Polkadot price keeps trading in a bearish pattern.

DOT could soon see bulls evacuating the current price area in search of a better deal lower.

A better entry level is offered nearly 9% lower at $5.30.

Polkadot (DOT), Cardano and other altcoins are all plagued by the next big element that could trigger an existential crisis for the crypto industry. With payment service provider Silvergate exiting the crypto industry, the payment service network is at risk of breaking down. After FTX and Terra's LUNA, this could be that one crisis too many for investors to bear, leading them to evacuate their cash out of altcoins.

Polkadot price bears risk of nosediving if sentiment takes another cut

Polkadot price sees investor sentiment wobble again. Since last week, traders are bracing for another brief negative market shock in the altcoin space. The reason this time is not because of FTX or a stablecoin collapsing but an important payment service provider pulling out of cryptocurrencies. With that service provider folding up its tent and leaving the crypto industry under rumors of bankruptcy, money transfers could become very uncertain, with fund transfers unguaranteed of ever arriving at the right crypto-exchange or portfolio company. 

DOT, meanwhile, has been trying to break out of a bearish triangle, while the Silvergate news is not helping at all. Expect another squeeze to the downside with a test and break of $5.74. That opens the road for another sell-off toward $5.31 with bulls ready to start buying into the price action as the Relative Strength Index (RSI) will have deepened into oversold territory.

Should some tailwinds emerge with another service provider stepping up to fill the gap that Silvergate left, a quick test back at the red descending trend line could be granted. A breakout trade would see some follow-through toward first $6.10 near the 200-day Simple Moving Average. A pivotal level higher at $6.23 could be in reach for bulls but looks rather unlikely due to the current narrative. 

#polkadot #binancepaymarketplace #crypto2023 #buildtogether #Binance

Polkadot price looks bullish from both short-term and long-term outlooks.

An 11% upswing to $6.89 seems more than likely on the lower timeframe.

Invalidation of the bullish outlook for DOT will occur on the breakdown of the $5.75 support level.

Polkadot (DOT) price shows a clean double bottom formation on the daily timeframe, which predicts a potential bullish reversal. If this outlook is followed by a spike in buying pressure, a quick upswing is likely for DOT. 

Polkadot price reveals positive outlooks for DOT holders

Polkadot price on the daily chart shows that the $6.36 to $8.78 range formed in mid-June 2022 is crucial. A close observation reveals that this range has clearly defined breakouts in the past. From a long-term perspective for DOT, investors could expect a retest of the range’s midpoint at $7.57. 

A decisive flip of this hurdle on the daily timeframe could open the path for Polkadot price to tag the range high at $8.78. This move, in total, would constitute a 38% upswing.

A four-hour chart shows that traders can capitalize on a much smaller rally for Polkadot price. Interested investors can accumulate DOT at the current level and look for acceptance above the long-term range’s lower level at $6.36. 

A successful move would allow DOT to trigger a quick run-up and tag the 62% retracement level of the 35% crash witnessed between February and March 2023. This move would constitute a 10.6% gain for traders. 

In some cases, Polkadot price might extend to retest the 70.5% retracement level at $7.08, bringing the total gain to 14.4%. 

Supporting this bullish outlook for Polkadot price is the Development Activity, which hit an all-time high of 358.57 on March 21. This index tracks the pure development-related activity by DOT developers in the project’s public GitHub repository.

This uptick from 117.14 on January 8 suggests that developers have been working on the improvement of the project. Often, investors consider this index as one of the signs before buying the project’s underlying token. A project that’s bustling with developer activity suggests a safe investment and a spike in development activity supports a bullish outlook for the underlying token. 

While the bullish outlook for Polkadot price is clear, investors should note that the invalidation level is $5.75. If this support structure is flipped into a resistance barrier, it would attract sellers and potentially trigger a 5% crash to $5.47. 

#polkadot #crypto2023 #BTC #dyor #Binance

The Polkadot price had been recovering in the past few days, but it has been unable to sustain the momentum as the bulls’ progress has been halted at press time. Over the last 24 hours, the coin experienced a dip of 2%, which has also caused a depreciation of almost 1% in the weekly timeframe, erasing most of the weekly gains.

The technical outlook for Polkadot is showing signs of bearish strength building up. It is currently trading below a crucial resistance level. The resistance level must be surpassed for the bulls to experience some relief.

However, the demand and accumulation remain low on the one-day chart, which is a concern. If bears push again, Polkadot could drop straight to its local support level. The broader market’s strength is crucial for Polkadot to regain its lost value.

Unfortunately, with Bitcoin losing steam and falling below $30,000, most altcoins are also experiencing undecided price movements, which puts further pressure on Polkadot’s price recovery. At the time of writing, the market capitalization of DOT has fallen, indicating mounting short-term selling pressure

Polkadot Price Analysis: One-Day Chart

The Polkadot price is trending at $6.40, with overhead resistance at $6.60, a crucial level for the altcoin. This level has previously acted as a bearish block or a selling zone for the coin. If DOT manages to breach the $6.60 price level, it may face another resistance at $6.80 before finally reaching $7.

However, if Polkadot fails to break past the overhead ceiling, the next support levels would be at $6 and then at $5.80, respectively. The amount of DOT traded in the last session was red, indicating a fall in demand for the coin. Overall, the Polkadot price movement depends heavily on its ability to break past the crucial resistance level at $6.60.

Technical Analysis

At present, the bears have not gained complete control over the Polkadot price. The Relative Strength Index (RSI) indicates some optimism as it moves closer to the half-line, suggesting that sellers have not outnumbered buyers heavily.

Polkadot’s demand has been decreasing, leading to the formation of a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which measures the price momentum and shift in trend, displayed red histograms associated with sell signals, further indicating a potential downward trend for DOT.

In addition, the Parabolic SAR, which measures the price direction and momentum, displayed dotted lines above the candlesticks. This meant that DOT was showing downward price action at the time of writing, indicating that the sellers are currently in control of the market.

#dot #polkadot #crypto2023 #Binance #Altcoin

I barely read anyone talking about #polkadot lately, is there stuff happening I don't know about?

#BTC #bitcoin #crypto2023 #dyor

News within the crypto market: how are the GMX, Pepe (PEPE), Celsius Network (CEL), and Polkadot (DOT) coins performing? Below is an overview of all the latest news featuring them.

SummaryAnalysis of the crypto asset GMX, Pepe (PEPE), Celsius Network (CEL) and Polkadot (DOT).The partnership between GMX and ChainlinkFocus on the price of the PEPE crypto: a comparison with GMX, Celsius and PolkadotCoinbase and Gemini participate in auction to acquire Celsius NetworkPolkadot and collaboration with Mythical Chain for ecosystem expansion

Analysis of the crypto asset GMX, Pepe (PEPE), Celsius Network (CEL) and Polkadot (DOT).

As a reminder, GMX is a DeFi platform, built on the Arbitrum (Ethereum L2) and Avalanche network, which allows trading on cryptocurrencies such as BTC, ETH and others.

Pepe Coin (PEPE), on the other hand, is one of the new meme cryptocurrencies to hit the market and is named after the famous character Pepe the Frog.

Celsius Network is a now-bankrupt cryptocurrency lending company. Before bankruptcy, the company maintained offices in four countries and operated globally

Finally, Polkadot is a blockchain platform and has its own native crypto which is DOT. The platform is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third party.

The partnership between GMX and Chainlink

GMX, the largest decentralized exchange running on Arbitrum and Avalanche, and Chainlink, the standard Web3 services platform, have announced that the GMX community has chosen to incorporate Chainlink’s innovative low-latency oracles for financial market data.

GMX will incorporate the new solution’s low-latency oracles into the future GMX V2 protocol. It is worth mentioning that low-latency oracles are a focal point for the security, decentralization, and user experience of the DeFi economy.

Consequently, with the integration of GMX, the decentralized exchange should have increased speed, enhanced data security, reduced front-running threats, and long-term sustainable access to critical Web3 infrastructure.

In addition, the low-latency Oracle beta has been included in the Arbitrum testnet, and testing by key GMX contributors is now underway.

It does not end there, for by establishing a long-term financial structure, the partnership between GMX and Chainlink represents a watershed in Web3 development.

In exchange for the use of low-latency oracles and technical support, Chainlink service providers will receive a fee equal to 1.2% of all fees earned by GMX V2 and subsequent versions of the protocol.

Focus on the price of the PEPE crypto: a comparison with GMX, Celsius and Polkadot

PEPE, the new cryptocurrency meme on the market, is currently among investors’ favorites as it has shown 900% growth since its launch day.

On 20 April, the coin’s price reached an all-time high of $0.0000004036, and in the meantime, the first investor has achieved returns of about 7500 times.

However, in the past six days, the coin price has fallen 42.85% from the ATH and has consolidated into what is called a descending triangle, which is a bearish continuation pattern.

Hence, a bearish breakout of the $0.000000176 support has caused the price of the PEPE token to be in a prolonged correction. Intraday trading volume in the Pepe coin is $42.5 million, indicating a gain of 7.9%.

Now, the price of the PEPE token is trading at $0.0000002301, an intraday loss of 16.6%. Consequently, if the token price continues to experience selling pressure on the downtrend line, it is very likely that PEPE will eventually break through the $0.000000176 line support.

Coinbase and Gemini participate in auction to acquire Celsius Network

According to recent statements, Coinbase and Gemini recently registered to participate in the auction to acquire the now-bankrupt Celsius Network.

The company, prior to bankruptcy, had nearly $167 million to resolve liquidity issues to support certain operations during the restructuring process. In addition, the entity accounted for total assets and liabilities between $1 billion and $10 billion.

In addition to Coinbase and Gemini, venture capital is backed by Arrington Capital, owned by Michael Arrington. As early as September 2022, Centerview Partners LLC, Celsius’ investment banker, began identifying potential bidders for Celsius’ assets.

In consultation with Centerview, Celsius contacted over 130 parties it believed might be interested in a transaction. In addition, in December 2022, the Wall Street Journal reported the following:

“Hundreds of FTX, Voyager and Celsius clients are parting ways with their accounts, selling for pennies to investment firms with deep pockets. Some crypto clients with their accounts locked up in failed cryptocurrency companies are now taking a big loss on their investments to avoid dealing with the uncertainties in protracted bankruptcies.”

Polkadot and collaboration with Mythical Chain for ecosystem expansion

Recently, the company Mythical Games announced its plans to migrate Mythical Chain to the Polkadot ecosystem, leaving Ethereum in favor of the decentralized and interoperable multichain network.

In addition, Mythical Games declared its intention to launch a “Superchain” for the Mythos ecosystem, leveraging Polkadot‘s interoperable multichain technology to bring more game leaders to Web3 and create new interactive experiences.

It is no coincidence that this announcement coincides with the global release of NFL Rivals, the first blockchain video game officially licensed by the National Football League (NFL) and the NFL Players Association (NFLPA), developed in partnership with Mythical Games.

In any case, after the move to Polkadot, Mythical Chain will allow Mythos game partners to build their own chains without sacrificing interoperability or connectivity.

This will result in a new “Superchain,” a scalable platform that will be accessible to all Mythos partners and compliant with Web2 gaming platforms.

Accessibility is a key principle for Mythical as it continues to bridge the gap between blockchain and traditional games. On the other hand, the Polkadot ecosystem will also benefit from Mythical’s advanced features, streaming technologies and Web3 gaming experience.

With over 3 million digital asset transactions per month, 200,000 active wallets using over 1 million native MYTH tokens per day in game transactions, and a rapidly growing portfolio of games, Mythical is a leading innovator in Web3 games and the metaverse.

In conclusion, the engagement between the two offers significant potential for growth and interoperability, fostering the adoption of Mythical and Polystream, Mythical’s interactive streaming platform, into Polkadot’s burgeoning ecosystem.

#gmx #Binance #crypto2023 #polkadot #celsius

In the past week, Polkadot's NFT ecosystem has experienced significant growth in both transaction volume and partnership relations.

Polkadot recorded a sudden increase in revenue and fees on May 12th. However, this trend may not be sustainable as the graph quickly declined in the following days.

Polkadot has recently been posting its weekly summary on Twitter, highlighting the most notable developments within its ecosystem that have the potential to reshape the landscape.

According to Polkadot's latest tweet, Moonbeam, a Polkadot parachain, has announced the integration of XCM with Equilibrium. This will bring Multichain assets into a balanced state. It will also provide support for cross-chain assets from outside the Polkadot ecosystem.

Furthermore, applications on SubsocialChain can now be used without the need for wallets, tokens, or continuous confirmation.

In addition to the aforementioned updates, several integrations have taken place within the NFT ecosystem of the blockchain.

For instance, Astar Network has announced a collaboration with JR Kyushu, the largest railway network in Japan. With this new partnership, NFTs on Astar Network will provide souvenirs and "driver's license" certificates to 330 million railway passengers annually.

Santiment's chart also indicates a similar growth trend. According to the data, the number of NFT transactions and the USD trading volume on Polkadot have significantly increased in the past week, which seems optimistic.

#polkadot #Binance #NFT

Polkadot price rose 1 percent over the past 24 hours . Price could reach $5.5 over the coming trading sessions . Resistance remains at $6 mark

Polkadot price analysis shows hints of an uptrend developing gradually, after price rose 1 percent over the past 24 hours to reach the $5.5 mark. After spending the current month in a sideways pattern, DOT price has largely struggled just above the $5 support zone. After climbing up to $5.37 at the time of writing, Polkadot could head up to $5.5 over the coming trading sessions in the U.S. DOT trading volume over the past 24 hours dropped slightly, while market cap went up to $7,170,186,213.

The larger cryptocurrency market showed minor recoveries over the past 24 hours, as Bitcoin rose 1 percent to $27,200, and Ethereum rose 2 percent to $1,850. Among leading Altcoins, Ripple stayed up to the $0.46 mark, with Cardano keeping at $0.37 and Dogecoin dropping 1 percent to move down to $0.07.

Polkadot price analysis: RSI gradually rise upwards on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen mostly trending in a horizontal pattern around the $5.3 mark. However, the latest day candlestick shows some promise of an uptrend as price rose up to $5.45. The increment took DOT price above its 9 and 21-day moving averages, as well as the crucial 50-day exponential moving average (EMA) at $5.34.

The 24-hour relative strength index (RSI) can be seen picking up around the 43 mark to show increasing market valuation for DOT. As the RSI value reaches the 50 mark, price could hit an uptrend to pursue the $6 resistance. In addition, the moving average convergence divergence (MACD) curve also shows a bullish divergence taking place, with the trend line crossing above the signal line.

#polkadot #crypto2023 #Binance #cryptocurrency

A crypto trader and analyst Luke Martin shared his top altcoin picks in a recent YouTube video. This video follows the release of a regulatory whitepaper compiled by the Chinese Government. The key point mentioned in the regulatory paper is that Hong Kong will allow retail traders to buy and sell Bitcoin (BTC) and other altcoins starting 1 June 2023.

In addition to this, Shanghai had reportedly been promoting Web3 and long-term investments in crypto projects in the past few months as well. With Chinese retail trading activity set to boom on 1 June 2023, the analyst named Conflux (CFX), Filecoin (FIL), Polkadot (DOT), Huobi Token (HT), and OKB as altcoins to watch in the next few weeks.

Conflux (CFX)

Conflux, often referred to as the “Chinese Ethereum,” has caught the attention of investors and traders due to its potential as a layer 1 blockchain for decentralized applications (dApps). In his video, Martin noted that the project has experienced significant growth, with its market cap increasing tenfold since the beginning of the year.

As China begins to embrace blockchain technology once again, Conflux could benefit from increased adoption and government support, making it an attractive investment choice for retail traders. Adding credence to this bullish outlook for the project is the fact that it has partnered with large brands including McDonald’s China and OREO.

At press time, CoinMarketCap indicated that the price of CFX stood at $0.3122 after it printed a 24-hour loss of 4.36%. During this time, the altcoin also weakened against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 3.57% and 4.17% respectively.

Filecoin (FIL)

Filecoin, a decentralized storage coin, has emerged as a leader in its niche. The February rumors surrounding China embracing the crypto market once again resulted in retail traders investing more yuan in FIL than in the crypto market leaders ETH and BTC.

China recognizing the importance of decentralized storage for safeguarding national information is the main reason the analyst is bullish on FIL. Furthermore, numerous companies have reportedly made substantial investments in Filecoin over the past few months, adding further credibility and potential value to the project, added Martin.

FIL’s price had dropped 0.93% in the past 24 hours. As a result, the altcoin was changing hands at $4.63. The crypto was also outperformed by BTC and ETH by 0.17% and 0.87% respectively.

Polkadot (DOT)

Polkadot, a Layer-1 blockchain protocol, has garnered attention as a promising project with strong connections to China. Gavin Wood, the founder of Polkadot and a key figure in the development of Ethereum (ETH), was reportedly mentioned in Beijing’s whitepaper, reinforcing the project’s significance, according to Martin.

The trader shared that DOT has less upside potential compared to CFX and FIL. Nevertheless, the project’s association with influential figures and its technical capabilities make it an intriguing altcoin to consider.

DOT followed the same trend as the majority of cryptos in the market over the past 24 hours, and had printed a 0.52% loss during this period. This brought the altcoin’s price down to $5.47 at press time. Despite the price drop, DOT was able to gain on BTC by 0.25%, but was unable to do the same with ETH and was down 0.45% against the leading altcoin.

Huobi Token (HT)

Huobi Token (HT) holds a unique position as the native token of China’s largest cryptocurrency exchange, Huobi. With the exchange’s roots in China, Huobi is strategically positioned to navigate the regulatory changes efficiently.

Furthermore, the licensing regime, which will primarily cover the most liquid cryptocurrencies like BTC and ETH, presents an opportunity for Huobi to thrive within the established framework. As retail traders gain access to the altcoin market, HT stands to benefit from increased trading volume and market demand, believes Martin.

HT’s price stood at $3.21 at press time following a 3.52% decrease in price in the past 24 hours. This price drop also saw it weaken by 2.89% against BTC and 3.46% against ETH.

OKX (OKB)

OKX, although not headquartered in China, has a significant volume of Chinese traders utilizing its platform. This is the main reason that the analyst is bullish on the platform’s native token, OKB.

Martin forecasts that OKB may not see its price rise as much as the other altcoins covered in this list, given its existing favorable performance in the market this year. Nevertheless, OKX remains an important exchange for Chinese traders and OKB may benefit from the potential wave of Chinese retail trading volume.

OKB was slightly in the red at press time, and was down 0.02% at press time. This brought its price down to just above $47. The altcoin was able to outperform both of the market leaders in the past 24 hours, and was up 0.79% against BTC and 0.11% against ETH.

#cfx #polkadot #fil #BinanceTournament

Introduction:

Gavin Wood is a visionary figure in the realm of blockchain technology. With his deep knowledge of computer science and a passion for decentralized systems, Wood has played a crucial role in shaping the blockchain landscape. From his early involvement in co-founding Ethereum to his groundbreaking creation of Polkadot, Wood’s contributions have been pivotal in advancing blockchain innovation.

Early Background and Ethereum:

Before the creation of Polkadot, Gavin Wood made a significant impact on the blockchain world as one of the co-founders of Ethereum. Hailing from England, Wood studied computer science and obtained his Ph.D. from the University of York. He possessed a strong background in distributed systems and cryptography, which laid the foundation for his groundbreaking work.

Wood played a critical role in designing the Ethereum blockchain. His contributions included developing the Solidity programming language, which allowed developers to create smart contracts on the Ethereum network. Smart contracts became a transformative concept, enabling decentralized applications (DApps) and revolutionizing the way contracts are executed and enforced.

The Creation of Polkadot:

Inspired by his experience with Ethereum, Gavin Wood recognized the need for greater interoperability and scalability among blockchains. This realization led him to embark on a new venture, resulting in the creation of Polkadot.

Launched in 2017, Polkadot is a multi-chain platform that aims to connect different blockchains and facilitate seamless communication between them. Wood’s motivation behind Polkadot was to address the limitations faced by existing blockchains, such as Ethereum, including scalability issues and lack of interoperability.

Polkadot employs a unique architecture known as a “parachain.” These parachains run in parallel and can interact with each other through a central relay chain, known as the Polkadot Relay Chain. This architecture enables the transfer of assets, data, and functionality between different blockchains, unlocking a new era of blockchain interoperability.

Wood’s vision for Polkadot extends beyond interoperability. He recognized the need for governance mechanisms that empower stakeholders and promote decentralized decision-making. To address this, he implemented a sophisticated governance model on the Polkadot network, allowing token holders to participate in the decision-making process through a mechanism known as on-chain governance.

Polkadot’s Impact and Future:

Since its launch, Polkadot has garnered significant attention and support from the blockchain community. Its innovative approach to interoperability and governance has made it an attractive platform for developers and blockchain projects. Polkadot has also spawned a vibrant ecosystem, with various parachains and decentralized applications being built on its network.

As the blockchain industry continues to evolve, Wood’s work on Polkadot has positioned him as a key figure in shaping the future of decentralized systems. His contributions to blockchain technology, from Ethereum to Polkadot, have paved the way for scalable, interoperable, and community-driven solutions that hold the potential to transform industries beyond finance.

Conclusion:

Gavin Wood’s journey from co-founding Ethereum to creating Polkadot showcases his relentless pursuit of blockchain innovation. His deep understanding of computer science, combined with his visionary thinking, has fueled the development of groundbreaking technologies. With Polkadot, Wood has set a new standard for blockchain interoperability, opening up exciting possibilities for decentralized applications and cross-chain communication. As the blockchain ecosystem continues to evolve, Gavin Wood’s contributions will undoubtedly continue to shape the industry’s trajectory for years to come.#polkadot #ETH #parachains #bitcoin