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Polkadot Price On The Verge Of Massive Breakout, Can It Reach $25?

Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as $25 in this bull run. 

Polkadot Could Reach $25 On Next Leg Up

Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between $20 and $25. He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.”

As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it. 

Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough. 

Meanwhile, Van de Poppe expects Polkadot to reach as high as $20 in the third quarter of this year. For now, he believes that the $8 and $17 range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally. 

Polkadot 1

A More Bullish Prediction For DOT

Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above $50 is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access. 

It is worth noting that Polkadot’s all-time high (ATH) is currently $55, which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run. 

Polkadot 2

Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart. 

At the time of writing, Polkadot is trading at around $7.11, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Polkadot price chart from Tradingview.com

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Polkadot To Sponsor Messi’s Inter Miami: DOT To The Moon?

The Polkadot community has approved a proposal to sponsor Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, a smart contracts platform similar to Ethereum, into the global spotlight. 

Polkadot To Sponsor Inter Miami

The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (roughly $6.5 million) to secure the sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of the “world’s most engaging and followed sports teams.” 

While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase.

For instance, the team plans to enhance user experience through engaging non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot’s parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and improved fan engagement initiatives. 

While the potential deal’s specifics are confidential, the proposal emphasizes transparency. Accordingly, funds will be held in a multi-signature wallet, accessible only with community approval. Moreover, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights.

Polkadot’s Plans to Scale

As Polkadot enhances its global visibility, developers are also working on activating a key update: “Asynchronous Backing.” Last year, Sophia Gold, the Engineering Lead at Parity Technologies, said the technology would be a game changer. 

Asynchronous Backing will allow Polkadot to scale the number of Parachains from 100 to 1,000 by the end of the year. The network will boost its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains. 

Furthermore, improvements via techniques like “pipelining” will permit multiple parachains to process data simultaneously, halving transaction confirmation times.

Though Polkadot continues to enhance its network and strike more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows that the coin has risen 14% in the last week, the failure of bulls to break above $7.5 is a concern.

Polkadot price trending upward on the daily chart | Source: DOTUSDT on Binance, TradingView

Technically, a high volume lifting the coin above this local liquidation level would pave the road for an expansion toward $9 and March 2024 high in the coming sessions.

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Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.

DOT’s Market Cap Surges 16% QoQ

During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. 

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. 

Polkadot

In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. 

However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. 

The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.

Polkadot’s Parachain Network Soars To New Heights

Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. 

Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. 

Polkadot

Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.

Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. 

Polkadot Price Sees Upside Potential Ahead

In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. 

Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data.

Polkadot

If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. 

On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.

Featured image from Shuttestock, chart from TradingView.com

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Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive

Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai. 

Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol. 

Polkadot Unveils JAM Upgrade

According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability. 

The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains. 

Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity.

JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors.

It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.

On The Path To Decentralization?

To realize the vision of “a truly decentralized protocol,” Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter:

We believe that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network.

The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury. 

The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism.

Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network. 

As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments.

Polkadot

Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at $6.75, it reflects a significant 24% decline in price over the last 30 days.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot (DOT) Circulating Market Cap Rockets To $8.3 Billion, Registers Massive 111% Growth

Polkadot, the computing platform known for its interoperability and scalability, has shown remarkable growth in key metrics during the latter part of 2023, as outlined in a recent report by Messari. 

Outpacing Crypto Market Growth

According to Messari’s findings, Polkadot’s circulating market cap experienced a remarkable 111% quarter-on-quarter (QoQ) growth, reaching an impressive $8.38 billion. 

This growth outpaced the overall crypto market’s growth of 54% during the same period. Furthermore, Polkadot’s year-on-year (YoY) change reached 94%, solidifying its position among the top 15 crypto projects by market capitalization.

Polkadot

In terms of revenue, Polkadot witnessed a substantial surge of 2,880% QoQ, generating $2.8 million in Q4 2023. This surge was primarily attributed to the significant rise in extrinsic, driven by the introduction of Polkadot Inscriptions. 

Messari suggests that even excluding the four-day spike from the Inscriptions, Polkadot’s revenue would have doubled from the previous quarter. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the structural design of its network.

Polkadot Witnesses Significant Increase In Active Addresses

Following the launch of OpenGov – the governance module and framework within the network – in June, the Polkadot Relay Chain experienced a surge in account activity, largely due to increased governance participation. 

Because the Relay Chain is critical in facilitating governance processes, it experienced a spike in active addresses on October 24, when users claimed their locked DOT tokens from the first batch of parachain auctions held two years earlier.

Polkadot

Throughout Q4, the Polkadot Relay Chain averaged over 10,000 daily active addresses, representing a substantial 90% QoQ increase. Excluding the October 24th activity related to DOT token claiming, the average number of active addresses still saw a significant 70% rise in QoQ, reaching 9,000. 

Additionally, Cross-Chain Message (XCM) transfers on the platform increased by 150% QoQ, reaching an all-time high of 133,000. The total number of active XCM channels nearly tripled in 2023, reaching 203 by the end of the year.

According to Electric Capital’s rankings, Polkadot has 800 full-time and 2,100 total developers, making it one of the largest crypto ecosystems in developer participation.

DOT Price Shows Mixed Performance

Despite notable growth in key metrics demonstrating the network’s expansion, the price of Polkadot’s native token, DOT, has not followed suit and has even experienced declines over longer time frames despite positive developments.

Currently, DOT is trading at $6.7420, representing a slight 0.3% price increase in the past twenty-four hours, coupled with a 9% year-to-date gain.

However, over the past fourteen and thirty days, the token has recorded a 6% and 22% price drop, highlighting the absence of bullish momentum and catalysts that could propel DOT to higher levels.

Polkadot

Although it reached a 19-month high of $9.5711 on December 26, the subsequent price drop has led DOT to a critical juncture, potentially erasing its gains over the past year.

If the current level and its nearest support at $6.3229 fail to halt further price declines, DOT could potentially drop to the $5.4830 level, which serves as the next major support in the token’s 1-day chart.

Conversely, if DOT surpasses its upper resistance at $7.0392, the next objective would be to break the short-term downtrend structure, facing the $7.5332 resistance and another resistance at $8.1631. This would pave the way for another consolidation phase at its 19-month high.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot Rally Incoming? Crypto Analyst Predicts 150% Price Surge For DOT

The Polkadot (DOT) token has witnessed significant downward pressure over the past few weeks. This negative performance was further exacerbated by the recent downturn of Bitcoin’s value, which tumbled below $40,000 over the past week.

However, the altcoin appears to be garnering momentum in the past few days, having rebounded positively from the $6 mark. A popular analyst on the X platform has put forward an exciting projection for DOT, saying the token looks set for a substantial upward move in the coming weeks.

Can Polkadot Reach $17 In This Cycle?

In a recent post on X, prominent crypto analyst Michael van de Poppe noted that the altcoins market is on the verge of a significant surge. Specifically, the crypto pundit singled out the Polkadot token as one of the assets to look out for.

According to Poppe’s post on X, DOT is approaching a significant support level in three days. The analyst identified the support zone between $5.60 and $6 while highlighting the need for this level to hold strong.

Polkadot

If the support level holds, Michael van de Poppe believes that Polkadot’s price is primed for a substantial run to the upside in the current cycle. And the crypto analyst put forward an ultimate $17 target for the cryptocurrency if a breakout does occur.

This potential price action would represent a massive 150% upswing from the current price point. Nevertheless, this would still be a long way from the token’s all-time high of $54.98

It is worth noting that Michael van de Poppe has also identified a price zone that will be integral to DOT’s possible run to $17. According to his analysis, there is significant resistance for the altcoin to overcome at around the $9.39 level.

DOT last hit this price point on Boxing Day. Resistance caused the coin’s value to collapse; since December 26, 2023, it has dropped by almost 30%.

DOT Price Overview?

As earlier inferred, Polkadot’s price has performed poorly since the turn of the year. According to data provided by CoinGecko, the cryptocurrency’s value has dipped by almost 24% in the past month.

As of this writing, the DOT price is $6.69, reflecting a 3.8% increase in the last 24 hours. However, the coin is still red on the weekly timeframe, with a 2.3% price slump over the past seven days.

Nonetheless, Polkadot ranks as the 13th-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.

Polkadot

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Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

Polkadot Closes Q3 With $5.2 Billion Market Cap

As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

Polkadot

Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

Polkadot’s OpenGov Milestone

The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

Polkadot

Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

Polkadot

As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot Road To Recovery – Will $4 Mark The Turning Point?

Polkadot (DOT) has been grappling with a descending resistance trendline, experiencing a relentless decline since February. In the month of October, the digital asset suffered a 10% drop, plummeting from $4.3 to $3.6. 

Market analysts are warning of the potential for further losses should the prevailing bearish pressure persist. However, a slight glimmer of hope emerged as DOT attempted a reversal at $3.6, hinting at the possibility of overcoming the overhead resistance barrier.

At present, the DOT price according to CoinGecko stands at $3.74, depicting a marginal 0.3% decline over the last 24 hours and a 2.8% dip over the span of seven days. 

DOT’s Struggle For Recovery

The absence of horizontal support below the current price underscores the significance of Fib retracement levels in forecasting potential bottoming areas. Notably, a Fibonacci retracement tool was utilized, encompassing the lower high of $4.8 on August 29 and the recent dip of $3.6 on October 12. This analysis highlighted that the path to recovery for DOT faces significant obstacles at the 23.6% Fib ($3.9) and the 38.2% Fib ($4).

Complicating matters further, the $4 level, serving as the second resistance target, coincides with a daily bearish order block (OB). This confluence suggests that crossing the $3.9 threshold could prove challenging for bullish momentum.

Polkadot Developers Stand Strong

Despite the persistent price downturn, the developers within the Polkadot ecosystem remain resolute and undeterred. This unwavering commitment is evident from the substantial Polkadot active developers, which are currently hovering close to an all-time high. This figure notably exceeds the levels recorded in 2021 when the altcoin’s price reached its peak.

In a recent announcement, Parity Technologies, a significant player in blockchain infrastructure, revealed its strategic shift towards decentralization within the Polkadot (DOT) ecosystem. The forthcoming organizational changes are anticipated to mark a new chapter for the company in the months to come.

Polkadot’s Cutting-Edge Technology Advancement

Amidst circulating rumors, Parity Technologies promptly dispelled speculations about a massive layoff of approximately 300 employees during a recent off-site gathering in Mallorca. The company emphasized that any adjustments to the workforce will be gradual and in alignment with its progressive decentralized strategy.

Emphasizing their dedication, Parity underscored their commitment to driving the advancement of Polkadot’s cutting-edge technology. Their key focus remains on enhancing the developer experience and fostering a resilient developer community within the Polkadot ecosystem, ensuring its sustained growth and innovation.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Mudrex

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Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty

Polkadot (DOT) is making strategic moves to propel its development forward as bearish market conditions continue to cast a shadow over the crypto landscape. In recent weeks, the network has shifted its focus away from speculation, opting instead to double down on its commitment to technological advancement. 

This move was evident in the multiple presentations it delivered, shedding light on its ongoing efforts and its ambitious goal of achieving 1,000 parachains.

A Paradigm Shift In Polkadot’s Strategy

In a landscape where various blockchain networks are fiercely vying for cross-chain dominance, Polkadot is emerging as a formidable contender. The Sub0 developer conference served as a platform for the network, reaffirming Polkadot’s commitment to cross-chain integration and the immense potential it holds.

The implications of this move are profound. Polkadot envisions a future where parachains, interconnected through its innovative architecture, foster a thriving ecosystem of decentralized applications, each with its unique use cases and communities. This holistic approach to blockchain interoperability opens up vast opportunities for developers and users alike, promising seamless interactions between disparate blockchain ecosystems.

Navigating Choppy Waters: DOT’s Price And Sentiment

DOT price has been navigating choppy waters since February. As of the latest data, DOT is trading at $4.01, according to CoinGecko, with a 24-hour movement of 0.1% and a seven-day decrease of 4.3%. This downtrend has led many to wonder if DOT can regain its bullish momentum in a bearish market.

On-chain data cited in a report suggests a glimmer of hope, indicating a slight improvement in DOT’s weighted sentiment over the last three weeks. This uptick in confidence among traders suggests that some believe in DOT’s potential for an eventual upswing, though it has yet to manifest in price action. 

Looking Ahead: DOT’s Prospects In A Bearish Altcoin Market

As cryptocurrency analyst Benjamin Cowen suggests, altcoins, including DOT, may face challenges throughout the remainder of 2023, a pattern often observed in pre-halving years. Nevertheless, Polkadot’s recently unveiled plans and its unwavering commitment to technological innovation position it favorably for the long run.

The network’s vision of a cross-chain future, with an expanding parachain ecosystem, could serve as a catalyst for renewed investor interest and a potential bullish reversal.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Polkadot Price Target – Will DOT Hit The $5.5 Mark As August Ends?

Polkadot (DOT), the innovative cryptocurrency known for its interoperability-focused blockchain platform, displayed a surge in buying pressure, indicating a potential short-term bullish trend. Despite this optimism, cautious conditions still prevail for prospective buyers in the volatile crypto landscape. 

While DOT faced a 2.1% slump in the past 24 hours and a marginal 0.2% decline over the past week, its overall outlook remains influenced by both market dynamics and broader technological advancements.

Undoubtedly, Polkadot’s performance in the crypto market has been buoyed by widespread innovation and increased adoption. Currently priced at $4.50 according to CoinGecko, the coin’s value reflects not just its market position but also its underlying technological progress. 

Polkadot Driving Factors

Santiment, a reputable on-chain data firm, recently unveiled that the Polkadot project has exhibited robust development activity throughout 2023. Impressively, it secured a place among the top three projects with the highest GitHub submissions, signaling a thriving developer community and continuous improvements.

The Polkadot Deep Dive report emphasized pivotal advancements in its staking mechanism. Features like the fast unstake mechanism have bolstered adoption rates, streamlining the user experience and increasing engagement. This progress showcases Polkadot’s dedication to refining its ecosystem and addressing user concerns.

DOT Chart Analysis And Market Insights

A detailed analysis of the 1-day chart unveils crucial support and resistance zones. The $4.5 region emerges as a bullish order block, instilling optimism for potential price gains. Conversely, the $5.5 area stands out as a bearish order block, suggesting a level where selling pressure might intensify as August ends.

These distinct zones imply a potential trading range for DOT in the coming weeks, presenting both opportunities and challenges for traders and investors alike.

Zooming into lower timeframe charts provides further insights. A notable market structure break occurred on Monday, as DOT managed to surpass the recent lower high at $4.56.

Notably, this break coincided with the higher timeframe order block, enhancing the likelihood of bullish momentum driving prices upwards.

Esteemed crypto trader Toni Bitcoin also weighed in on the situation, highlighting DOT’s breach of a significant volume resistance barrier. The key now lies in the coin’s ability to maintain the $4.57 price level.

Should this support hold, a strong bullish continuation could unfold in the ensuing days, potentially reshaping the short-term trajectory for Polkadot.

Navigating Volatility With Caution And Optimism

The recent surge in buying pressure and the ongoing development activity signify a potential short-term bullish trend for DOT. However, the inherent risks within the crypto sphere remind us that market dynamics can swiftly shift, underscoring the importance of informed decision-making and risk management strategies.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Marine Corps Times

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Polkadot Bearish Trends Set The Stage For Bullish Possibilities – Here’s Why

Polkadot (DOT) has managed to capture the attention of traders and investors alike. Despite a persistently bearish market structure, recent indicators point towards a potential bullish recovery on the horizon. 

As of the latest data from CoinGecko, DOT is currently trading at $5.02, with a 0.7% gain in the past 24 hours and a 1.5% increase over the past seven days.

With the broader market experiencing an upward price trajectory, DOT buyers are poised to reap potential benefits. Analyzing the market dynamics, the Relative Strength Index (RSI) has unveiled a recovering buying pressure. 

Signs Of Revival Emerge Amidst Market Uncertainty

A recent price analysis points out that the RSI has edged closer to the neutral 50 level, marking a significant shift from its recent spell within the oversold zone. This shift suggests an increasing appetite for DOT tokens among traders, potentially setting the stage for a bullish resurgence.

Further fueling the optimism, the Chaikin Money Flow (CMF) indicator has displayed an uptick in buyer confidence. The CMF, a measure of the volume and flow of capital into or out of a cryptocurrency, has made a decisive move from the zero mark, currently standing at +0.20. This reading highlights the influx of capital into DOT, indicating a growing sense of positivity and enthusiasm among buyers.

Polkadot Bulls Eye Key Price Levels, Bears Await

In the coming days, bulls within the DOT market are gearing up to challenge the bears for ownership of the crucial $5.23 price level. A successful flip of this level into a support zone could potentially pave the way for further gains. 

Market analysts speculate that should this support level be reclaimed, DOT could make strides towards $5.50 and potentially reach $6. However, a rejection at these levels could send DOT on a downward trajectory, with a potential dip towards the $4.5 range.

The outcome of DOT’s price movements is also tied to the performance of the broader cryptocurrency market, particularly Bitcoin (BTC). Should BTC fail to sustain its ongoing price rally, DOT’s trajectory could be influenced.

While the cryptocurrency market remains inherently volatile and unpredictable, the recent indicators surrounding Polkadot signal the possibility of a bullish recovery. The resurgence in buying pressure, coupled with the growing confidence of buyers as depicted by the CMF indicator, sets an optimistic tone for the future. 

As the battle between bulls and bears ensues, traders and investors alike will keenly watch the pivotal price levels, with the hope of witnessing a substantial market turnaround.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Analytics Insight

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Polkadot Latest Update Fuels Anticipation Of Higher Price For DOT

Polkadot (DOT) may not have experienced the most exuberant price fluctuations in recent weeks, but the tides could soon shift as the network’s unwavering optimism translates into the success of its upcoming developments. 

In a recent Twitter post, Polkadot unveiled its weekly roundup, shedding light on the significant advancements within its ecosystem that hold the potential to transform the current bearish sentiment.

While the market may have been subdued in recent times, Polkadot’s unwavering commitment to innovation and progress sets the stage for a potential turnaround.

The weekly roundup serves as a testament to the ongoing efforts and achievements within the Polkadot ecosystem, offering a glimpse into the developments that could reignite investor enthusiasm.

Polkadot Highlights Integrations of the Week

In a new development for Polkadot’s NFT ecosystem, Astar Network has announced its collaboration with JR Kyushu, the largest rail network in Japan. Through this partnership, NFTs on Astar Network will offer unique memorabilia and “proof of riding” certificates to the 330 million individuals who ride the railway annually. 

Another noteworthy integration within Polkadot’s NFT ecosystem comes from Moonbeam, a parachain on the network. Moonbeam has recently integrated with Equilibrium, facilitating the inclusion of Multichain assets into the Equilibrium platform. 

Furthermore, this integration enables support for bridged assets originating from outside the Polkadot ecosystem. By bridging assets from various chains, Moonbeam and Equilibrium aim to enhance the interoperability and accessibility of NFTs, expanding the range of possibilities for users and creators alike.

Increased NFT Trading Activity, SubsocialChain’s Wallet-Free Experience 

Over the past week, there has been a substantial surge in both the trade count and trade volume of NFTs within Polkadot’s ecosystem, painting an optimistic picture for the future of the NFT market on the network.

This uptick in activity indicates growing interest and participation in the Polkadot NFT space, suggesting a thriving marketplace for unique digital assets.

Moreover, SubsocialChain, a platform built on Polkadot, has made significant strides in enhancing user experience. Users can now access and utilize apps on SubsocialChain without the need for a wallet, tokens, or constant confirmations. 

This streamlined approach simplifies the process for users, reducing barriers to entry and making it easier for individuals to engage with the vibrant Subsocial community.

DOT Poised for Potential Uptick Amid Recent Developments in Ecosystem 

Meanwhile, Polkadot’s price on CoinGecko hovers at $5.25, showing a modest 0.6% rally in the last 24 hours, while experiencing a slight 0.9% slump over the past seven days.

These recent developments and integrations in the Polkadot ecosystem, coupled with the growing interest and participation in the NFT market, could fuel a potential price surge for the network’s native cryptocurrency, DOT. 

-Featured image from KMR IMAGES

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Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling?

Polkadot (DOT) is in the green (see image below) and going steady. Could this hint at price recovery? Even though Polkadot’s funding rate plunged for a while, it is showing some improvement at the time of writing.

Here’s a quick look at DOT price movement:

  •  Polkadot price is up by 14.9% in the weekly
  •  DOT low in market cap dominance
  •  DOT shows a spike in development activity

According to Coingecko, DOT price has skyrocketed by 4% in the last 24 hours, and trading at $6.50 as of press time.

Polkadot Eco-Friendliness To Drive Positive Momentum

January was phenomenal for most cryptocurrencies that are enjoying a price rally, but DOT was seen struggling and was unable to reach its pre-FTX levels. 

On a positive note, DOT was the only asset that consumed the least electricity when pitted against other cryptocurrencies. This eco-friendly quality of DOT can drive positive momentum for the coin.

Even though the weighted sentiment on Polkadot remained to be negative last December, its low electricity consumption can drive a change in public sentiment, switching it to positive which is great news for Polkadot.

The low trading volumes suggest that the bears may have the upper hand. This action has the potential to push DOT prices below the $6.154 support level, putting the brakes on the recent uptrend in DOT.

DOT is predicted to spike in terms of development activity which could tick developer interest this year. In addition, DOT is said to potentially tip its pre-FTX levels in the next couple of days or weeks.  

 

In the event that this positive pattern persists, DOT’s pace of rebound is estimated to climb, which would enable bulls to charge beyond the resistance located at $6.845 and $7.235, which is the range that existed before the crypto turmoil broke out around late November.

Social Metrics Up For DOT

The number of people staking DOT has also increased by over 6.2% as seen in the past month which also hints at a positive streak for the asset. More so, social metrics have also increased for DOT.

Social mentions spiked by 7.6% with engagements shooting over 26K. Interestingly, DOT has been increasingly popular as more people are interested in and talking about it.

Additionally, there are upcoming referendums in line with runtime and governance upgrades that could increase the attractiveness of the coin to investors.

Meanwhile, the market sentiment enveloping DOT still has that air of uncertainty considering its shrinking market cap and high volatility.

Featured image from Freepik

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Is Polkadot (DOT) A Must-Have For Your 2023 Portfolio?

The year 2023 is said to be huge for Polkadot (DOT) as it is one of the cryptocurrencies to watch out for. Many crypto experts are very optimistic about Polkadot, and they’re saying that traders should keep an eye on the coin because its developments will be big for that year.

  • DOT is looking bearish but can pivot to a bull run in the coming days
  • Polkadot is said to be an attractive addition to the investment portfolio for 2023
  • DOT price is down by 1.43%

Polkadot

While DOT isn’t performing well as of press time, crypto experts believe that this is the best time to buy. The coin is regarded as one of the safety nets and best bets to include in your portfolio for next year.

According to CoinMarketCap, DOT price is down by 1.43% or trading at $4.28 as of this writing. And many crypto experts think that the discounted price should entice more traders to buy while the prices are still low because it’s bound to spike by next year.

Polkadot: One Of The Most Liquid Assets

Even though Polkadot has depreciated in value, it’s still the top-rated crypto in terms of capturing investor interest. It stands out when pitted with other cryptos as it’s also one of the popular liquid assets included in hedge fund portfolios.

Indeed, there is an increasing demand for Polkadot, and it is seen to have the most potential to rise in 2023. In fact, as early as now, many top investment companies and even hedge funds are putting most of their eggs on the Polkadot basket.

DOT May Kick Off Bullish Run

Polkadot has been looking bearish as it recently dipped to as low as $4.20 in the past 24 hours. This retreat has attracted investors in the past, and it may also draw them in now.

On the other hand, DOT’s technical indicators hint at some bullish movement, with its volume reached a new low as registered on December 25. Still, it is now slowly recovering from the slump.

Eco-Friendly Crypto

DOT’s market capitalization shows that the bears still dominate the market for December, but its market cap has an uptick by $100 million overnight, which looks like an accumulation. More so, the development activity is also seen to nosedive, which can be worrisome, especially for investors.

Meanwhile, Polkadot, along with Cardano and Algorand, is among the most eco-friendly cryptocurrencies, according to a new analysis by the Traders of Crypto. Polkadot ranks as the fourth most eco-friendly digital money, with annual carbon emissions of 50 tons.

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Featured image: VOI

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Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT?

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Polkadot (DOT) – which is seen to be on a winning streak in terms of social media metrics and development activity  – has been on a retreat recently.

  • DOT social media metrics nosedives 
  • Polkadot’s decline in developer activity could leave a bad taste in the mouth of investors
  • DOT’s NFT volume off to as high as 1.64 million on September 24

 Is this sudden drop in both metrics just a temporary hiccup or could be a warning signal to investors?

Judging by the chart below, DOT price was seen to have nosedived in terms of development activity in the past few days. It’s surprising as Polkadot has been outpacing other cryptocurrencies over the past week but seems to be losing steam now.

DOT Social Volume Down, Bearish Movement Looms

The reduction in terms of development activity hints at the lack of developers working on Github. Evidently, this lack of development activity could leave a negative impression on investors.

DOT’s social volume has capsized which could likely trigger an enhanced bearish movement. Notably, there is also a drop in DOT’s social media engagement in the past few days. The social metrics of Polkadot are seen to have nosedived by 12.6% as seen in the past month. More so, its weighted sentiment has also dropped below 0. These on-chain metrics show the increasingly negative sentiment circling DOT.

Despite DOT looking intensely bearish, the crypto has seen a massive improvement in terms of NFT. With that being said, DOT’s NFT volume has grown a lot from $364,250 as spotted on August 26 to as high as $1.64 million on September 24.

According to CoinMarketCap, DOT price has spiked by 4.17% or trading at $6.50 as of press time.

Chart: Santiment
Polkadot Collaborates With Tether, Others

Polkadot is also ramping up in terms of collaborations such as with Tether. On September 23, Tether announced that they will be rolling out USDT right on Polkadot. These collaborations are in pursuit of the legalization of DOT’s operations.

More so, Polkadot also recently adopted Chainlink allowing Polkadot projects to employ the data price feed of Chainlink. On the other hand, even if these collaborations are bound to fuel growth and scalability for DOT, still the price could go down in the short term.

On the brighter side, DOT’s declining volume which has dropped by 82.34% in the past week signifies that DOT’s price could be bound for immediate recovery.

DOT total market cap at $7.28 billion on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

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Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?

Polkadot (DOT) price reveals that the extreme bullish movement pumped the price reaching $9.54.

  • DOT price extremely bullish; set to retest $9.88 key resistance level.
  • Support spotted at the $9.29 zone.
  • Polkadot pumped up its price to $9.54.

 DOT’s price trendline has spiked for the past couple of weeks following the coin’s overwhelming gains over the past few days.

Today, DOT/USD is trying to test the $9.87 key resistance level which is pretty strong. However, if the bulls continue to push further then DOT will have no problem breaching this critical resistance zone.

DOT Price Pumped To $9.54

On the 24-hour timeframe, DOT price has shown a boost in price value as it pumped its price to $9.54 a few hours ago.

According to CoinMarketCap, DOT is now trading at $9.49 or showing an impressive spike of 2.20% as of this writing. DOT price was down by a trickle in a few hours but is still on the green lane. The DOT/USD pair has shown a remarkable 10.05% gain in terms of value as seen in the past week which hints a continuation of the bull run.

On the flip side, trading volume for DOT tremendously fell by 12.66% which shows some weak spots in terms of momentum.

DOT/USD pair shows increased volatility as seen in the expansion of the Bollinger bands. The price is seen to be trading the upper limit with $9.99 as the current key resistance, and the lower band or $6.84 poised as the current support zone for the coin.

More so, the EMA is spotted at $9.10 with RSI at 64 which is indicates strong buying pressure in the market.

Polkadot Price Correction Anticipated

The 4-hour timeframe shows that DOT price breached upwards which was observed at the onset of the trading session which prompted the price to spike to $9.58, but when the selling pressure resurfaced, the price also went down in the last few hours.

The 4-hour chart for DOT shows a rather very mild volatility. The upper band is spotted at $9.84, while the lower band is found at $8.73. More so, the EMA trades at the $9.35 level with the RSI showing a mild downtrend as it continue to trade at index 62 propelled by the immense selling pressure.

DOT price reveals that the coin is working extremely hard to override the key resistance found at $9.87, as the price is still seen trading on the green. A price correction is expected for short-term or in a just a few hours before the coin retests the key resistance zone again.

On the other hand, if the bears manage to dominate the bulls, then DOT may hold on to $9.29 as its next support zone.

DOT total market cap at $10.3 billion on the weekend chart | Source: TradingView.com

Featured image from Bitcoin Addict, Chart from TradingView.com

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Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

Polkadot has been one of the breakout stars of 2022. The cryptocurrency has managed to thrive in a market where most digital assets are taking a beating and losing value rapidly. With its breach of $8, the cryptocurrency has taken another step as it cements its position as one of the largest contenders in the space, dethroning the beloved Dogecoin in the process.

Polkadot Takes 10th Place

Meme coin Dogecoin has been able to maintain its position in the crypto top 10 by market cap over the last couple of weeks. However, this changed this week with the recent Polkadot rally. The digital asset had more than 7% in the last seven days to bring its trading price higher than $8.5, and this pushed its already impressive market cap over the $9.4 billion mark.

The result of this was that the market cap of DOT surpassed that of Dogecoin. Polkadot is now ranked as the 10th largest cryptocurrency by market cap, but that’s not all. Even as the market is recording a retracement, DOT remains one of the only cryptocurrencies to mark green over the last 24 hours and one-week timeframe.

At the time of writing, DOT is currently trading at $8.52 with a 24-hour recovery of 6.15%. It’s interesting that the digital asset is trading this high, given that its trading volume is actually down. With $427 million in trading volume over the last day, it is down more than 8% in this regard.

DOT trending at $8.3 | Source: DOTUSD on TradingView.com

As a general rule, Polkadot looks to be following the recovery trend of Ethereum. This breakout in the largest decentralized finance (DeFi) network had spread to other networks, causing them to see the largest recovery during this time.

DOT Eyes $9

The recovery in the price of Polkadot has set it on an incredibly bullish path. It has now hit important technical levels, which propose that the recent rally may still have some steam in it. Most prominent of this has been the digital asset’s climb above its 50-day moving average of $7.4.

Since investors are willing to buy the cryptocurrency at higher prices, the buying pressure is mounting, especially as sellers experience fatigue during this time. Additionally, with the recent high rates of inflation, more investors are moving into the decentralized finance market in a bid to find suitable hedge for wealth.

DOT also has some free range to grow, given that the next significant resistance point lies at $9. This price point is incredibly attractive for bulls as it puts DOT on a platform to contend for 9th place with DeFi competitor Solana.

Featured image from Phemex, chart from TradingView.com

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TA – Polkadot Price Shows Strength, Eyes $10

The price of Polkadot (DOT) shows strength after bouncing from key support on the weekly chart against Tether (USDT).

After Bitcoin (BTC) bounced from its monthly low of $19,000, this signaled a relief for other crypto altcoins including the price of Polkadot. (Data feeds from Binance)

Price Analysis Of Polkadot On The Weekly (1W) Chart

 

Weekly Chart Analysis For DOT Price | Source: DOTUSDT On Tradingview.com

From the chart, the price of DOT saw a weekly low of around $6.50, where it has formed support.
The price has built more momentum as it faces resistance at $10.
A break above the $10 mark, the price of DOT would rally to $12.
If the price of DOT on the weekly chart fails to break the $10 mark, then a retest is bound at $8.62.
The weekly relative strength index for DOT price is 36, indicating more buy bids after bottoming out on the weekly low.
The volume shows decent buy bids, which will push the price of DOT higher.

Weekly resistance for DOT price – $10.
Weekly support for DOT price – $6.50.

 

Price Analysis Of Polkadot On The Daily (1D) Chart
Daily Chart Analysis For DOT Price | Source: DOTUSDT On Tradingview.com

The price of DOT found strong support at around $6.50, with what seems to be the bottom on the daily chart.

DOT has continued to rally above this support region of $6.50 to a high of $9, where it has faced resistance.
DOT’s price is at $8.40 at the point of writing; it is trading above the 50 & 200 exponential moving averages (EMA)

The 50 & 200 EMA with prices of $8.20 and $8 would act as support respectively for DOT price in case it drops due to weekend sell-offs.

If the 50 & 200 EMA region fails to hold the price, $7.92 would be a good support to hold sell-offs and a possible bounce of DOT price.

With more buy bids, we could see the price of DOT retesting at $9.18, which has been resistance on the daily chart.

RSI for DOT price on the daily chart is above 60, indicating healthy buy bids for DOT.
Volume on the daily timeframe indicates positive signs for DOT prices to trend higher.

Daily (1D) resistance for DOT price – $9.18, $10.
Daily (1D) support for DOT price – $7.92, $7.55, $7.20.

Price Analysis Of Polkadot On The Four Hourly (4H) Chart
DOT Price Analysis On The 4H Chart | Source: DOTUSDT On Tradingview.com

DOT has shown great strength on the 4H chart after bouncing off from its support.

After rejection in the price of DOT at $9.10, the price dropped to the 50 EMA mark at $7.95 which has formed good support in case of a sell-off in DOT price.

DOT  is trading at $8.47 above the 50 & 200 EMA on the 4H chart, haven rallied from a low of $6.50.

The price has formed a trendline acting as a resistance for DOT price, this would be invalidated only if the price breaks below the trendline.

Four Hourly (4H) resistance for DOT price – $9.10, $10.

Four hourly (4h) support for DOT price – $7.95, $7.67

Featured image from zipmex, Charts from TradingView.com 

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Polkadot Loses Steam As DOT Sheds 10% After Weekly Gains

Another tumbling block for Polkadot (DOT) as its price has declined by over 10% touching $7.70 after closing July in flying colors. Further, DOT seems to hold on to the support zone above $8 especially as the coin will encounter hurdles at $10.

Just when it thought it was bound for the home run, the ETH killer succumbed and slumped after wowing everyone with an impressive bullish streak. More so, Polkadot was seen to have a bearish movement and has tanked to $7.70.

DOT Price Spikes 12% Then Drops 10% Overnight

As July was nearing its end, DOT harbored support coming from the bulls. Dubbed the top performer among all altcoins, DOT is winning by over 40% as seen from July 26 to 31 showing five successive green candles. Impressively, DOT’s powerful performance helped the coin tick off previous resistance levels.

CoinMarketCap data shows that DOT was able to bounce back from an intraday low on July 26 that registered at $6.53 jumping to as high as $9.21 by July 31.

DOT price soared by 12% on August 1 but hit a juncture on the road and fell flat by 10%.

DOT Making Some Gains at $8.22

As of this writing, DOT was able to recover and made some gains seen at $8.22 which shows a price pump of 4.72% according to the CoinMarketCap daily chart. Despite the gains, DOT is facing hurdles at $10. It is believed that if the bulls pushed harder, it could breach the current level and escalate further.

DOT seems to be putting a tight grip on the $8 support zone to stop further decline. Meanwhile, the DOT price should stay afloat or above the critical support level of $8 because if it inches below that zone, the coin will have to target a lower support level or around $6.

According to Piers Ridyard, Radix CEO, Polkadot was negatively impacted by the recent attack on the Nomad chain which took out a sum of roughly $190.7 million. Consequently, after the attack, Nomad was crippled and lost roughly $190 million of TVL. 

With DOT price trying to brave the current and deter a further decline, the rest can anticipate if the bulls will give DOT the needed push to wing it in the next coming days. 

DOT total market cap at $8.07 billion on the daily chart | Source: TradingView.com

Featured image from PreventionWeb.net, chart from TradingView.com