Content creator KryptosChain explains why a project’s roadmap and token price are important to its success, as well as the upgrades to the Polkadot ecosystem that excite him most.
Denmark orders Saxo Bank to erase cryptocurrency holdings
DFSA’s decision about Saxo Bank’s crypto holdings will have a “very limited impact” on its business and its customers will not experience any significant changes, the lender said.
Denmark’s Financial Watchdog Orders Saxo Bank to Shed Its Crypto Holdings
Danish bank Saxo has been ordered by Denmark’s financial regulator to shed its own holdings of cryptoassets.
Polkadot (DOT) Bulls Retreat As Bears Drag The Price Down
Polkadot (DOT) is in the red today as the bears seek to regain control over its price. DOT traded at $4.37 on January 1, 2023, and increased to $5.13 on January 11.
It remained within this range before moving to $6.23 on January 20. Also, DOT increased to the $7 price level on February 17 as the bulls seized control of its price.
However, a gradual bearish turn between March and April forced it back to $5, where it currently trades today.
Polkadot Price Prediction Today Are The Bears In Control?
DOT is trading in a sideways trend forming a red candle on the daily chart. It is below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term.
Related Reading: Santiment Explains How Bitcoin Investor Mentality Influenced Recent Price Action
The SMA calculates an asset’s average price over a specified period and helps predict trend direction. If the bears persist, DOT’s 50-day SMA, which is about to drop below its 200-day SMA, will form a death cross. Also, the Relative Strength Index (RSI) is 40.73 and in the neutral zone. The RSI is a trend-based indicator.
DOT’s RSI is moving downwards, hinting at further price decline to the oversold region before a trend reversal. The cryptocurrency’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence.
Also, the MACD – a trend momentum indicator that displays the relationship between two exponential moving averages (EMAs) and an asset’s price, displays a negative value conforming to the bearish trend today. The green histogram bars are fading, indicating a changing trend direction.
DOT’s technical indicators all hint at the possibility of further price decline for the asset. It is close to the $5.29 support level as the bears at the $5.42 resistance continue to act on its price, forcing a decline.
DOT has remained in a sideways trend for the last few days and further price decline remains a possibility. However, if the bulls rally again, the $5.42 resistance level will be a realistic target before the $6 psychological resistance level.
The altcoin will likely enter a downtrend if the bears maintain the pressure today. But one thing that offers the possibility of a bullish reversal is the upcoming ‘Polkadot Decoded 2023’ event in June.
Polkadot Decoded 2023 Might Boost DOT’s Performance
Polkadot is hosting a community event, ‘Polkadot Decoded 2023’, between June 28-29 in Copenhagen, Denmark. This event will assemble the Polkadot community in progressive talks anchored by over 100 quality speakers in the crypto community. Also, developers will benefit from interactive and practical sessions based on Polkadot’s technology.
Free virtual tickets are currently available for the wider crypto community around the globe to stream the event online.
Featured image from pIxabay and chart from Tradingview.com
Crypto financial services provider Januar receives full Danish payments license
The Danish startup founded by former Chainalysis staff helps crypto companies find banking services by connecting them to IBAN infrastructure.
Bitcoin profits are taxable in certain cases, says Denmark’s supreme court
The country’s supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining.
The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.
Denmark’s largest bank cautious on crypto, but won’t interfere
Danske Bank isn’t completely sold on cryptocurrency but said it won’t stop its customers from using its services in connection with crypto platforms.
Big tech, not cryptocurrency, is the real threat to central banks’ autonomy, Danish central bank governor says
Though Danmarks Nationalbank’s governor seems tempted to ignore cryptocurrencies, other banks in the country continue to launch new services based on crypto.
Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals
A new paper from Microsoft and universities in Germany and Denmark sets out how blockchain technology could overcome issues with providing an international carbon credit market.
Tradeshift Proposes Plan to Protect Denmark’s Supply Chains From COVID-19 Crisis
Tradeshift wants the Danish government to try out a supply-chain relief plan that involves the fintech unicorn’s blockchain-based trade finance platform.
Danish Tax Agency Sends Warning Letters to Suspected Crypto Tax Evaders
Denmark’s tax authority, the Skattestyrelsen, has been sending letters to cryptocurrency users it suspects of tax avoidance, demanding a range of information about their trading activities.
Ex-NATO Chief, Danish PM Now Advises Blockchain Firm Concordium
A former prime minister of Denmark and secretary-general of NATO has joined blockchain identity startup Concordium as a strategic advisor.
Danish Tax Agency to Collect User Data from Crypto Exchanges
The Danish Tax Agency has got the green light to collect trader information from local cryptocurrency exchanges to see if they are paying their dues.