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Tag: Technical Analysis

  • Polkadot (DOT) regains bullish moment

    Polkadot (DOT) regains bullish moment

    Polkadot (DOT) stands at $36.35, at the time of writing. Polkadot crypto’s price has increased by 0.65% in the past twenty-four hours while the daily trading volume has gone up by 25%. Polkadot is the 8th largest cryptocurrency with a market capitalization of $33 billion. DOT coin has established its all-time high at $48.36 two weeks ago and after market corrections, the coin appears to be picking up the pace again.

    Poladot (DOT) Technical analysis

    The technical indicators for Polkadot coin are standing at a neutral position as the bulls and bears both vie for dominance in the market. Out of the 26 technical indicators, thirteen are giving out a buy indication with eight standing at neutral and only five indications of sell.

    A trader has given a bullish analysis for the coin. Per the trader, Polkadot crypto is set towards the moon. Polkadot can be observed to be operating above the 18-day Moving Average – indicating a rise in the price level. The immediate resistance level facing Polkadot coin lies at the 0.618 Fibonacci retracement level – at the price level of $39.46 – followed by $44 and $50. The trader has set a price target for Polkadot above $100 with the possibility of going even higher. However, if the bears dominate the market then Polkadot will be able to find stable support at 0 Fibonacci retracement which lies parallel to the price level of $26.

    Osprey’s Polkadot trust

    The cryptocurrency asset management firm Osprey Funds has announced the creation of a Polkadot (DOT) fund in order to allow their customer base to invest in the cryptocurrency. The trust’s management fee of 2.5% is also said to be exempted before 2023. Polkadot trust will be available at by private placement at $25,000 and above to qualified investors only.

    Greyscale Investments had taken a lead in creating a Polkadot fund along with others; however, the final details of Grayscale’s Polkadot trust are yet to be finalized which makes Osprey’s Polkadot trust the first of its kind in the market. The announcement of the fund may have been what accounted for the bullish momentum in DOT coin’s market.

  • Stellar Lumens (XLM) on the rise, what to expect next?

    Stellar Lumens (XLM) on the rise, what to expect next?

    With nearly 500% gains in the yearly timeframe, Stellar Lumens (XLM) could not break its all-time high of $0.93 established three years ago in 2018. XLM coin was, however, able to form a new 52-week high at $0.68. At the time of writing, Stellar Lumens stands at a price level of $0.56. The price of the cryptocurrency has increased by 7% in the past twenty-four hours while the daily trading volume has gone up by nearly 30%. Stellar Lumens stands at 16th rank in the market with the capitalization of the coin, too, increasing.

    Stellar Lumens (XLM) technical analysis

    The market sentiment for stellar Lumens is neutral. Out of the total twenty-six technical indicators, ten stand at a neutral position while fifteen are giving out a signal of buy with only one sell indication. The oscillators and moving averages are, both, standing at neutral position.

    A trader has identified Stelar Lumens inside a triangle formation. The analyst is suggesting a long position on the cryptocurrency as the market is appears to be dominated by buyers. The Relative Strength Index is moving towards overbought conditions. The RSI couple with the bullish 6-hourly candle in indicative of buying pressure on XLM coin’s price. Per the trader, the 0.786 Fibonacci retracement which lies parallel to the price level of $0.54 is the immediate support level for XLM coin. Another support level can be found at 0.618 Fibonacci Retracement – at the price level of $0.43.

    Stellar Lumens’ (XLM) ETP

    A new milestone was reached for XLM crypto as a Swiss fintech company by the name of 21Shares AG has announced listing the exchange-traded products for Stellar Lumens along with Cardano. The XLM ETP (AXLM) was have a base trading fee of 2.5% and will be launched on Swiss stock exchange, SIX Exchange. Each AXLM will be backed by 40 XLM at the time of launch.

    The demand for Stellar Lumens has skyrocketed in the bull run of 2021 because of the coin’s performance and the potential it carries. 21Shares AG revealed that the ETP products for XLM saw a 200% spike in demand in the first quarter of 2021.

  • Ethereum Classic (ETC) – Price target at $60

    Ethereum Classic (ETC) – Price target at $60

    Ethereum Classic (ETC) – the hard fork of Ethereum (ETH) is one of the cryptocurrencies that has been gaining increasing attention in the bull run of 2021. ETC coin has had 70s at $40% gains in the year-to-date window. At the time of writing, ETC coin stands at $49.84, breaking at previous all-time high of $49.67. The price of ETC coin has increased by 13% in the past twenty-four hours while the daily trading volume has decreased by 13%. Ethereum Classic stands at 31st rank in the market with the capitalization of the coin increasing by 13%.

    Ethereum Classic (ETC) technical analysis

    The market sentiment for Ethereum Classic is strongly bullish. Out of the twenty-six total technical indicators, none of them are giving out a signal of sell. Seventeen of the technical indicators are standing at a sell position while the rest – nine – are neutral. Both the oscillators and moving averages are bullish.

    A trader has identified important Fibonacci retracement levels for Ethereum Classic. Per the trader’s analysis, ETC coin has been on an uptrend – following an ascending trendline. Ethereum Classic has broken the first important level of resistance at the price level of $46. The next crucial resistance level lies at the 0.618 Fibonacci level parallel to the price level of $60, followed by 0.768 and 1 Fibonacci retracement levels at $78 and $107 respectively – setting the levels as price targets. The overbought Relative Strength Index is returning back to normal levels, hence, a pullback may be expected.

    Ethereum Classic (ETC) price prediction

    The hard fork that was launched to “preserve the integrity” of the Ethereum blockchain after a major hack had been diverging more and more from Ethereum. The project is now considered valuable on its own. The forecasts of Trading Beasts place ETC coin on a downward trend with a price level of $30 while the five yeas’ prediction puts ETC crypto at $50. Wallet Investor, too, is bearish on the cryptocurrency in the long-term and expected a minor fall to $47 while the 5-year prediction places ETC at $57. However, the estimates of Digital Coin Price are kind on the cryptocurrency as the price is expected to go upwards towards $222 in 2028.

  • Chainlink (LINK) Technical Analysis: Will the price pick up?

    Chainlink (LINK) Technical Analysis: Will the price pick up?

    Chainlink had been a well-performer in the bull run. The year-to-date growth of Chainlink is 178%. The altcoin rose form $11 to an all-time high of $44. Chainlink has been on a descent ever since the establishment of its all-time high. In the daily timeframe, the cryptocurrency’s price fell by 15% although the daily trading volume has gone up by nearly 100%.

    Chainlink (LINK) Technical Analysis

    The market sentiment for Chainlink is bearish with a majority of the technical indicators giving out a signal of sell. Out of the 26 total technical indicators, 12 are standing at a sell position, nine are neutral while only five are giving out a buy indication. Both the oscillators and moving averages are mainly bearish.

    Chainlink (LINK) technical analysis

    Chainlink is under strong market corrections. The cryptocurrency has invalidated most of the bullish analyses and is aggressively testing support levels. Chainlink has broken the strong support level at $32 identified by trader CryptoTaiwan. The next support level lies at $28 and it is crucial for Chainlink to hold in order for it to stabilize.

    Major developments you should know of 

    Karura the decentralized finance hub of Kusama Foundation had recently announced the integration of Chainlink price feeds. Karura is a parachain optimized to power DeFi apps while offering unmatched scalability. Chainlink oracles have been proven to be one of the best – if not the best – in the market and both parties will benefit immensely from the partnership.

    eToro, the leading cryptocurrency exchange, has announced the offering of Chainlink to its 20 million users. The move can be attributed to the high success of Chainlink oracles which has led to increasing institutional interest in cryptocurrency. Chainlink also has a high retail demand.

    The project has also recently published whitepaper 2 which introduces the second upgrade of Chainlink. The whitepaper entailed some interesting and major developments to be made to the network which will result in increased efficiency and security. The developers will focus on 7 core areas of the network – hybrid smart contracts, scaling, confidentiality, trust-minimization, incentive-based security, decreased complexity, and fairness for transactions.

    What is Chainlink?

    Chainlink is a cryptocurrency that serves as a bridge between real-world data and smart contracts. Chainlink decentralizes the procedure of gathering individual oracles to gather and verify data for smart contracts. Chainlink is one of the leading oracle providers in the cryptocurrency industry.

  • Solana (SOL): Are the pullbacks to last?

    Solana (SOL): Are the pullbacks to last?

    Solana (SOL) started off the new year with a price level of less than $2 but with a staggering growth rate, the cryptocurrency climbed upwards to establish its all-time high of $39. Solana is ranked at 16th in terms of market capitalization. Currently, the cryptocurrency is under pullbacks. The price of the cryptocurrency has declined by 13% in the past 24 hours. At the time of press, Solana was trading hands $32.69 apiece.

    Solana (SOL) Technical Analysis

    Trader Slothie has identified a parabolic curve formed by the price action of Solana in her Solana technical analysis. The trader has also identified the four bases of the parabolic curve. By the third base – the triangle in red – the price doubles which was what happened in the case of Solana. Subsequently, after the final base, the price usually dips under market corrections.

    As made clear by the price developments, Solana is in market corrections. The trader is suggesting a short position in the long term and do not expects the cryptocurrency to reverse is trajectory. However, this does not entail that Solana should be overlooked and the project still has good long-term potential – which is also supported by various other platforms. DigitalCoinPrice places Solana at a price level of $58 in 2022 while a price level of $140 is suggested to be achieved in five years’ time. Wallet Investor is predicting Solana to be above $100 by the end of the year.

    Will Solana rise back up?

    Given the innovative technology underlying the project and; hence, it’s potential it may be considered highly likely for Solana to break away from the bearish trend. Solana has also been gaining popularity with investors as around $44 million had been injected into the project in the past month. Moreover, the stablecoin Tether (USDT) had also launched on the Solana blockchain with Tether regarding Solana as “one of the fastest growing blockchains”.

    What is Solana (SOL)?

    Solana is also dubbed as the “Ethereum Killer” because of the similarities the project bears to Ethereum as well as the technological advancement it offers. Solana is designed to provide decentralized finance solutions and support the creation of decentralized apps. However, that is not all. Solana offers way better scalability as it employs a Proof of History (PoH) as well as a Proof of Stake (PoS) mechanism.