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Polkadot [DOT] prolongs its struggle to get over $30 following strong bearish winds

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The crypto market was hit by a massive bearish tornado. Polkadot [DOT], Avalanche [AVAX], Shiba Inu [SHIB] were among the assets that endured major losses over the last couple of days. Bitcoin [BTC], decided to rest below the $50K zone. During press time, the king coin was trading for $49,178 with a 5% drop over the last 24-hours. Additionally, BTC was no longer part of the $1 trillion club.

The altcoin market didn’t have much luck either. Most of the coins were plummeting. Ethereum [ETH] was trying hard to retain itself above $4K. XRP, however, had taken a hit as it dived down below $1.

Polkadot [DOT] was quite the star a couple of weeks ago, specifically during the parachain auctions. The altcoin even hit an all-time high of $55. This bullish strain was interrupted as the bears emerged stronger in the altcoin’s market.

At the time of writing, DOT was trading for $28.42 with a 4.33% dip in the last 24-hours. Over the previous seven days, Polkadot witnessed a drop of nearly 24%. This wasn’t surprising as the entire market was undergoing a similar notion.

Furthermore, Polkadot went downhill in terms of ranking. The altcoin’s market cap was noted at $28.1 billion. The asset sat as the ninth-largest cryptocurrency, right above Terra [LUNA].

Polkadot [DOT] one-hour price chart on Binance

Polkadot
Polkadot [DOT] prolongs its struggle to get over $30 following strong bearish winds 2

The short-term price chart of Polkadot was overpowered by the bears. The Parabolic SAR indicator framed dotted lines over the price candles. This line acted as a barricade against any possible upward movement further making the pattern extremely bearish.

The MACD indicator went on to lay out a bearish crossover with the signal line overtaking the MACD line. Consequently, the Relative Strength Index [RSI] stayed below the 50 median further indicating a sellers’ market.

With all these signs bending towards the bears, the chances of DOT crossing $30 would remain bleak for a while.

Have Crypto Traders adopted the art of avoiding panic sell?

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The massive bloodbath in the crypto market saw major assets such as Bitcoin [BTC] and Ethereum [ETH] succumbing to severe selling pressure. As a matter of fact, the king coin suffered a drastic fall of 18% in a span of just 10 hours on Saturday morning. However, the asset posted a recovery of 10% in the last 24 hours and is currently trading at $49,404 still 27% short of its previous peak.

In contrast to that, lesser-known altcoins like Terra [LUNA], Gaming platform Gala [GALA], distributed ledger protocol Quant [QNT], etc have outperformed the top currencies in a significant manner during the meltdown in the broader market. This raises the question- if the investors have mastered the art of maneuvering the massive panic sell-offs as cryptocurrencies are notorious for their volatility. A similar observation was echoed by on-chain analysis platform, Santiment in their tweet

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Have Crypto Traders adopted the art of avoiding panic sell? 4

Here’s how Crypto Investors avoiding the panic sell-offs

That being said, seasoned Analyst and founder of Cinneamhain Ventures [CENV] Adam Cochran held a detailed discussion on the possible scenarios following the big price correction. According to the analyst, investors are ‘less market-driven and more about human behavior’. In a series of tweets, Cochran went on to mention that after the sell-off, preservation instinct kicks in as investors are left with less capital and fewer choices.

This leads to overselling pressure that catches ‘overleveraged bulls’ off guard, spurring liquidations, and pulling them down more. Next, the expert spoke about the recency bias where the people’s frame of reference for crypto is shaped by a recent experience. The author cited the example of Ethereum which sits above $4k from a mere $700 a year ago. ‘But people are bear market doom posting,’ he says.

In addition to that, Cochran also mentions the survivor bias– which comprises those investors who go on a selling spree leading to more drawdown in the market. Summing up, the analyst stated,

“The key takeaways: 1) The market can move lower off of this and still be bullish. 2) The market likely will at least try another low so don’t use stupid leverage. “

Shiba Inu [SHIB] makes it to a healthcare firm amidst major price drop

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Cryptocurrencies have garnered immense admiration from across the globe. Assets like Shiba Inu [SHIB] and Dogecoin [DOGE] have been leading the charts in terms of popularity. Shiba Inu, despite making it to the top only recently, managed to amass shelter at several major platforms.

Previously a restaurant in Paris stunned the community after it stuck stickers on its door announcing the acceptance of SHIB for payments. Following this, several other firms expressed interest in onboarding the altcoin. Prominent movie theater chain, AMC was also smitten by the SHIB bug.

Now, Shiba Inu was all set to make an entry into the healthcare sector by landing a spot on ‘Ask The Doctor’. This healthcare firm has time and again exerted support for crypto. Back in 2016, the firm welcomed the world’s largest cryptocurrency Bitcoin for payments.

The healthcare service provider clearly wanted to expand and they decided to ask crypto Twitter for its opinion. Similar to AMC, Ask The Doctor conducted multiple polls and decided to accept prominent meme coins like SHIB, DOGE as well as FLOKI.

The firm tweeted,

“Ask The Doctor has love for all “dog tokens” and all crypto. We believe in financial / health inclusion for everyone globally. This is why we as a company are striving to get lots of utility for $doge $shib and $floki … #disrupthealthcare”

Shiba Inu added to Ask The Doctor’s balance sheet

While the platform awaits the inclusion of SHIB within the next three days, the healthcare firm took to Twitter to announce that the meme coin had made it to their balance sheet.

https://twitter.com/askthedr/status/1466073125628653571?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1466073125628653571%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fu.today%2Fhealthcare-company-adds-shiba-inu-to-its-balance-sheet

Despite garnering love and acceptance from all over the world, Shiba Inu continued to slump. Over the last two days, SHIB took major hits. During the time of writing, the asset was trading for a low of $0.00004244 with a 9% drop over the last 24-hours.

Just when the altcoin was trying to climb the crypto ladder, the bears washed the asset down below Avalanche [AVAX] as well as Terra [LUNA]. Currently, SHIB sits at the 13th spot with a market cap of $23.03 billion.

Dogecoin [DOGE] and Shiba Inu [SHIB] are at it again; Who’s going to take the lead?

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The bulls were back in the market and the meme coins, Dogecoin [DOGE], and Shiba Inu [SHIB] were making the most of it. Shiba Inu was on a roll. The altcoin was practically back from the dead. With a 38% surge in the last 24-hours, SHIB found itself at $0.00005373.

The battle between the meme coins was on. The market cap of SHIB followed the footsteps of its price and began to surge. Shiba Inu rose to fame just a couple of months ago, whereas Dogecoin has been under the limelight for the longest time. With the disparity between both these assets at a dot, it was rather difficult to judge who would take over as the tenth-largest cryptocurrency.

During the time of writing, the market cap of DOGE was $29.15 billion. Shiba Inu wasn’t too far off as its market cap was at $28.97 billion. As there were barely any hurdles between the two, several speculated that Shiba Inu [SHIB] would soon overshadow DOGE. For a brief moment, SHIB actually did so.

Dogecoin was having a great day in terms of price as it rose by 9.51% in the last 24-hours. At press time, DOGE was trading for $0.224.

Besides the meme coins, other altcoins like Ethereum [ETH], Terra [LUNA], and Litecoin [LTC] were bagging notable gains. Bitcoin, however, was stagnant at $57K.

Dogecoin [DOGE] one-hour price chart on Coinbase

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Dogecoin [DOGE] and Shiba Inu [SHIB] are at it again; Who's going to take the lead? 6

The short-term price chart of DOGE on Coinbase exhibited a vivid notion. Even though it seemed like the bulls were still in the market, the indicators used in the one-hour chart noted that they were slowly moving out. The Parabolic SAR indicator for instance chose to layout dotted lines over the price candles registering a bearish sentiment. The MACD indicator revealed a similar predilection with its bearish crossover.

Despite this bearish invasion, Dogecoin investors were on a buying spree. The Relative Strength Index [RSI] indicator affirmed that there was immense buying activity in the DOGE market.

Tezos [XTZ] price up by 32% after a recent low; Can this be a trend reversal?

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While major cryptocurrencies are staging a recovery after the market dip last week, altcoins such as Tezos [XTZ] are posting impressive gains after bouncing back from the recent price correction in the broader market. This is evident from the fact that the smart contract platform surge by 32.5% in a span of just 2 days.

The 42nd ranked asset has shown a steady comeback as the value reached $5.7 in the wee hours of 30th November and marked a 24% increase over the course of the day. Echoing a similar observation, prominent analytics platform Santiment noted,

“Tezos’s market price is up an impressive +24% in the past 24 hours, and the crowd appears to remain more bullish than normal toward the 41st largest asset by market cap. After a -48% retracement, this could be a mark of a turnaround.”

At the time of writing, the asset is changing hands at $5.37 rising by more than 14% in the last 24 hours. Its market cap was found to be at $4.61 billion. The native token’s 24 hour trading volume stood at $774 million. Could this be a hint of an upcoming rally? Let’s delve deeper into the price technicals.

Tezos [XTZ] Daily Chart analysis

XTZUSDT 2021 11 30 15 15 24

From the above daily chart, the Parabolic SAR hovering below the price candles is cushioning from further market downturn which is indicative of an upswing price trajectory. The closing candles in the green of the Awesome Oscillator [AO] is depicting a much-needed switch to bullish price movement in the coin market. However, in the trading activity, the Relative Strength Index [RSI] is projecting the domination of the sellers and at the same time signaling buyers’ effort to gain a foothold.

In a nutshell, if the ongoing bullishness of Tezos in the market continues then this might be a trend reversal on the upside.

Terraform Labs receive Subpoena Enforcement Action for creation of MIR tokens

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Terraform Labs, the firm behind the Mirror Protocol, has received a Subpoena Enforcement Action by the United States Securities and Exchange Commission [SEC]. The co-founder and CEO of the firm, Do Kwon, also received a similar response from the monetary authority.

Mirror Protocol began its journey in 2020, and the platform had a unique use case in its mind. Terraform Labs built the Protocol on the Terra (LUNA) blockchain. The native governance token of the decentralized, community-driven Protocol was termed the MIR token.

Terraform Labs violation of federal securities law

According to the statement by the SEC, there are doubts if the firm has broken federal securities law. Terraform Labs protocol allows users to create and trade assets referred to as “mAssets.” These assets “mirror” the price activity of real-world assets in the U.S., allowing users to gain exposure to them.

“The SEC is investigating whether Terraform Labs, Kwon or others violated the federal securities laws by, among other things, not registering the offer or sale of securities, selling security-based- swaps outside of a national security exchange, acting as an unregistered broker or dealer, or engaging in securities transactions by an unregistered investment company.”

Said the SEC in their statement

The SEC claims that the Mirror Protocol is actually offering trading services to users, acting as a broker, without approval from proper authorities. Since the firm is not registered as a broker, dealer, or exchange, it is not authorized to allow the sale of these “mirrored” assets.

The SEC staff served Terraform Labs and its CEO Kwon with investigative subpoenas, compelling them to produce certain legal documents required for the investigation. However, the firm and its CEO failed to comply, refusing to produce any strong defense or the required documents.

As a result, the monetary authority has now filed a lawsuit against Terraform Labs and Kwon in the U.S. District Court for the Southern District of New York “to show cause why the court should not compel them to produce documents as required by the subpoenas and compel Kwon to appear for testimony.”

The investigation is still ongoing as the SEC hasn’t reached a conclusion.

Can Avalanche [AVAX] enter the coveted top 10 by end of this month?

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As large-cap cryptocurrencies rally appeared to be stagnated, altcoins such as Avalanche [AVAX] have managed to rake in tremendous gains. With the third-quarter kicking off, the collective crypto market recovered from the September losses with the total market capitalization standing above a handsome $2.77 trillion.

The AVAX token, for one, climbed to the 13th rank after fetching significant gains. As a matter of fact, AVAX has soared by more than 17% in less than 24 hours and charted a new high of $85.42 today, while the weekly gains were found to be above 35%. Avalanche’s native token is steadily closing the gap with its Terra [LUNA] and is a little below $2 billion with regard to market capitalization. The former’s upward price trajectory has raised new hopes of the token entering into a triple-digit figure, much faster than anticipated.

While echoing a bullish outlook, prominent crypto proponent Lark Davis tweeted,

Interestingly, the latest peak comes after the digital asset management firm, Grayscale Investments announced the addition of AVAX and LUNA on its list of assets under consideration, just three days ago.

Grayscale cited factors such as internal controls, custody arrangements, and regulations that play a crucial role in determining an asset’s eligibility to the portfolio. Although the entire process of allocating an investment product for Avalanche might look complex and multifaceted, AVAX has benefitted from the announcement, leading up to its all-time high. Its tweet regarding the same read,

“As the digital asset ecosystem continues to grow, so too does our list of assets under consideration. This week, Avalanche [AVAX] and Terra [LUNA] joined that list.”

Nevertheless, Grayscale’s latest move transpires from the demand as well as the competition of Layer 1 blockchains with smart contracts capabilities such as Avalanche.

Avalanche’s [AVAX] scores ATH in Total value locked [TVL]

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Avalanche continued its rapid strides in terms of total value locked [TVL] with $9.24 billion tapping a fresh high in the process. Over the last month, the figures increased by more than 100% according to on-chain data provider, DefiLlama. Earlier this week, the Avalanche Foundation announced a new $200 million fund dubbed ‘Blizzard’ aimed at facilitating liquidity support for startup projects with its ecosystem, while focusing on decentralized finance [DeFI], nonfungible tokens [NFT], Institutions, and other cultural applications.

Dogecoin [DOGE] buyers continue to splurge despite bearish invasion

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The crypto-verse was glistening in green as the bulls had entered the market. Polkadot [DOT], Dogecoin [DOGE], Terra [LUNA], and Ethereum [ETH] were leading today’s bull run. After garnering massive gains yesterday, Binance Coin [BNB] was seen taking a breather. Nevertheless, the asset was already close to hitting $500.

Speculations from the community were in and it was highly inclined towards Bitcoin [BTC] hitting $60K anytime soon. On one hand, Ethereum [ETH] revealed that it was on its way to conquer the $4K zone. Polkadot [DOT], on the other hand, was on an upward trajectory. The altcoin jumped to $41.57 as it witnessed a daily surge of about 19%.

Dogecoin [DOGE] was also mirroring the ongoing sentiment in the market. The asset managed to gather gains of about 6.27% over the last 24-hours. At the time of writing, DOGE was trading for $0.237.

DOGE amassed attention from around the globe. As serious as the coin’s creators and Elon Musk wanted people to take the asset, it always remained a meme coin. More recently, Shark Tank’s Mark Cuban went on to recommend Dogecoin for “fun” to people.

Despite the consistent fluctuations in its price and market cap, Dogecoin managed to stay in the top 10. During press time, DOGE stood as the 10th largest cryptocurrency with a market cap of $31.4 billion.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin
Dogecoin [DOGE] buyers continue to splurge despite bearish invasion 10

The one-hour price chart of DOGE noted a reversal of the trend that the asset resided in. The Awesome Oscillator indicator managed to roll out a green closing bar after laying out an array of red bars that hinted at the presence of the bear. However, the latest transformation could be beneficial for the altcoin. The Chaikin Money Flow [CMF] indicator was currently below the zero median in the bearish arena. But, the CMF marker was pointed upwards and suggested that it could be making its way onto the bullish zone.

Additionally, the Relative Strength Index [RSI] indicator pointed out that the DOGE was being excessively bought.

Shiba Inu [SHIB] succumbs by 10% following a brutal bear attack

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Despite being fairly new to the market, Shiba Inu [SHIB] had the attention of the entire crypto community. From being touted as a rival of the famous meme coin, Dogecoin [DOGE], Shiba Inu quite swiftly climbed the crypto-ladder. In no time, the altcoin had all eyes on it. Its latest price surge was another spectacular that was lauded by many.

Shiba Inu, however, failed to sustain its bullish notion. Despite garnering profits of about 29% over the previous few days, SHIB was drowning in the red sea. At the time of writing, SHIB was trading for $0.00002822 with a 10% drop over the last 24-hours. The altcoin’s hot streak was assuredly infringed by the bears.

SHIB wasn’t the only asset that was heckled by the bear, an array of other coins like Bitcoin [BTC], Dogecoin [DOGE], Terra [LUNA], and a few others were seen riding the bearish wave. Yet, none of these assets endured as big of a fall as Shiba Inu.

Moving on to its market cap, SHIB slid down the crypto ladder. The altcoin was evidently making its way onto the top 10, however, this was was disrupted and the coin stands as the 18th largest cryptocurrency. During press time, SHIB’s market cap was at $11.14 billion.

Shiba Inu [SHIB] one-hour price chart on FTX

Shiba Inu
Shiba Inu [SHIB] succumbs by 10% following a brutal bear attack 12

The one-hour price chart of SHIB noted major bearish signs. The Bollinger Bands indicator that keeps a check on the volatility rate in the market, revealed that SHIB wasn’t going to endure any major price fluctuations as the bands were close to each other. The MACD line fell below the signal earlier today, forming a bearish crossover.

The Relative Strength Index [RSI] indicator noted that Shiba Inu was being heavily sold than bought. The RSI marker was below the 50 median, however, not too deep towards the oversold zone. Therefore, the chances of recovery were still bright in the Shib market.

Polkadot’s [DOT] next stop $40? Bulls say YES

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The bears were slyly trying to take over the crypto market. However, a few assets like Polkadot [DOT], Shiba Inu [SHIB] revealed that the bears had no place in their respective markets. While the entire market was painted in red, the aforementioned few assets were the only ones amassing gains.

The community hoped Bitcoin [BTC] would finally move on towards $60K. But the bear cut the asset’s journey at $54K itself. However, its market cap remained intact at $1 trillion. Terra [LUNA] and Avalanche [AVAX] noted major disruptions in their price. All the other altcoins were seen following suit.

Polkadot [DOT] was still smeared in green. Despite being relatively new to the market, DOT managed to steer towards the top. The altcoin, during the time of writing, was trading for $34.51 with a 2.43% surge over the last 24-hours. This price surge was certainly higher than that of all the other assets in the market. Additionally, the asset made gains up to 7.91% over the previous seven days.

With the overall market cap of the crypto-verse at $2.3 trillion, Polkadot was seen accounting for about $34.1 billion. This further gave the altcoin a spot as the eighth-largest cryptocurrency.

Polkadot [DOT] one-hour price chart on Binance

Polkadot
Polkadot's [DOT] next stop $40? Bulls say YES 14

The short-term price chart of DOT on Binance revealed that the bulls were here to stay. The Bollinger Bands indicator was currently sitting at limited volatility, however, the bands were seen heading towards divergence. This could indicate that the fluctuations in price were going to increase. The Awesome Oscillator brought in good news by noting that price fluctuations were coming at the right time. The indicator rolled out green closing bars affirming the presence of the bull in the DOT market.

The Relative Strength Index [RSI] indicator noted major buying activity in the market. This was recognized by the RSI marker that resided over the 50 median.