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Polkadot (DOT)-Based Prediction Market Startup Zeitgeist (ZTG) Raises $1.5 Million

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Next-generation prediction market ecosystem is coming to Polkadot (DOT) and its sister chain Kusama (KSM). Now it is backed by top-notch venture capitalists.

Zeitgeist (ZTG), a unique prediction market ecosystem, shares the news of the completion of its seed funding round. The startup now has a solid VC background, including undisputed market veterans.

Zeitgeist (ZTG) closes funding round, raises $1.5 million

Zeitgeist (ZTG), a startup that addresses the segment of decentralized on-chain prediction markets on Polkadot (DOT) and its family of blockchains (Kusama, Karura, Acala), has confirmed the completion of its seed funding round.

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” alt=”” aria-hidden=”true” />article imageImage by Zeitgeist

Crypto entrepreneurs raised $1.5 million from D1 Ventures, Genblock Capital, AU21 Capital, Digital Renaissance, A195 Capital, Four Seasons Ventures, Brilliance Ventures, BlockSync Ventures, the cofounders of Acala and an individual from Web3 Foundation.

The VCs who took part in Zeitgeist (ZTG)’s seed funding campaign are excited by the product concept and the potential for applications on Web 3.0. Ruitao Su, co-founder of Acala and an individual investor in Zeitgeist (ZTG), stresses the importance of that use case for Polkadot:

I am super excited to back another specialized network in the Kusama and Polkadot ecosystem. Zeitgeist is a network purposely built for prediction markets. I can’t wait to explore the new possibilities enabled by Zeitgeist – low transaction costs, seamless access to parachain assets such as the Karura Dollar (kUSD) or Acala Dollar (aUSD), forkless upgrades, and so much more.

This funding round followed the official public launch of Zeitgeist (ZTG): its team had launched without much fanfare some months ago.

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Prediction markets, reconsidered: introducing futarchy

The Zeitgeist team pioneers the concept of futarchy, a novel approach to prediction markets’ on-chain design. Futarchy uses signals gained from the data aggregation property of prediction markets to adjust decision-making mechanisms hand-in-hand with network progress.

Logan Saether, Zeitgeist’s Founder and CEO, claims that this launch is of paramount importance for the entire decentralized PM segment and its massive adoption:

Prediction markets are powerful mechanisms for aggregating information and improving decision making, and Zeitgeist puts that power into the hands of more people to drive mainstream adoption.

As covered by U.Today recently, Polkadot (DOT) reconsiders its parachain design to ensure a better experience for projects onboarded. It released “public good” chains to keep the fees policy and resource distribution fair and equal.

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Polkadot price analysis: Bullish momentum faces break down at $43.6 level

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  • Price has receded down to $43.64.
  • Polkadot price analysis confirms bearish return.
  • Support is rigidly standing at $30.19.

The price is going down once again as the latest Polkadot price analysis is confirming the bearish comeback. The price has undergone a decline during the last 24-hours, as the bears interrupted the bullish current by bringing the price down. The price is now following bearish movement momentarily and has moved down to the $43.64 level in the last 24-hours. The bearish momentum has been trending in the last four hours as well.

DOT/USD 1-day price chart: Bears drag price down to $43.64 level after gaining strength

The bears are striving for reestablishing their position on the price chart as can be observed from the one-day Polkadot price analysis. Today, a bearish price movement has been observed as the DOT/USD price devalued to $44. Although the bulls have been reigning on the whole, the price has decreased during the day because of bearish momentum. The moving average (MA) for the day is standing at the $42.73 level.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 1

The volatility has been decreasing which is why the Bollinger band average is now at $39.06. Whereas the upper Bollinger band value is at $47.93 for now whereas the lower Bollinger band value is at the $30.19 position. The Relative Strength Index (RSI) score is yet to reach 70 and is still standing at 64.66.

Polkadot price analysis: Price decrements to $44 as downward trend continues

The four hours Polkadot price analysis shows that the bears have been at lead for the past few hours. The price has been falling down quite consistently with a few bullish price movements recorded here and there. The price has undergone a decline in the last hours as well and is now settled on the $43.64 mark. The moving average, on the other hand, is dictating its value at the $43.94 position.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 2
DOT/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 curve and the SMA 20 curve was recorded earlier, which is another confirmation of a downtrend. The Bollinger bands indicator is showing the following values in the four hours price chart; the upper value is $45.59 whereas the lower value is $42.3. The RSI score is at a quite average position and is at 51.22.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 3
DOT/USD technical indicators chart. Source: TradingView

The overview of cryptocurrency progress shows promising results which is why the technical indicators chart for DOT/USD is going bullish. There are 15 indicators settled on the buying mark, nine indicators on the neutral mark, and two indicators on the selling mark.

The moving averages indicator is displaying favorable results for the buyers as well as it is giving a strong buy signal for the day. A total of 13 indicators are there on the buying position while one indicator each is sitting on the selling and neutral positions. The Oscillators, on the other hand, are showing neutrality with eight oscillators at the neutral position, two oscillators at buying position, and one oscillator at the selling position.

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Polkadot price analysis conclusion

The one-day, as well as the four hours Polkadot price analysis, is showing slightly unfavorable results for the cryptocurrency. That is because the price has covered downward movement during the day and has undergone a decline up to the $43.6 level. It can be expected that the price will go down even further as the bears have been dominating for the last four hours as well.

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This Is How Polkadot(DOT) Price May React After Hitting $50!

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The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice
Source: Tradingview

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

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Polkadot

This Is How Polkadot(DOT) Price May React After Hitting $50!

Published

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The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

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