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Karura launches decentralized exchange on Polkadot and Kusama

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Karura, the Kusama implementation of the Acala protocol, has launched its decentralized exchange (DEX) platform, Karura Swap.

According to the announcement issued on Friday, the DEX platform is now live, with KSM/KAR being the first trading pair on the exchange.

Per details provided by the announcement, Karura Swap has gone live with an initial total value locked north of $3.4 million, with more than 1,000 unique liquidity providers (LP).

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The team revealed that the DEX launch highlighted the benefits of its “Bootstrap feature” that provides a liquidity sandbox for trading pairs with the walled environment, reportedly preventing front-running and market manipulation during the initial launch of a trading pair.

“With Bootstrap, Karura aims to empower trustless trading at fair market rate to reflect the tenets of equitable and open finance for all,” the blog post added.

Indeed, the inaugural KSM/KAR pair passed through the bootstrap phase and has only gone live after satisfying the mandated liquidity goal. With the launch of the DEX, Karura Swap becomes the first decentralized exchange on Polkadot and Kusama and the first avenue for trustless trading of Kusama tokens on a DEX.

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Other trading pairs that will be launched on Karura Swap can also make use of the Bootstrap feature. LPs can elect to supply one or both tokens in the pool during the process, while trading remains suspended until the set liquidity target is achieved.

With Karura envisioned as a decentralized finance hub on Kusama, the team said other features such as kUSD stablecoin loans, staking and liquidity mining programs are in the works. These added protocols are part of the plans to build up the network within the 48-week network lease secured by winning a parachain auction slot.

As previously reported by Cointelegraph, Karura became the first Kusama parachain slot auction winner back on June 22, with over 501,000 KSM staked in the crowd-loan process. These slot auctions determine the parachains that will be added to the Kusama relay chain, which serves as a companion network for Polkadot.

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Polkadot

Polkadot price at make-or-break point as DOT awaits a range breakout

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  • Polkadot price spots a potential symmetric triangle pattern on the 1D chart.
  • RSI stands neutral at 50.00, suggesting a lack of clear directional bias.
  • 21-DMA offers immediate resistance, 50-DMA guards the downside.

Having faced rejection just shy of the $34 mark on a couple of occasions, Polkadot (DOT) bears are tightening their grip, as a fateful week draws to an end.

Polkadot price is set to book a second consecutive week of losses, as the crypto market sentiment remains undermined by the latest PBOC crackdown, a potential default story of China Evergrande property developer group and Fed’s tapering signal.

DOT price is shedding 1.75% on the day, currently trading at $30.33. Polkadot is down about 15% on a weekly basis.

Polkadot bears are testing the bullish commitments

On the daily chart, Polkadot price is traversing in a three-week-old symmetrical triangle formation, with DOT bulls having failed to find acceptance above the falling trendline resistance just below the $34.

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Daily closing above the latter is critical to reverse the recent downturn, as it would validate a symmetrical triangle upside breakout, fuelling a fresh upswing towards the $40 threshold.

However, DOT buyers will first need to crack the immediate resistance aligned at the 21-Daily Moving Average (DMA) at $32.33 for any meaningful turnaround.

The 14-day Relative Strength Index (RSI) trades listlessly at the midline, suggesting that DOT price could yield a range breakout in either direction.

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DOT/USD daily chart

If the 21-DMA barrier continues to guard the upside, then DOT price could extend the pullback towards the ascending 50-DMA at $28.38, which will offer an immediate cushion to DOT bulls.

Sellers would then aim for the horizontal 200-DMA support at $27.70. The last line of defense for DOT bulls is seen at the rising trendline (triangle) support at $26.33.

A sustained break below the latter would confirm a triangle breakdown, calling for a sharp drop towards the mildly bullish 100-DMA at $22.08.

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Bitcoin

BTC, ADA, BNB and DOT Price Analysis for September 25

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Can altcoins retain their power against Bitcoin (BTC) in the mid-term scenario?

The weekend has begun with the bounceback of the cryptocurrency market as all of the top 10 coins are again in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has risen by 3.32% over the past 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Despite the bounceback, Bitcoin (BTC) has not yet come back to the bullish zone as the chief crypto has not fixed above the resistance zone of $48,500.

However, if sellers keep pushing the price deeper, the drop may continue to the zone of the most liquidity around $37,000.

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Bitcoin is trading at $42,591 at press time.

ADA/USD

Cardano (ADA) is the biggest gainer from the list today as the price has rocketed by 10%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) has successfully bounced back to the support at $2.104 and is now trying to recover the lost positions. At the moment, the more likely scenario is accumulation in the range of $2.30-$2.50 so that bulls can get more power to get back to the resistance at $2.80.

ADA is trading at $2.380 at press time.

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BNB/USD

Binance Coin (BNB) has gained less than Cardano (ADA), with a growth of 3.85%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Despite the rise, Binance Coin (BNB) is located near the support zone, which means that bulls have not seized the initiative thus far. If the breakout happens, there may be a sharp fall to the next vital level at $240.

BNB is trading at $352 at press time.

DOT/USD

Polkadot (DOT) is trying to keep up with the rise of Biance Coin (BNB), as the growth has constituted 6.23%.

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DOT/USD chart by TradingView
DOT/USD chart by TradingView

Despite the rise, Polkadot (DOT) is trading below the vital $35 level. At the moment, neither buyers nor sellers are dominating, which means sideways trading is likely to continue within the next few days.

DOT is trading at $30.60 at press time.

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Polkadot

Polkadot Price Prediction: DOT primed for 27% ascent

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  • Polkadot price formed a double bottom on the daily time frame and rallied 25% so far.
  • A continuation of this uptrend is likely to result in a 27% ascent from its current position.
  • The MRI also indicates that a buy signal is around the corner, adding a tailwind to the bullish thesis.

Polkadot price crumbled as it tested a crucial resistance level on September 14. This downswing seems to have formed a bottom and rallied exponentially on September 22, indicating that an upswing is on its way.

Polkadot price ready to climb higher

Polkadot price rose 53% between September 8 and September 14 as it encountered the 70.5% Fibonacci retracement level at $38.31. However, a brutal rejection here led to a swift sell-off that crashed DOT by 34% to form a double-bottom at $25.21.

Now, the Polkadot price is hovering above the 50% Fibonacci retracement level at $30.16. Moreover, the Momentum Reversal Indicator (MRI) signal flashed a yellow ‘up’ arrow, indicating that the next red daily candlestick will display a buy signal. 

Therefore, a resurgence of buyers is likely to push DOT to slice through the $34.93 resistance barrier and retest $38.31, constituting a 27% advance.

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In a bullish case, the Polkadot price could extend the run-up to $41.69.

DOT/USDT 1-day chart

DOT/USDT 1-day chart

While things seem to have improved for Polkadot price, a breakdown of the 50% Fibonacci retracement level at $30.16 will start to sow seeds of doubt into the minds of buyers.

If the investors continue to sell, DOT might revisit the $25.21 support floor. 

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A decisive daily close below this level will create a lower low,  invalidating the bullish thesis and triggering a crash to $22.23.

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