing low in mid-March.

Last week, the price bounced from support near $1.00, which could provide support again. This level shows inefficient trading on the monthly chart and is near the midpoint of September 2017’s accumulation.

If this support breaks, bulls could find support near $0.8239. This level is at the bottom of an inefficiently traded area on the monthly and weekly charts. It’s also the high point of October 2017’s accumulation range. However, eager bidders should be cautious as a move this low may be targeting bulls’ stops under the swing low at $0.7430.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News IOST Market Analysis Polkadot Stellar Trading

Top 3 Coins to Watch Today: XLM, IOST, DOT – June 29 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another via blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 24th cryptocurrency globally and the current price is US$0.1164. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2357 in Q2 before retracing nearly 70% to find a low near $0.1058. The price consolidated around this level before the strong bullish impulse over the past several days.

Probable resistance near $0.1370 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1424 and relatively equal highs at $0.1550. Resistance near $0.1759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.1856.

A retracement before a move higher might find support in the daily gap near $0.1104, just above the weekly open. Relatively equal lows near $0.1035 could also provide support. Run-on stops at $0.0984 and $0.09174 might find support in the gap beginning near $0.08312.

2. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope it will serve as the backbone for online services in the future. One of the biggest challenges IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 109th cryptocurrency globally and the current price is US$0.01418. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST rallied 95% during late March and almost set new monthly highs before selling off 45% into its weekly low.

A retest of the monthly open, near $0.02625, started a new wave of selling in early May. The subsequent break of the weekly open created a new area of resistance between $0.01959 and $0.01863 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.

If this resistance breaks, a move toward the monthly highs might find resistance between $0.02174 and $0.02270. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.02730.

Old support near $0.01389 created a sharp bullish reaction in late June. This region, down to $0.01274, could provide support again. 

However, a longer-term bottom is more likely to be found between $0.01027 and $0.00963, where higher-timeframe charts show an inefficiently traded area.

3. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% after Q2, showing little sign of interest from buyers.

June’s consolidation at possible support from $9.85 to $7.10 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.58 may see profit-taking from bulls.

The first test of possible support near $7.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $6.80, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.15 to $5.70.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Polkadot Trading Zcash

Top 3 Coins to Watch Today: DOT, GST, ZEC – June 3 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$9.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% after Q1, showing little sign of interest from buyers.

May’s consolidation at possible support from $9.75 to $5.60 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of Q1 consolidation range, near $12.70, and the monthly high near $13.88 may see profit-taking from bulls.

The first test of possible support near $9.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $8.70, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $8.25 to $7.96.

2. Green Satoshi Token (GST)

Green Satoshi Token GST is the game token of STEPN – a Web 3.0 lifestyle app with inbuilt fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging and running outdoors while wearing NFT sneakers. GST tokens can also be used to level up and mint new sneakers, and players can sell/rent their NFT sneakers on the App Marketplace.

GST Price Analysis

At the time of writing, GST is ranked the 356th cryptocurrency globally and the current price is US$0.9380. Let’s take a look at the chart below for price analysis:

Source: TradingView

GST has seen massive volatility recently as STEPN’s other coin, GMT, went on its parabolic run. GST’s price climbed 150% during April, dropped 80%, and is now retesting possible support.

Above the weekly open, $1.15 to $1.23 could provide resistance. Breaking through this resistance could reach near $1.30, which is approximately the midpoint of last month’s long upper wick. If the price breaks this level, last month’s high near $1.55 provides another reasonable target.

Bulls stepped in on each recent drop below $1.00. This level could provide support again and has confluence with the 18 EMA. A move below this level might see support near the 40 EMA and accumulation on the weekly, near $0.9061.

A more significant move down could target an old inefficiently traded area on the weekly between $0.8735 and $0.8267. The lower portion of this range, under $0.7681, may provide higher-probability support.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 44th cryptocurrency globally and the current price is US$89.85. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs may cause bulls to be less aggressive in bidding. However, possible support near $86.47 and $82.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $129.23 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $120.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $136.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $145.32 might provide a ceiling for this impulse.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Polkadot Trading TRON

Top 3 Coins to Watch Today: DOT, TRX, CRO – May 4 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 14th cryptocurrency globally and the current price is US$14.91. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 62% during Q1, showing little sign of interest from buyers.

April’s consolidation at possible support from $15.68 to $19.57 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $22.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $14.80 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.10, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.37.

2. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 20th cryptocurrency globally and the current price is US$0.07217. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market during the January drop, falling nearly 60% from its mid-December high until it found a low in March.

Price action formed a weekly support level near $0.06054, which has so far held up the price. The most recent swing low inside this range, near $0.05829, might be the target for any future stop runs. After this low, the swing low near $0.05589 and the gap beginning near $0.05326 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07592, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07835, but could reach as high as $0.08637.

3. Crypto Coin (CRO)

Crypto.com coin CRO is the native cryptocurrency token of Crypto.com Chain, a decentralised, open-source blockchain developed by the Crypto.com payment, trading and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked the 22nd cryptocurrency globally and the current price is US$0.2877. Let’s take a look at the chart below for price analysis:

Source: TradingView

CRO went parabolic during November, reaching nearly 115% percent within a few days as it blasted through its old all-time high.

This fast move left little compelling higher-timeframe support near the current price. A level near $0.2522, which has confluence with the 8 EMA and 127% extension of H2 2021’s swing, could provide support.

Further below, near $0.2291, 2021’s previous monthly high could also provide some support on a retest. The last consolidation before the breakout, near December’s open, might give the most substantial support. However, this would require significant retracement from the current price point.

While next targets are impossible to predict, extensions from H1 2021’s move suggest that the 40% extension, near $0.3675, could provide some resistance. Above this level, the 48% extension near $0.4348 could also trigger bulls to take profits.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News DeFi Polkadot

Polkadot Project ‘Astar’ (ASTR) Doubles Amid $22 Million Fundraise

Astar Network recently announced it had secured over US$22 million in a fundraising round led by industry-leading crypto companies and angel investors.

Astar Making Waves in DeFi Space

There’s been a lot of movement within the Polkadot ecosystem since the Parachain auctions started in January this year. Hundreds of projects are still competing to secure a slot over the next two years or so.

One of these Polkadot-based projects is Astar Network, a multi-chain DeFi protocol that’s calling the attention of retailers and institutional investors alike due to its wide range of innovative Web3 solutions and financial incentives:

TVL Hits an ATH

The total value locked (TVL) in Astar has reached an all-time high of US$1.3 billion, making it the eighth-largest EVM blockchain. This signals growing interest for the project.

There are now over 100,000+ unique wallet addresses on the ecosystem, a bigger inflow of users, and more decentralised protocols are building on the network, whose TVL now sits at US$1.24 billion.

Source: DeFi Llama

Astar has been hosting numerous protocols since the launch of its mainnet (there are more than 40+ dApps as of now) and it’s planning to host 15 more in April – a month the project has proclaimed as the “Astar Season”:

Big Steps Ahead For Astar

Astar is an ambitious protocol that aims to create a broad, self-sustaining ecosystem with top-quality dApps and better financial incentives for users and developers. Along with its support for bridges, Astar allows developers to deploy existing Solidity and Polkadot native smart contracts on its network.

The next step for the Astar protocol is to create a multi-chain smart contract hub, which the company says is now in progress:

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Celo Crypto News Dego Finance Market Analysis Polkadot Trading

Top 3 Coins to Watch Today: DEGO, DOT, CELO – April 4 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Dego Finance (DEGO)

Dego Finance DEGO is a decentralised ecosystem that offers a diverse combination of the non-fungible token (NFT) and decentralised finance (DeFi) tools. It is an independent, open NFT ecosystem. Any user is allowed to launch an NFT and initiate mining, auctions and trading, covering the entire lifecycle of the product. Dego’s NFT protocol is a cross-chain, second-layer infrastructure for blockchain projects that can be leveraged for user acquisition and token distribution.

DEGO Price Analysis

At the time of writing, DEGO is ranked the 660th cryptocurrency globally and the current price is US$3.92. Let’s take a look at the chart below for price analysis:

Source: TradingView

During March, bulls enjoyed 65% gains at DEGO‘s peak before the price confirmed strong resistance beginning at $10.25.

The 1-Day chart shows that support may be forming between $4.15 and $4.00, near the weekly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $3.89 and $3.78 after a sweep of the current consolidation’s swing lows.

The last swing high near $4.10 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $4.35 and the 2.0 extension near $4.60 may provide the next major targets.

2. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$23.06. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 50% during Q1, showing little sign of interest from buyers.

March’s consolidation at possible support from $22.68 to $24.57 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $27.70, and the monthly high near $31.88 may see profit-taking from bulls.

The first test of possible support near $19.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $17.66, running stops under the Q3 2021 swing low. 

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $16.55 to $16.00.

3. Celo (CELO)

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. The network also allows for the creation of smart contracts and decentralised applications (DApps) as part of decentralised finance (DeFi). The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In the future, the platform aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.

CELO Price Analysis

At the time of writing, CELO is ranked the 70th cryptocurrency globally and the current price is US$3.69. Let’s take a look at the chart below for price analysis:

Source: TradingView

CELO has continued its rally through the daily gap between $3.70 and $3.62, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $3.54 could form a wick below this level, potentially reaching an untapped daily gap beginning near $3.47.

Resistance starting at $3.80 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant swing high at $3.95, continue into probable resistance just above, and possibly set new monthly highs at $4.16.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Bitcoin Cardano Dogecoin Ethereum Markets Polkadot Terra

Crypto Market Holds Firm Over $2 Trillion as BTC Reclaims $47,000 USD

Despite the digital asset market first reaching a US$2 trillion market capitalisation in April 2021, significant economic and geopolitical uncertainty has stifled the sector’s forward momentum in 2022.

However, a confluence of factors have turned things around, resulting in the market lifting above US$2 trillion for the first time in over six weeks:

Global crypto market capitalisation. Source: Coinmarketcap.com

After investors’ frustration at what felt like endless sideways price action, the sentiment across crypto Twitter was distinctly upbeat by the positive moves:

Green Candles for All

Digital assets across the board saw material gains, with the crypto economy’s total value holding above US$2 trillion for five consecutive days.

According to Coinglass data, around US$142 million in short liquidations contributed to bitcoin breaching US$47,000 for the first time since January. No doubt, Terra’s decision to buy US$10 billion in BTC is also at least partially responsible for the surge.

At the time of publication, bitcoin is trading at US$47,664, effectively erasing its losses and pushing past break-even for the year.

BTC price action over past seven days. Source: CoinMarketCap.com

Outside of BTC, altcoins similarly enjoyed a strong comeback, with a veritable feast of green candles on display. Analysts have suggested that the positive returns over the past week may be indicative of an impending bull market:

  • BTC – 12.7 percent
  • ETH – 14.5 percent
  • ADA – 30.4 percent
  • SOL – 22.7 percent
  • BNB – 7.8 percent
  • XRP – 4.8 percent
  • LUNA – 11.8 percent
  • AVAX – 6.7 percent
  • POL -15.2 percent
  • DOGE – 19.6 percent

Market Gets Greedy

It’s been said that fear and greed drive financial markets, and nowhere is that more apparent than in crypto.

Last week, the multifactorial Cryptocurrency Fear and Greed index was at 26 out of a possible 100 (a state of “fear”, one level up from “extreme fear”). Within a week, things have turned around and optimism is in the air.

The index is now tracking at 60, suggesting that investors are getting greedy, but nowhere near the extreme levels above 90 last seen in April 2021.

Despite his equating Bitcoin to rat poison, Warren Buffett’s cautionary words are perhaps worth noting, especially when the market is seemingly on the up:

Be fearful when others are greedy, and greedy when others are fearful.

Warren Buffett, investor and philanthropist
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Crypto News Market Analysis NEAR Protocol Polkadot Polygon Trading

Top 3 Coins to Watch Today: DOT, MATIC, NEAR – March 14 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 12th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.

March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $24.70, and the monthly high near $26.88 may see profit-taking from bulls.

The first test of possible support near $15.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.66, running stops under the Q3 2021 swing low. 

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.87.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 16th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% retracement level, during February’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.

Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.

3. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 22nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.

The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90. 

Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00. 

If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.

On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Cardano Crypto News Market Analysis Polkadot The Sandbox Trading

Top 3 Coins to Watch Today: ADA, DOT, SAND – February 23 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$0.8693. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 60% drop from its mid-January highs found a low near $0.8435 last week before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.9125. A sustained bullish move may target the swing high at $0.9535. If this stop run occurs, a run beyond the high into probable resistance near $1.12 and $1.21 is possible.

Bulls could buy a retracement to possible support near $0.8640, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8325. 

However, relatively equal lows near $0.8057 and $0.7822 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7647 and $0.7592.

2. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 13th cryptocurrency globally and the current price is US$16.26. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 75% since its high in early January, showing little sign of interest from buyers.

February’s consolidation at possible support from $19.68 to $20.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of December’s consolidation range and the 2021 open, near $26.70, and the high of December’s consolidation range, near $29.88, might see profit-taking from bulls.

The first test of possible support near $15.40 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $14.56, running stops under July’s swing low. 

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.16 to $11.47 at the high of 2020’s consolidation range.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 37th cryptocurrency globally and the current price is US$3.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive rally during Q4 halted at $8.45 before retracing 80% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $3.67 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.90. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $3.12 and $3.00 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of Q4’s parabolic move.

Inside this zone, the consolidation high near $2.89 to $2.80 might see more sensitivity and mark the bearish target.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.60.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News IOTA Market Analysis Polkadot Stellar Trading

Top 3 Coins to Watch Today: DOT, XLM, IOTA – February 10 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polkadot (DOT)

Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.

DOT Price Analysis

At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$21.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT has retraced nearly 55% since its high in early January, showing little sign of interest from buyers.

February’s consolidation at possible support from $20.68 to $21.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.

If market conditions turn and this resistance breaks, an area near the midpoint of December’s consolidation range and the 2021 open, near $28.70, and the high of December’s consolidation range, near $32.88, might see profit-taking from bulls.

The first test of possible support near $17.40 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.

A break of this support might continue to drop to the next possible support near $15.37, running stops under July’s swing low. 

If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.16 to $10.47 at the high of 2020’s consolidation range.

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 30th cryptocurrency globally and the current price is US$0.2412. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.4157 in November before retracing nearly 75% to find a low near $0.2080. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.2678 is slowing the bullish advance down. However, another leg might target the last swing high at $0.3022 and relatively equal highs at $0.3336. Resistance near $0.3659 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3926.

A retracement before a move higher might find support in the daily gap near $0.2143, just above the monthly open. Relatively equal lows near $0.1975 could also provide support. Run-on stops at $0.1816 and $0.1731 might find support in the gap beginning near $0.1670 or a high-timeframe level near $0.1520.

3. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind the platform says this offers far greater speeds than conventional blockchains – and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked the 47th cryptocurrency globally and the current price is US$1.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 70% decline during January, IOTA has ranged between $0.9533 and $0.8203.

The recent rally is approaching probable resistance near $1.25 – but could be aiming for stops above the relatively equal highs near $1.20. Continuation of the bullish move could target the daily gap near $1.35.

Aggressive bulls might add to positions near $1.00 and $0.9844. Price action near $0.9340 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $0.8935 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.8255.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.