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Binance Coin, Polkadot, Cardano Technical Analysis on 29th September 2020

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The color red was painted across the crypto market during the time of writing. With most of the coins recording critical dips, just two altcoins in the top ten were seen experiencing an increase in its price. The overall market cap of the crypto-verse followed suit as it was dropping by 1.78% pushing it down to $342.82 billion. The comprehensive sentiment of the entire industry seemed to be on the lower side as Bitcoin’s dominance was also down at 57%.

Binance Coin [BNB]

Climbing back to the top on the crypto ladder, BNB was noted as the sixth largest coin with a market cap of $3.94 billion. The price of the native currency of Malta’s Binance exchange was increasing at press time by 2.38%. BNB was trading at $27.29, while almost every other coin was recording a dip.

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The short term price chart of BNB revealed an optimistic sentiment. The Relative Strength Index [RSI] highlighted a buyers’ market as the RSI marker was at a high of 65.06 median. This sentiment seemed to have prolonged its stay in the BNB market and had even hit the overbought zone recently. The Chaikin Money Flow [CMF] was also exhibiting bullish fervor as the CMF marker was above zero.

Polkadot [DOT]

After being defeated by Bitcoin Cash and Binance Coin, DOT dropped down to the seventh position with a market cap of $3.86 billion. Despite this setback, the coin continued catching eyes with its daily price change. At the time of writing, the coin was trading at $4.54 with a 5.02% increase in its price over the last 24-hours.

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DOT’s daily price change left the community hoping for an uptrend. However, key indicators were singing another story. The Klinger Oscillator had recently undergone a bearish crossover and did not look like it was heading for a bearish crossover any time soon. The MACD indicator also followed suit with a bearish crossover as the signal line was seen above the MACD line.

Cardano [ADA]

Cardano managed to keep its position intact in the top ten as its market cap didn’t fall below $3.13. However, the price of the altcoin was seen dropping. At the time of writing, ADA was trading at $0.1006 with a 3.13% decrease over the last 24-hours.

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While the ADA market was seen enduring a plummet, the indicators were suggesting a positive tone in the market. The Parabolic SAR indicator had previously formed dotted lines above the candlesticks indicating bearish momentum. However, at the time of writing, a new set of dotted lines were seen birthing below the candlesticks restricting the possibility of a downward breakout. With the formation of green closing lines, the Awesome Oscillator revealed the presence of bulls in the market.

Litecoin, Polkadot, XRP Technical Analysis On 22 September 2020

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A carnage was witnessed in the crypto market as several coins including Bitcoin was plummeting by huge figures. Despite this setback, the king coin continued to dominate the markets by 58.6%. The price of these digital assets wasn’t the only one enduring a slump, the overall market cap of the industry followed as it was as low as $328.53 billion, during the time of writing.

Litecoin [LTC]

Touted as the silver to Bitcoin’s gold, Litecoin has been one of the earliest cryptocurrencies. LTC joined the red zone as its price was dropping by 9.24% during the time of writing. The altcoin was trading for $43.06 with a market cap of $2.820 billion.

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It wasn’t long ago LTC broke below a critical support zone at $47.51, further pushing the altcoin’s price to a low of $43.02. However, the MACD indicator revived optimism in the LTC market with a bullish crossover. Earlier today, the signal line slid below the MACD line welcoming the bulls into the LTC market. Kling Oscillator seconded the existence of bulls. The aforementioned indicators could possibly help LTC break past its resistance point at $43.97.

Polkadot [DOT]

DOT has been lounging below the crypto spotlight after dethroning many prominent cryptocurrencies in terms of market cap. DOT stands as the fifth-largest coin, with a market cap of $3.342 billion. At the time of writing the coin was trading at $3.92 with a 15.21% drop in its price over the last 24-hours.

 

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The price of DOT was previously moving sideways for quite some time. However, on 19 September, the altcoin commenced its journey downhill. It seems like DOT will prolong its downhill run as the Chaikin Money Flow [CMF] indicator pointed out the presence of bears. The CMF marker was below zero highlighting a bearish sentiment. Awesome Oscillator also sided with the bears with red closing bars.

XRP

Even though XRP is no more the third-largest cryptocurrency, it seems to have a stronghold on the fourth position with a market cap of $10.41 billion. However, the altcoin joined the list of coins that were incurring huge losses as it dropped down to $0.230 with a negative 6.85% change in its price over the last 24-hours.

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It wasn’t long ago that XRP broke below its support at $0.243. Despite this, the Parabolic SAR indicator formed dotted lines below the candlesticks bringing back some hope to the XRP markets. However, at the time of writing, the indicator had commenced forming a dotted lone right above the candlesticks interrupting an upward breakout. Relative Strength Index suggested that the altcoin was recovering from a journey to the oversold zone. Yet, a seller’s sentiment was intact in the XRP market.

XRP, Bitcoin Cash, Polkadot Technical Analysis on 21st September 2020

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Bitcoin and altcoins were consolidating in a tight range as another upward push was diminished by the increasing bearish pressure. This potentially indicated that higher levels formed by the coins continued to attract sellers. The collective market cap declined to $347 billion while BTC dominance stood firm at 57.9%

XRP:

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XRP was down by 1.97% over the past 24-hours which drove its price to $0.244. At the time of writing, the coin stood at a market cap of $10.99 billion and a 24-hour trading volume of $2.138 billion

It turned down from its overhead resistance of $0.256 despite a mild upsurge. Klinger Oscillator, however, appeared to head for a bullish crossover in the near-term. The signal line was below the MACD depicting signs of bullish revival.

If the bulls fail to defend the current level, XRP could spiral down to $0.192 level of support.

Bitcoin Cash [BCH]:

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Bitcoin Cash declined by 2.23% over the past 24-hours. At the time of writing, the fork coin was priced at $224.87 with a market cap of a $4.165 billion and a 24-hour trading volume of $2.099 billion.

BCH was seen facing stiff resistance from the $242-region. The green closing lines of Awesome Oscillator depicted a bullish momentum in the coin’s value supporting the candlesticks from a further decline. Chaikin Money Flow appeared to be declining towards the zero-line suggesting a reduction in the inflow of capital in the coin market.

This was indicative of the fact that the BCH bulls were struggling close to its support level of $204. While a downside breakout is highly unlikely, the coin could potentially extend its consolidation phase before targeting the aforementioned resistance level.

Polkadot [DOT]:

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Attempts to record new ATHs were halted by the bears as, despite a recovery run, the DOT token fell by 8.75% over the past 24-hours which drove the coin’s value to $4.46. It registered a market cap of $3.80 billion and a 24-hour trading volume of $913.9 million.

The dotted markers of Parabolic SAR above the DOT candlesticks resisted an upward break to its previously breached $5.23 resistance level. RSI was deep down the oversold territory depicting a sentiment of high sell pressure among the traders of the coin market.

If the downtrend persists, DOT could retest close to its support point of $4.11 in the coming days.

Binance Coin, Polkadot, Chainlink Technical Analysis On 19 September 2020

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While every cryptocurrency except for Bitcoin was entering the red zone, the king coin surged its dominance to 57.5%.  The overall market capitalization was also seen depleting as it stood at $352.58 billion, during the time of writing.

Binance Coin [BNB]

Despite, the entry of several new coins with increased market cap, BNB continued to retain its position in the top ten with a market cap of $3.92 billion. During press time, the native currency of the world’s largest exchange, Binance was trading at $27.14. However, the coin was also seen plummeting by 1.25%.

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The one hour chart for Binance Coin revealed the presence of bears as key indicators pointed at the same. The Chaikin Money Flow [CMF] indicator was way below the 0 revealing bearish sentiments. Relative Strength Index [RSI] also hinted a strong sell-off predilection as the RSI marker was below 50 median.

The intrusion of bears in the BNB market could further push the altcoin below a support level of $26.62.

Polkadot [DOT]

This fairly new coin turned heads as it soared up the crypto ladder and stood as the fifth-largest cryptocurrency with a market cap of $4.36 billion. At press time, the altcoin was trading for $5.12 with a 3.58% drop in its price over the last 24-hours.

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As seen in the above 1-hour chart of DOT, the Parabolic SAR indicator formed dotted lines above the candlesticks hindering any possibilities of an upward breakout. Awesome Oscillator seemed to be in sync with the Parabolic SAR indicator as it formed red closing bars. This further indicated a bearish market. The altcoin recently went below a critical support point at $5.11.

Chainlink [LINK]

After being touted as a promising currency, LINK’s price recorded consecutive slumps. LINK stands as the eighth largest cryptocurrency with a market cap of $3.61 billion. During the time of writing, the altcoin was priced at $10.31 with a drop of 4.85%.

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Despite its consistent dips, the LINK market had some hope restored as key indicators reported bull sightings. The MACD indicator prolonged its bullish crossover as the signal line remained below the MACD line. Klinger Oscillator also sided the bears as the indicator noted a bullish crossover.

Chainlink, Litecoin, Polkadot Technical Analysis on 17 September 2020

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During press time, some cryptocurrencies seemed to be recovering from yesterday’s setback while a few others were still seen slumping. The overall market capitalization of the crypto industry witnessed consecutive fluctuations and stood at $347.55, at the time of writing. Stablecoin Tether’s market cap hitting a whopping $15.06 billion has undoubtedly aided the aforementioned digits. Bitcoin’s dominance remained below 60%, precisely at 57.89%

Chainlink [LINK]

LINK’s massive growth in price had left the crypto-verse in awe of the altcoin. However, LINK was seen lagging behind as the coin was dropping 4.63% At the time of writing, the eighth largest coin with a market cap of $3.73 billion was trading for $10.64.

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LINK recently broke past a major support line at $13.60 and key indicators suggest the coin could continue its journey downhill. Dotted lines were formed above the candlesticks by the Parabolic SAR indicator depleting the chances of an upward breakout. The Chaikin Money Flow [CMF] marker was below 0, further highlighting the presence of bears.

Litecoin [LTC]

LTC was seen plummeting in terms of market cap over the past few months and currently stands at the tenth position with a market cap of $3.17 billion. While several other altcoins were witnessing serious downfall, LTC experienced a dainty change of – 0.02% in its price. At press time, the altcoin was priced at $48.44.

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The MACD indicator was currently dwelling in the bearish territory following a bearish crossover that took place in August. However, the MACD line and the signal line were seen almost trying to converge. This could soon result in a bullish crossover. The Klinger Oscillator, however, sided the bears with a bearish crossover.

Polkadot [DOT]

This coin came in like a storm and overtook several prominent altcoins in terms of market cap. DOT climbed up the crypto ladder and currently stands as the fifth-largest cryptocurrency with a market cap of $4.38 billion. Similar to LTC, DOT experienced a slight drop in its price of 0.34% and the altcoin continued to trade at $5.15.

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The one hour chart for DOT indicated a bearish sentiment as the Awesome Oscillator formed red closing bars. However, the Relative Strength Index [RSI] highlighted neutrality as the RSI marker stood at 50 median, during press time. The prolongation of bears in the DOT market could push the altcoin below $4.99, a critical level of support.

Binance Coin, Polkadot, Chainlink Technical Analysis on 16th September 2020

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After a few weeks of consolidating and multiple pf breakout attempts, several altcoins took a beating. However, a major pullback was averted after the altcoin market resumed an uptrend. This coincided with Bitcoin’s dominance making a comeback as it currently stood at 57.8%. Following the drop, the collective market cap found to be at $348 billion.

Binance Coin [BNB]

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BNB was down by 4.68% over the past 24-hours which drove the coin’s price to $27.34 as it held a market cap of $3.948 billion and a 24-hour trading volume of $1.075 billion. Despite the decline, BNB’s technicals aligned with the bulls. The green closing bars of Awesome Oscillator depicted a bullish momentum in the coin’s price.

Chaikin Money Flow was well above the zero-line indicating inflow of money into the coin market. If the positive trend persists, BNB could target its overhead resistance at $31.17 as its price fund support at $19.53.

Polkadot [DOT]

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In a short span of time, Polkadot has managed to grab the eyes of the community as it sprung to the leaderboard dominating the fifth position. However, following the latest altcoins, downward price action, DOT took a deep plunge but quickly recovered as it recorded a decline of a mere 0.33% over the past 24-hours. It was priced at $5.24 registering a market cap of $4.46 billion and a 24-hour trading volume of $1.011 billion.

The dotted markers of Parabolic SAR aligned below the candlesticks supported the coin’s downside breach in the short-term chart. Klinger Oscillator also appeared to be on the verge of a bullish crossover depicting a rising positive sentiment among the traders in the coin market.

Should the bulls gain momentum, DOT could climb to its immediate resistance of $5.82.

Chainlink [LINK]

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Chainlink turned down from its resistance as the latest dip propelled the token to record a 6.61% loss over the last 24-hours. The coin stood at a price of $11.20 with a market cap of $3.92 billion and a 24-hour trading volume of $1.49 billion.

RSI was well below the 50-median line depicting a sentiment of high selling pressure among the traders in the coin market. The MACD was also dominated by the signal line further suggesting the rising bearish pressure. This was indicative of the fact that bears have an upper hand, at the time of writing. If the bulls fail to push the price higher, closer to the overhead target point of $12.80, LINK could turn down to its support level of $9.68.

Polkadot, Chainlink, Binance Coin Technical Analysis on 13th September 2020

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The collective cryptocurrency market cap rose to $348 billion as Bitcoin‘s dominance declined by 55.8%. As Bitcoin continued to consolidate between a tighter range, several altcoins appeared to be pushing above key resistance levels.

Polkadot [DOT]

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A couple of weeks ago, the blockchain interoperability project Polkadot was not even in the top 100. But today, it stands tall as the fifth largest coin with a market capitalization of $991.53 million and a 24-hour trading volume of $852 million. After yet another surge of 17.29% over the past day, the coin was priced at $5.31, at the time of writing.

On the technical side, DOT hit crucial support of $4.01. However, the coin’s tryst with the bears was brief as it renounced following gaining necessary bullish momentum. As evidenced by both MACD and Klinger Oscillator on the 4-hour price chart for DOT, the token was exciting a positive trend that could propel it to reach an overhead resistance of $5.82.

Chainlink [LINK]

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LINK was up by 4.56% which pushed the price to $12.90 as it held a market cap of and a 24-hour trading volume of $4,51 billion and a 24-hour trading volume of $5.80 billion, at the time of writing.

In the short-term chart for LINK, bulls appeared to be making a comeback following the latest uptick.  Awesome Oscillator witnessed a resuming bullish momentum with the green closing bars. However, Chaikin Money Flow was still below the zero-line depicting the bearish presence. If the token manages to retain the necessary momentum, it could target its immediate resistance at $13.5. But if the bulls continue to have an upper hand, LINK could slide to the support level of $10.33.

Binance Coin [BNB]pP

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BNB has made a consistent upward trend but turned down from the resistance of $31.38. At the time of writing, the coin registered a market cap of $4.49 billion and a 24-hour trading volume of $1.169 billion.

The dotted markers of Parabolic SAR aligned below the BNB price candles resisting a downward price action. The RSI was also well above the 50-median neutral line depicting a sentiment of high buying pressure among the traders in the coin market. If this trend persists, the coin could climb to immediate resistance of $34.98, a level unseen since July 2019. The coin’s support level was found to be at $23.11.

Ethereum Co-Founder Launches Polkadot After Competitors Look to Keep Up With the Development Craze

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Developments in the cryptocurrency industry have not been few and short in between as many organizations in the space have taken up the challenge. The latest company to join the bandwagon of updates was Polkadot, a company founded by former Ethereum CTO Gavin Wood.

According to recent releases, Polkadot will provide peer-to-peer applications, economies and businesses to people in the right field. Polkadot’s main objective is to connect several chains together in a unifying network. This will allow chains to make rational decisions on a unified network.

Polkadot’s latest releases suggested that its designs were far superior to those of its existing counterparts. The Polkadot spokesperson also addressed the advantages witnessed on its platform. Polkadot ‘s designs often take advantage of heterogeneous sharding, scalability, upgradeability, and transparent governance, and cross-chain composability. Polkadodot recently talked about its starting point and how it was a launch pad for other firms in the industry.

Dr. Gavin Wood, the founder of the Web3 Foundation stated:’

“Polkadot is, in many respects, the biggest bet in this ecosystem against chain maximalism. Even if there were one perfect chain, I don’t think it would stay perfect for very long. I would argue that it’s really not such a good plan to be so focused on backing one winner above all others,” Dr. Wood noted, when discussing the vision for Polkadot.

Polkadot has a range of goals built into its itinerary. This ranges from a domain-specific chain that has its own parameterization to smart contracts that can make your bid faster than ever before. Dr. Wood candidly mentioned that Polkadot had learned from all walks of life back in 2015 when Ethereum was first conceptualized. Polkadot also intends to give priority to developers in a world where they are often left behind.

The latest protocol governance system will allow the Polkadot network to innovate and expand much faster than the mainstream legacy networks. This may pave the way for accelerating the development of mainstream decentralized applications. One small aspect of Polkadot that goes fairly unnoticed is its contribution to network security. By implementing the “Sudo Module,” developers claim that others will be able to execute critical logical calculations as well as security audits.

If Polkadot can keep all its promises, it will become one of the first few sharded blockchains to be capable of carrying out its processes. Officials close to the company stated that this would set a new precedent for Web 2.0 and later.