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Polkadot price prediction: DOT breaks above $17.50, eyes $20.00 next

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  • Polkadot price expected to climb to $20.00 resistance level.
  • The closest support level lies at $19.00.
  • DOT faces resistance in crossing above the $19.50 mark.

Polkadot price has finally broken out of the consolidating channel it has been trading in since mid-January. The price rose to highs of $19.855 before retracing back to the $19.300 mark where it currently trades.

Polkadot price has exhibited a major breakout from its consolidation trend. The sharp bullish momentum has caused the price to spike after breaking above the resistance level carrying it to the $19.855 mark. While the price may have retraced since then, the movie is minor, and it seems likely that DOT will make another attempt at crossing above the level.

Cryptocurrency price and market capitalization • Coin360 • 17:52 UTC Feb, 03

The broader cryptocurrency market observes a bullish change across the last 24 hours, with most major cryptocurrencies recording an increase in their prices across the period. These include Bitcoin and Ethereum that record a 6.33 and a 10.60 percent increase, respectively. However, some assets like Cardano (ADA) record a drop in their prices.

Technical indicators

Polkadot price prediction: DOT breaks above $17.50, eyes $20.00 next 1

Across the technical indicators, the MACD shows increasing bullish momentum as observed in the increasing size of the histograms. The two EMAs are wide and show further divergence as the 12-EMA ascends at a sharp gradient while the 26-EMA follows behind.

The RSI is above 70.00, suggesting an overbought Polkadot price. However, the sell signal is not very strong, and the indicator shows a return to the neutral zone after the recent retracement from the 19.855 mark.

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The Bollinger bands were narrow but now show sharp expansion as the price breaks above the $17.50 resistance level. Currently, the price is trading above the upper limit of the indicator suggesting further expansion for the indicator. Currently, the Bollinger bands and the RSI pair issue a sell signal, but the signal is not very strong.

Overall, the four-hour technical analysis issues a strong buy signal, with 17 of the 26 major technical indicators supporting an upwards price movement. On the other hand, only one indicator issues a sell signal while the remaining eight indicators remain neutral, issuing no signals supporting either side.

The 24-hour technical analysis shares this sentiment as the analysis shows 14 indicators supporting a bullish price action against only one indicator suggesting a retracement below the $19.00 mark. Meanwhile, eight indicators do not issue any signals, with the analysis issuing a buy signal overall.

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What to expect from Polkadot price?

Polkadot price prediction: DOT breaks above $17.50, eyes $20.00 next 2

Traders should expect Polkadot to consolidate above the $18.50 mark as DOT observes a healthy trend correction. However, the positive indicators and the increasing trade volume suggest a swift recovery before the price continues its bull rally towards the $20.00 mark.

Conversely, if Polkadot price falls below the $18.50 mark, DOT will fall to the $18.00 level with a potential drop to the $17.50 mark. However, that is unlikely to happen given the positive technical analyses on both short and mid-term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ripple

Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC

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The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency

Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.

In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”

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Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”

The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:

The irony is that the people they are supposedly protecting are the ones attacking them.

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XRP relisting rumors get a new life  

Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.

The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.

As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.

Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.

Coinbase’s run-in with the SEC

Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.

Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.

Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”

The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Crypto Exchange

Crypto investments a financial backup for Facebook whistleblower

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Frances Haugen, a former Facebook employee turned whistleblower, revealed that her refuge in Puerto Rico is currently being supported by an auspiciously timed cryptocurrency investment.

Haugen worked as a Facebook product manager before accusing the company of spreading controversial and insensitive misinformation. She allegedly possesses numerous confidential research documents, which, according to her, shows that “Facebook prioritizes profit over the well-being of children and all users.” Previously, Facebook has been accused of influencing the 2016 United States presidential election with the help of Russian agencies.

In a follow-up interview with The New York Times, Haugen was asked about her financial situation:

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“For the foreseeable future, I’m fine, because I did buy crypto at the right time.”

The whistleblower also received financial help from nonprofit organizations (NPO) backed by Pierre Omidyar, a co-founder of eBay. However, Haugen clarified that Omidyar’s NPO fundings were only used to finance travel and related expenses.

According to Haugen, shifting to Puerto Rico helped her join her “crypto friends” who enjoy capital tax exemptions on Bitcoin (BTC) and cryptocurrency assets.

Iconic whistleblower and former U.S. Central Intelligence Agency agent Edward Snowden also continues to show support for the Bitcoin economy amid regulatory pressures from governments across the world.

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On Oct. 4, Snowden tweeted about Bitcoin’s tenfold growth despite China’s blanket ban on crypto mining and trading.

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