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Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT?

To shed light on the protocol’s successes, Polkadot insiders have been providing key data. As it stands, these accomplishments are very helpful to the overall ‘well-being’ of DOT. However, the coin’s value has been down alongside the rest of the crypto and financial market.

Is this downturn going to be a great chance to buy for investors?

Markets are under intense selling pressure. The worry that the year-on-year inflation news on September 13 caused is still with us today.

The overall market cap for DOT fell by 15.3 percent, from $8.75 billion to $7.44 billion. Polkadot has shed 10% weekly loss on the heels of the U.S. central bank’s not so rosy inflation assessment. As of this writing, DOT is trading at $6.33, down 8.6 percent in the last seven days, data from Coingecko show.

These figures are not the only ones affecting market prices. Inevitably, the current interest rate hike of 0.75 percent by the Federal Reserve is seen to have a negative effect on the pricing. If things get much worse, this will have a negative impact on the value of DOT.

How Soon Will The Price Rally Occur?

Is there any way for DOT to recover quickly despite the general gloom in the financial markets?

If one looks at the daily tick indicators, one can see that DOT has been met with resistance around the $8.06 mark.

The price drop on September 13th is consistent with this. Once again, the price was rejected after reaching the $7.07 price resistance, sending it tumbling to the $6.12 support level.

Here’s Where Polkadot Rally May Be Seen

Indicators have suggested that the $6.12 support is generating positive momentum. Any significant momentum generated during this period can help the bulls break past the $7.07 resistance level.

The increasing optimistic forecast may suggest that Polkadot’s recent accomplishments are influencing investor confidence.

Chart: TradingView.com

The positive reversal on indicators aligns with recent tweets from @PolkadotInsider. The amount of investment projects on the protocol is one of Polkadot’s ecosystem’s most remarkable achievements.

DFG Global led the list with 52 projects, followed by AU21 Capital with 39 and Hypersphere with 35.

This tweet was recently published on September 22. Following this, the price rose to a $6.44 high close. As of this writing, it appears that DOT is preparing a relief rally.

Upon detailed examination of the data, the token’s last settlement occurred at $6.48, its previous peak. This growing trend is reflected in the sentiment of investors.

Together, the momentum indicator, the commodities channel index, and the Stoch RSI are currently rising. This inclining behavior suggests that investor sentiment is rather upbeat, even in volatile circumstances such as the present.

DOT’s prior market activity likewise matched the XABCD harmonic pattern, which can advise investors and traders to buy the dip.

DOT total market cap at $6.9 billion on the daily chart | Source: TradingView.com

Featured image from The Daily Hodl, Chart: TradingView.com

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Polygon Price Explodes By 60% – Is MATIC Nearing $1 Target?

The global cryptocurrency market increased by about 5 percent during the past 24 hours to reclaim the $1 trillion benchmark. The price of Polygon (MATIC) has increased by over 60 percent in the past seven days, placing it among the top performing cryptocurrencies.

MATIC is currently trading at $0.927, a 20 percent increase in the last 24 hours, data by Coingecko show Tuesday. Many investors are pondering the cause of this unexpected price increase. Let’s examine the technicals.

MATIC has sustained its steady solid momentum and is trading higher, sending signals of a bullish run. After retesting the $0.30 support level, the altcoin’s price is optimistic. In reality, the price behavior on the daily price scale displays a high-low structure.

Suggested Reading | XRP Must Breach This Key Level To Avert The Downturn

Polygon Trading Volume Upbeat

A rise in trading volume exhibits bullish characteristics in the face of a strong momentum. During a highly turbulent market, a resistance breakout may occur sooner.

Based on data from CoinMarketCap, the token’s 24-hour trading volume has increased by more than 70 percent, with a total of $1.6 billion worth of MATIC changing hands.

Under the influence of a support trendline, the Polygon (MATIC) has been climbing since the previous month. During this run, the altcoin has recently surpassed $0.745 after breaking through many resistance levels. How far can this token maintain this pace?

Meanwhile, if the MATIC price fails to persist above $0.745 level, traders may anticipate a modest fall to the support trendline.

MATIC total market cap at $7.46 billion on the daily chart | Source: TradingView.com
Polygon On Strong Foundation

Polygon is a solution for scaling the Ethereum network. Ethereum was the first blockchain to include smart contracts, establishing it as the unchallenged leader in decentralized applications.

As the number of smart contracts has increased, however, Ethereum has found ways to make transactions quick and efficient. From this, the Polygon network was established.

Suggested Reading | CEL Token Seen Making A Recovery Despite Celsius Going Bankrupt

According to Santiment, MATIC’s address activity is on the rise as a result of the recent price increase. MATIC’s price recovery has been unopposed compared to other alternative cryptocurrencies.

After increasing by 110 percent between June 18 and June 24, Polygon encountered a hurdle of resistance at $0.62. However, after a brief period of consolidation, this obstruction was resolved.

MATIC has gained an incredible 80 percent since the beginning of July, making it one of the most profitable cryptocurrencies in the ecosystem and one that is bucking the trend, given that the value of other digital assets has fallen during this time.

Featured image from Watcher Guru, chart from TradingView.com

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ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there.  APE is now reevaluating the $4 support.

Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

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Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?

On Saturday, the price of Quant (QNT) extricated from the seven-month-old falling wedge formation. With the continuing retest phase on Monday, buyers will verify the legitimacy of the breakout.

QNT is the native cryptocurrency of the Quant Network, a blockchain platform that facilitates the interoperability of blockchains.

Monday’s trade price for QNT is $75.71, a decrease of 10.2 percent over the last seven days, according to statistics from Coingecko. Therefore, if the price holds over $77.5, the altcoin could extend the current recovery.

Quant (QNT) has increased significantly over the previous week, signaling that a bottom may just be around the corner. The pace increased as purchasers drove the price above $67.

Moving averages have accomplished a bullish confluence, and the relative strength index is in the positive region, indicating a potential trend reversal.

Suggested Reading | Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse

Quant Barrels Past $75 Barrier

After nearly two months, a huge price increase pushed QNT past the $67 threshold. As QNT bulls forced their way forward, the coin’s price increased, passing the $75 barrier.

If bullish momentum sustains this week, the next important price levels to monitor will be $89 and $100. Near $90, the uptrend is encountering a formidable obstacle.

Meanwhile, volumes have grown over the last several sessions, resulting in an increase in volatility; therefore, investors should wait until the price resolves before placing transactions.

The sellers are seeking to halt the uptrend at $90, but the upward-sloping moving averages and strong relative strength index signals that the bulls have the edge.

QNT total market cap at $911 million on the daily chart | Source: TradingView.com
QNT Sees Short-Term Upswing

If the price of QNT recovers from the 20 exponential moving average, buyers could push the price back up to $90. A break and closing above this psychological barrier could indicate the restart of the short-term upswing.

In a falling pattern, the QNT/USDT pair displays its continued downward trend. For nearly seven months, the price of the coin fell within this pattern, denying a substantial bullish resurgence.

Suggested Reading | Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?

In addition, the bull cycle inside the pattern began on June 17, when the QNT price rallied from the trendline of support at its lowest point. As a result, the bullish surge boosted the market value to past $75.

Quant reached a record high of $427 on September 11, 2021 – a far cry from its current price of $75.71. The token’s price reached an all-time low of $0.215 on August 23, 2018.

Recent price activity for Quant has resulted in a market capitalization for the token that exceeds $1.8 billion. This year, QNT has experienced a change of -57.80 percent.

Featured image from Coinpedia, chart from TradingView.com

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Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days

Bitcoin (BTC) inched up 5% to reclaim the $20,000 territory as the 4th of July hype provided surprise gains. Tuesday saw a comeback on the cryptocurrency market, with the majority of tokens trading in the green.

Bitcoin’s Tuesday rally was the first for the coin in five days, with the 4th of July daily candle about to close, and providing some dose of optimism in the dreary bear market.

Bitcoin and other cryptocurrencies remained virtually unchanged on Monday, with crypto assets trading at downcast prices after a huge selloff in recent months.

The worldwide cryptocurrency market capitalization was trading at $909 billion, an increase of more than 6 percent in the last 24 hours. However, the total trading volume of cryptocurrencies increased by nearly 37 percent to $55 billion.

Suggested Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing?

Bitcoin Retakes $20,000 Territory

TradingView data indicated that the BTC/USD pair rose to $20,085 on Tuesday, its strongest gain since June 30. The pair spent the majority of the weekend near $19,000 as the bulls attempted to push BTC’s price to $20K.

After a turbulent second quarter, Bitcoin’s price has entered the third quarter with sluggish movement as it continues to consolidate around the $20,000 mark.

Since the start of 2022, increased geopolitical concerns and a change in sentiment (induced by rate increases, the conflict in Ukraine, and a dismal economic prospects) have inflicted a blow to crypto assets, causing Bitcoin to return to levels last seen in December 2020.

BTC continues to trade at less than a third of its all-time high of $69,000, attained in November last year, but has maintained its position above $18,000, the bottom it touched during mid-June liquidations.

BTC total market cap at $376 billion on the daily chart | Source: TradingView.com
BTC Needed To Break Past $19K

Despite the negative trends, Bitcoin managed to recover and surpass the $19,000 threshold.

According to popular analyst Matthew Hyland, Bitcoin has successfully “created Bullish divergence on the daily time frame for the first time since breaking below $20,000.”

On-chain analytics resource Whalemap verified that whales purchasing tokens at the price of $19,200 had given a sigh of comfort and market support.

Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens

According to Santiment statistics, a large number of Bitcoin long positions were opened on cryptocurrency exchanges on July 4th, boosting trader optimism.

US traders, one of the largest markets, are now placing substantial bets on Bitcoin’s continued ascent.

Meanwhile, some crypto investors who are still long-term Bitcoin bulls expect that the leading cryptocurrency will require a one- or two-year buildup cycle until the next BTC halving before the leading crypto can truly rebound and register new highs.

Featured image from 123RF, chart from TradingView.com