In a Thursday announcement, Moonbeam said Cream Finance would be integrating with its ecosystem, starting with a parachain on Kusama, Moonriver and then on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.
“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” said Moonbeam founder Derek Yoo. “The integration not only provides a critical capability to the growing DeFi ecosystem on Moonbeam, it also provides builders on Moonbeam with a critical building block for creating new Polkadot-based DeFi applications.”
The number of options for decentralized finance projects building on Moonbeam through Kusama or Polkadot have grown in recent months as many protocols announced integrations with the platform. Projects include cross-chain lending protocol Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX and others.
Cream Finance was recently the target of a major hack, in which an attacker used a flash loan exploit to steal $18.8 million. According to the project, it has more than $1 billion in total value locked on the platform.
Polkadot price at make-or-break point as DOT awaits a range breakout
- 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.
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.
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.
BTC, ADA, BNB and DOT Price Analysis for September 25
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.
Bitcoin (BTC) has risen by 3.32% over the past 24 hours.
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.
Bitcoin is trading at $42,591 at press time.
Cardano (ADA) is the biggest gainer from the list today as the price has rocketed by 10%.
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.
Binance Coin (BNB) has gained less than Cardano (ADA), with a growth of 3.85%.
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.
Polkadot (DOT) is trying to keep up with the rise of Biance Coin (BNB), as the growth has constituted 6.23%.
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.
Polkadot Price Prediction: DOT primed for 27% ascent
- 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.
In a bullish case, the Polkadot price could extend the run-up to $41.69.
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.
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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