Wednesday 28 September 2022
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Polkadot Increases 4% And Eyes $9, What’s In Store Next?

Polkadot has surged on its chart by 4% over the last 24 hours. In the past week, DOT remained quite optimistic as it registered a 7% increase in its value. The price momentum has held on to bulls at the moment. After moving past the rigid resistance of $8, the bulls have regained strength. Technical outlook also pointed towards a positive price action for DOT. Buying strength of the altcoin has also noted an increase, which has contributed to rise in price. If demand remains consistent in the market, it would be easy for Polkadot to cross its next resistance mark. As Bitcoin continued to inch northwards and was trading above the $23,000 mark, altcoins have been positively affected by this price movement. Currently, the bulls are trying to maintain the recovery mode that DOT had displayed on its chart. The global cryptocurrency market cap today is $1.14 Trillion, with a 0.6% negative change in the last 24 hours. Polkadot Price Analysis: Four Hour Chart Polkadot was priced at $8.20 on the four hour chart | Source: DOTUSD on TradingView DOT was trading at $8.20 at the time of writing. The altcoin has managed to break past its tough resistance mark of $8. This has made the bullish force stronger in the market. The demand for the coin has also helped with the recovery. Overhead resistance for the altcoin was at $9 and incase DOT manages to trade above that level, it could soon enter the double-digit price zone. A fall from the current price level will however make DOT land up at $7.20 first and then at $6.87. Amount of Polkadot traded in the previous session fell slightly indicating that selling pressure might be trying to make an entrance on the chart. Technical Analysis Polkadot registered a downtick in buying pressure on the four hour chart | Source: DOTUSD on TradingView The altcoin was quite bullish on the short time frame. It recently traded in the overbought zone as the coin staged a rally over the last 7 days. The buying strength has remained in the positive and has taken over selling strength too. The Relative Strength Index displayed a tiny downtick in buying pressure, although, the buying pressure remains a lot more than selling pressure at press time. Polkadot was above the 20-SMA line, a sign that the buyers were driving the price momentum of the altcoin. DOT was also above the 50-SMA and 200-SMA, a depiction of increased demand and bullish force in the market. Related Reading | Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible? Polkadot depicted buy signal on the four hour chart | Source: DOTUSD on TradingView DOT’s technical outlook reflected a surge in demand on the four hour chart. Moving Average Convergence Divergence reads the price momentum and possible shift in the price action. MACD underwent bullish crossover and gave rise to green histograms above the half-line indicating bullishness and buy signal. Directional Movement Index reads the price direction and movement on the chart. DMI was positive..

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Binance’s CZ: High Inflation And Recession Fears Will Drive Bitcoin Adoption

It’s safe to say CZ is bullish on bitcoin and crypto’s future. Changpeng Zhao visited CNBC’s Squawk on the Street and flipped the prevalent bearish narrative on its head. In less than 2 minutes. Most of the things CZ said are based on common sense and a basic understanding of market forces, but still, it’s calming to hear a leader of the industry saying them. Especially in this fear-ridden stage of the cycle we’re in. .@binance CEO @cz_binance: The macroeconomics situation will be high inflation, the talk about recession…all of those things drive adoption into #Bitcoin.@CNBC pic.twitter.com/EP8OHwPeAa — Squawk on the Street (@SquawkStreet) July 28, 2022 Notice that even though Binance’s business is dependent on altcoins’ performance, especially BNB, CZ makes a clear distinction between bitcoin and crypto in general. On the other hand, even though the interview is about bitcoin, CZ sneaks crypto here and there. In any case, let’s analyze what Binance’s CEO thinks about the current market conditions and the future of bitcoin and crypto. What Did CZ Squawked On US National TV? The first thing the interviewer was interested in was the way that bitcoin bulls have defended the “20Kish” line. According to CZ, that was “the last peak” so there’s a “psychological barrier” there. So far, bitcoin’s price had never go lower than the previous cycle’s all-time high. This time it was different, probably because of Tesla’s paper hands and the Terra collapse. However, the market ended up defending the 20K line. The interviewer then asked about other factors, like the increase in money supply or bitcoin’s correlation to Nasdaq. According to CZ, those are two relevant factors, but in the end “it’s a mass psychology market” and the last ATH is the barrier. It’s only fair that we quote Binance Academy for an explanation of the psychology of market cycles: “In short, market sentiment is the overall feeling that investors and traders have regarding the price action of an asset. When the market’s sentiment is positive, and prices are rising continuously, there is said to be a bullish trend (often referred to as a bull market). The opposite is called a bear market, when there is an ongoing decline in prices.” Recently, as we regularly do here at NewsBTC, we checked on the famed fear and greed index for insights into the current market sentiment. This is what we found: “Last week, the indicator’s value had risen up to even 34 as the coin’s price saw a recovery rally. However, as the run ended and the crypto once again slumped down, so did the sentiment among the investors. The report notes that this trend indicates participants in the BTC (and wider crypto) market believe that this recent rally was just a fakeout.” BNB price chart on BinanceUS | Source: BNB/USD on TradingView.com What’s the next catalyst? Back to the interview, the next question was about what factor could catapult bitcoin and crypto into their next chapter. Cautiously, CZ said that no one can..

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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

Solana soared in double digits over the last 48 hours. The coin touched the $43 mark before it started to retrace on its chart again. In the last 24 hours, SOL just lost 0.1% of it value and stuck to its bullish price action. Owing to its recent development, Solana has displayed a price rally. Technical outlook of SOL was also bullish at press time. The altcoin witnessed an increase in buying strength. This has been influential in driving the price up. Solana has opened up permanent retail space in Manhattan. These stores are specifically dedicated to all things related to cryptocurrencies. Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores have an intention to introduce approximately 100,000 people each month to the Solana ecosystem. He also hinted that there are possibilities to open a virtual storefront soon in the future. A grant from the Solana Foundation has helped the Solana Spaces to set up a shop in Hudson Yards New York. Solana Price Analysis: Four Hour Chart Solana was priced at $42 on the four hour chart | Source: SOLUSD on TradingView SOL was trading at $42 at the time of writing. The altcoin was finally able to break past the $40 price level. Overhead resistance for the coin stood at $47. SOL has struggled to move past that price zone for couple of weeks now. For Solana to continue its bullish momentum, it has to trade above the $43 price ceiling level for a substantial period of time. Nearest support line for the coin was at $40 and $38. If the coin loses the $38 price floor, the next support line awaits the altcoin at $36. Trading volume of Solana registered a small decline which indicated that selling pressure might have been on the rise. Technical Analysis Solana displayed a fall in buying strength on the four hour chart | Source: SOLUSD on TradingView SOL had just touched the overbought price zone, however, as price gently moved south so did buying strength. Although there has been a fall in buyers, buying strength remained higher than selling strength at the time of writing. The Relative Strength Index was slightly below the 60-mark which meant that buyers exceeded sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA line, that indicated bullish force in the market. Related Reading | Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery Solana flashed buy signal on the four hour chart | Source: SOLUSD on TradingView The altcoin reflected increased buying pressure on other indicators as well. Moving Average Convergence Divergence pictures price momentum and change in the same. MACD underwent bullish crossover and presented green signal bars which are tied to buy signals for the altcoin. Bollinger Bands depict price volatility and fluctuations in the same. The bands have opened up wide which indicated that price of the altc..

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New Milestone May Be The Kick Dogecoin Needs To Break $0.1

Dogecoin has been enjoying the love being shown to it by prominent figures in the space, such as Elon Musk and Mark Cuban. However, the digital asset has not been faring well since hitting its all-time high of $0.7 in the middle of 2021. The decline in price that followed has seen Dogecoin lose more than 90% of its value since then. But a new development has begun to paint a bullish picture for the digital asset. New Dogecoin Addresses Soar One of the reasons that Dogecoin’s price has continued to suffer has been the lack of interest from the crypto community. Despite its community still pushing the meme coin, it was not seeing enough adoption to push the value of the asset back up. That is, until now, when Dogecoin is beginning to experience a significant uptick in interest. Related Reading | Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3? New data shows that the adoption of Dogecoin is up, given the number of addresses that are transacting on the network. Data from IntoTheBlock shows that the number of new daily DOGE addresses had grown by a whopping 256% in the last day. DOGE price continues to struggle | Source: DOGEUSD on TradingView.com Dogecoin has now hit its highest point in terms of new daily addresses, rising from its 14.4k point to the new 38.43k number. This increase in the number of people using DOGE on the network points to healthy growth for the meme coin. So despite the fact that the price of the digital asset is down by a large margin, it is enticing investors who likely see the current price of the digital asset as a prime entry point. Better Days Ahead Dogecoin has been seeing some good events happen in the last week. Besides seeing a significant jump in its daily addresses, it has also undergone an upgrade that has brought more good publicity to the meme coin. Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1 The team announced recently that the Dogecoin website had received an overhaul. Since the meme coin has been getting a lot of bad publicity lately, leading to FUD in its community, it has pulled out all the stops in an effort to combat this. Dogecoin Core also received an upgrade with the software version 1.14.6 going live this week. This was done in a bid to strengthen the network and make transactions more efficient. On the investor side, Dogecoin holders are not faring too badly compared to others in the space. Data shows that the majority of DOGE holders are still seeing profit at 52%. This put 45% in the red and 4% of holders currently sitting in neutral territory. Long-term holder composition also continues to dominate, with 65% holding their coins for more than a year. Featured image from MarketForces Africa, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass. It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020. Daily cryptocurrency market performance. Source: Coin360The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to an accommodative monetary po..

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Bitcoin Breaks $24k As Exchange Whale Ratio Declines

On-chain data shows the Bitcoin exchange whale ratio has declined recently as the crypto surges above the $24k mark. Bitcoin Exchange Whale Ratio (EMA 7) Is Currently Below 0.50 As per a post from CryptoQuant, the BTC exchange whale ratio has gone down recently while the price has surged up. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 Bitcoin transactions to exchanges and the total exchange inflows. exchange whale ratio = sum of top 10 inflow txs (in BTC) ÷ total exchange inflows (in BTC) Here, the ten largest transfers are considered as they generally belong to the whales. Thus, when the value of the ratio is high, it means whales are making up for a large part of the total inflows right now. Since investors usually send their BTC to exchanges for selling purposes, this trend can be a sign that whales are dumping at the moment. and hence can be bearish for the crypto’s price. On the other hand, low values of the metric can suggest whales are currently occupying a normal amount of the total inflows. Such a trend could be either neutral or bullish for the coin’s value. Now, here is a chart that shows the trend in the 7-day exponential moving-average Bitcoin exchange whale ratio over the past month: The EMA-7 value of the metric looks to have been down in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio (EMA-7) has been below a value of 0.50 for seven out of the last eight days. The 0.50 mark is the dumping threshold for the EMA-7 version of the metric and as the indicator has been below this value recently, the selling pressure from whales has been low. While the ratio has gone down, BTC’s price has enjoyed some upwards momentum as the coin surged up above the $24k mark earlier today. BTC Price At the time of writing, Bitcoin’s price floats around $23.5k, down 1% in the last seven days. Over the past month, the crypto has gained 15% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has observed some upwards movement during the last couple of days | Source: BTCUSD on TradingView Around ten days ago Bitcoin had recovered above $23k, but only a few days later the crypto’s price again started to go downhill. However, in the last couple of days, the coin enjoyed some sharp upwards momentum as it retook $23k. Earlier today, BTC even broke above $24k, though it wasn’t long before the crypto saw a slump and came down to the current level. Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Pro-Russian groups raised only 4% of crypto donations sent to Ukraine

According to data from crypto analytics firm Chainalysis, users have sent more than $2 million in crypto to 54 pro-Russian groups since Feb. 24, a fraction of that received by many wallets controlled by the Ukrainian government. In a Friday blog post, Chainalysis said it had tracked funds sent to social media accounts controlled by pro-Russian groups in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USDT-TRX, and Dogecoin (DOGE) starting with the country’s invasion of Ukraine in February. According to Chainalysis’ data, users sent roughly $2.2 million to the pro-Russian groups, with more than $1 million going to a single unnamed account. While there may be other groups outside of Chainalysis’ investigation of those supporting pro-Russian forces, the available data suggested that the $2.2 million in donations amounted to roughly 4% of crypto sent in support of Ukraine. Wallet addresses connected to Aid for Ukraine, a platform backed by the government’s Ministry of Digital Transformation, s..

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