Category Archives: Altcoin
XRP Takes the Lead as South Korea Most Popular Altcoin – The Crypto Basic
The asset has continued to attract immense attention from South Korean investors throughout this year.
XRP remains a favorite of the majority of crypto proponents across the globe, but recent trends suggest that South Korean investors have been more drawn to the asset. As a result, XRP has secured a comfortable position as the most popular asset in South Korea, based on trade volume this year.
This is according to data from Kaiko, a crypto market intelligence provider. Kaiko recently carried out an analysis of the top altcoins in the crypto markets based on their trading volumes since the beginning of 2023. The report took into account volumes across different exchanges, including Koreas four largest exchanges and Coinbase.
Data from the Kaiko report shows that XRPs trade volume on the four largest exchanges in South Korea has surged dramatically to an estimate of $16 billion since the start of the year. The figure represents more than three times the volume of Nano (XNO) and Dogecoin (DOGE) which respectively secure second and third positions.
In fact, XRPs trade volume on these exchanges is greater than the combined volume of the three assets that secure the second to the fourth positions. For context, the four biggest exchanges in South Korea are UpBit, Bithumb, Coinone and GOPAX.
Recall that XRP overtook Bitcoin in trade volume on these exchanges last month. The asset saw a 24-hour volume of over half a billion dollars on UpBit alone. This dramatic surge in XRP trade volume came on the heels of the assets price rally that began on March 21. The rally pumped an immense amount of demand into XRP.
Moreover, in a previous report, Kaiko asserted that the XRP rally was majorly driven by demand witnessed among Korean investors. However, the market data provider revealed that this demand came mostly from retail investors in South Korea, and not institutions.
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Besides the growing interest among Korean investors, whales across numerous jurisdictions have continued to accumulate XRP, especially in anticipation of a favorable ruling in the Ripple vs. SEC case. WhaleStats data shows that the top 100 whales on the Binance Smart Chain hold over 52.6 million XRP tokens valued at an estimate of $26.87 million.
Furthermore, a chart from CoinMetrics revealed that addresses holding at least 10,000 XRP tokens have more than doubled in number since the SEC lawsuit began, increasing from a figure below 120K in December 2020 to over 260K at present. Meanwhile, XRP is currently trading for $0.5168 as of press time, up 0.22% in the past 24 hours.
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XRP Takes the Lead as South Korea Most Popular Altcoin - The Crypto Basic
Top Ethereum Altcoin Explodes 47% in One Week As Whales Send Millions of Tokens to Crypto Exchange – The Daily Hodl
A couple of crypto whales unloaded millions of Arbitrum (ARB) after the popular Ethereum (ETH) scaling solution witnessed significant gains this week.
Blockchain tracker Lookonchain notes that the largest buyer of Arbitrum on its first day of listing back in March transferred a large stack of nearly 10,000 ARB, worth about $17 million, to top crypto exchange Binance a few days ago.
A separate ARB whale also transferred its entire Arbitrum bag, worth $18 million, to Binance on Friday, according to Lookonchain.
The whale with 11 million ARB ($18 million) transferred all ARB to Binance
The buying cost was $13.55 million and the average buying price was ~$1.24.
If he sells at $1.64, he will make a profit of $4.54 million, an ROI (return on investment) of 33%.
The 33rd-ranked crypto asset by market cap rallied from a seven-day low of $1.16 to a high of $1.71, marking gains of over 47%. ARB has slightly given up some of its gains and is trading for $1.63 at time of writing.
Arbitrum currently ranks fourth among all chains in terms of total value locked (TVL) with $2.27 billion, behind Ethereum, Tron (TRX) and BNB Smart Chain, according to the decentralized finance trackerDeFi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts. The metricis calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
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Top Ethereum Altcoin Explodes 47% in One Week As Whales Send Millions of Tokens to Crypto Exchange - The Daily Hodl
After Arbitrums 50% rally, is Optimism (OP) next Layer 2 altcoin to explode? – FXStreet
With Arbitrums ARB exploding in the last week, things are starting to heat up for altcoins, especially the Layer 2 tokens. With the decline in Bitcoin dominance and capital rotation, altcoins could start to surge soon.
Also read:Ethereum and altcoins gear up foraltseason with this move in Bitcoin dominance
A decline in Bitcoin dominance indicates that capital is moving away from BTC to other altcoins. In a way, it denotes a rotation of capital, aka profits, into other riskier assets. This is why the chart attached below shows a slow uptick in altcoin dominance.
BTC vs Altcoin dominance chart
In addition to the rise in altcoin dominance, investors should note that profits from Arbitrum have a high potential to rotate into other top Layer 2 tokens like Optimism and MATIC. So, the next section will take a look at Optimism price and what to expect from it.
Also read:Here are top three altcoin categories that are likely to pump the hardest in the 2023altseason
Optimism price is attempting to overcome a hurdle around $2.73 and is looking primed for a breakout. A decisive close above $2.73 is likely to open up a path for OP to rally to the next hurdle at the 61.8% Fibonacci retracement level at $3.21, which is where the altcoin formed a local top in February 2023.
Overcoming this level would propel Optimism price to the next critical level at $4.11. In total, this move would constitute a 51% gain from the current position at $2.70.
OP/USDT 1-day chart
A daily candlestick close below the $2.18 level will create a lower low and invalidate the bullish thesis for Optimism price. In such a case, OP could slide lower and tag the $1.76 support floor.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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After Arbitrums 50% rally, is Optimism (OP) next Layer 2 altcoin to explode? - FXStreet
Trader Names One of His Highest Conviction Altcoin Plays, Says Crypto Markets Going Much Higher – The Daily Hodl
A popular crypto analyst is detailing the fundamental reasons why a decentralized finance (DeFI) altcoin is one of his highest conviction plays for the next bull rally.
The pseudonymous analyst known as Credible Crypto tells his 339,000 followers that he has his radar locked on Convex Finance (CVX).
Convex Finance is a DeFi platform designed to allow users of stablecoin exchange Curve Finance to boost their rewards. Convex Finance gives liquidity providers on Curve various incentives and allows users to stake CVX, its native token.
Says the analyst,
CVX remains one of my highest conviction bets for this next bull wave and heres why:
Locking your CVX pays you out anywhere from 20-40% APR (annual percentage rate) in bi-monthly payments, and this percentage typically stays the same with rising prices. Meaning as your stack grows, youre earning these rates on the newer, higher value of your stack not the original principal investment.
To illustrate, I bought CVX at $5 and have been locking ever since. After one year of locking, I had earned over $7 per vlCVX (vote locked CVX)which translates to an APR of over 100% allowing me to recoup my entire initial investment in a year. CVX went on to 12x as well from my original investment price before the markets crashed
I plan to ride this on to new all time highs and ultimately sell when CVX trades in the triple digits.
PS. CVX currently trades at around $6. Nearly 80% of all CVX that will ever exist is in circulation of which a majority of that is locked in four-month increments. This means available supply is low.
As for the broader crypto markets, Credible believes that the asset class as a whole is gearing up for a burst to the upside.
Credible recently stated that hes expecting Bitcoin (BTC) to run to all-time highs much sooner than other market participants believe. The analyst is forecasting a market cycle peak sometime at the end of 2023.
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Trader Names One of His Highest Conviction Altcoin Plays, Says Crypto Markets Going Much Higher - The Daily Hodl
Top 10 Most Actively Traded Altcoins in the Last 24 Hours By … – Investing.com
The global crypto market cap has fallen 0.66% over the last 24 hours according to CoinMarketCap. As a result, the total crypto market cap is estimated to be around $1.26 trillion at press time. This comes after there has been a 6.33% increase in the total crypto market trading volume recently taking the total volume to approximately $43.63 billion.
In the past day, Arbitrum (ARB), Rocket Pool (NASDAQ:POOL) (RPL), Avalanche (AVAX), Solana (SOL), Injective (INJ), Stargate Finance (STG), Dogecoin (DOGE), Audius (AUDIO), Solar (SXP) and Litecoin (LTC) have seen a notable amount of trading activity.
At press time, ARBs price stands at $1.7847 after a 24-hour gain of 8.71%. The altcoin has also strengthened against the market leaders Bitcoin (BTC) and Ethereum (ETH) by 10.39% and 9.36% respectively.
Daily chart for ARB/USDT (Source: TradingView)
ARBs trading volume in the last 24 hours is estimated to be around $1,098,450,122, which is a 2.59% increase in ARBs daily trading volume. Furthermore, ARBs price is currently trading at its 24-hour high, with its daily low sitting at $1.60.
Read Also: Arbitrum (ARB) Price Prediction 2023-2030
RPL was not able to print a 24-hour gain and is currently down 11.56%. As a result, RPLs price stands at $55.67 at press time. In addition to weakening against the U.S. Dollar, RPL also weakened against BTC and ETH by 10.33% and 11.29% respectively.
Daily chart for RPL/USDT (Source: TradingView)
RPLs trading volume has fallen 19.05% over the last 24 hours. Nevertheless, the altcoins daily trading volume still stands at $42,714,573 at press time. The crypto is also trading near its 24-hour low of $52.21, with its daily high standing at $61.06.
Read Also: Rocket Pool (RPL) Price Prediction 2023-2030
Similar to ARB, AVAXs price was also able to rise over the last 24 hours. Currently, the altcoin is trading at $21.41 after a 24-hour gain of 1.24%. AVAXs daily trading volume is slightly up by 1.25% in the last 24 hours as well, taking the total 24-hour trading volume to $410,791,383.
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Daily chart for AVAX/USDT (Source: TradingView)
AVAX also strengthened against BTC and ETH by 2.62% and 1.54% respectively. As a result, 1 AVAX is worth approximately 0.0007158 BTC and 0.01011 ETH. AVAX is also trading just below its 24-hour high of $21.20 at press time.
Read Also: Avalanche (AVAX) Price Prediction 2023-2030
SOLs daily trading volume has dropped significantly over the last 24 hours. Currently, the daily trading volume for SOL is estimated to be $591,618,958, which is a 14.78% decrease over the last 24 hours.
Daily chart for SOL/USDT (Source: TradingView)
The majority of SOLs trading volume in the last 24 hours took place on centralized exchanges, with approximately $591,266,647 worth of SOL being traded on centralized exchanges. Furthermore, SOL is trading between its 24-hour low of $24.10 and its daily high of $25.52 at press time.
Read Also: Solana (SOL) Price Prediction 2023-2030
INJs trading volume over the last 24 hours has increased by an astonishing 23.98%. This takes the total daily trading volume for the altcoin to $254,893,668 at press time. It seems that there was more sell volume than buy volume for INJ over the past day, given that INJs price is down 0.91% to trade at $9.253 at press time.
Daily chart for INJ/USDT (Source: TradingView)
INJ was able to strengthen against the leading crypto, Bitcoin (BTC), by 0.18%. Unfortunately, it weakened against the leading altcoin Ethereum (ETH) by 0.76% over the same time period. INJs price is currently trading near its 24-hour low of $8.86.
Read Also: Injective (INJ) Price Prediction 2023-2030
STGs trading volume has also surged in the last 24 hours. According to CoinMarketCap, the daily trading volume for STG is around $50,001,805 at press time, which is an impressive 42.47% increase in STGs 24-hour trading volume.
Daily chart for STG/USDT (Source: TradingView)
STG is currently trading at $0.8905 at press time after experiencing a price drop of 3.79% over the last 24 hours. The altcoin also weakened against BTC and ETH by 2.61% and 3.53%. The altcoins price also set a 24-hour low of $0.8868 and a daily high of $0.9662.
The largest altcoin in terms of market cap experienced a surge in its 24-hour trading volume over the last 24 hours. At press time, the daily trading volume for DOGE is estimated to be around $1,428,950,975, which is a whopping 142.81% increase in the altcoins trading volume.
Daily chart for DOGE/USDT (Source: TradingView)
This trading volume has had a positive impact on DOGEs price as the meme coins price is up 3.97% over the last 24 hours. DOGEs price has also strengthened against BTC and ETH by 4.76% and 3.7% respectively. As a result, DOGEs price stands at $0.09285 at press time.
Read Also: Dogecoin (DOGE) Price Prediction 2023-2030
AUDIOs trading volume dropped a reasonable amount over the last 24 hours. At press time, the daily trading volume for AUDIO is estimated to be around $157,761,358, which is a 31.12% drop in the altcoins total daily trading volume.
Daily chart for AUDIO/USDT (Source: TradingView)
As a result of the recent trading volume, AUDIOs price currently stands at $0.3704, which is a 1.80% drop over the last 24 hours. Furthermore, AUDIO weakened against BTC and ETH by 1.06% and 2.09% respectively over the last 24 hours.
SXPs daily trading volume dropped 36.31% over the last 24 hours. As a result, SXPs total daily trading volume stands at around $53,874,601 at press time. This trading volume has negatively impacted the atlcoins price, as SXPs price is currently down 1.38% and trading at $0.6415 at press time.
Daily chart for SXP/USDT (Source: TradingView)
Furthermore, SXP is down 0.64% against BTC and 1.75% against ETH. As a result, 1 SXP is currently worth 0.00002148 BTC and 0.0003032 ETH. The altcoin is, however, trading close to its 24-hour high of $0.6419, which suggests that SXPs recent drop in price may be nothing more than a retracement from traders taking profit.
The price of LTC was able to rise 3.40% over the last 24 hours despite the altcoins 24-hour trading volume dropping during the same time period. Currently, LTC is trading at $101.86 after a 3.41% increase over the last 24 hours.
Daily chart for LTC/USDT (Source: TradingView)
Meanwhile, the altcoins daily trading volume stands at $732,362,742 at press time, which is a 17.78% drop over the last 24 hours. LTCs price is also trading very close to its 24-hour high of $102.63, with its daily low sitting at around $98.11 at press time.
Read Also: Litecoin (LTC) Price Prediction 2023-2030
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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XRP Crowned Top Altcoin In South Korea: Is This A Good Time To Buy? – Coinpedia Fintech News
Ripples XRP has taken the countrys crypto market by storm, leaving popular assets like Dogecoin (DOGE) in the dust. In fact, XRPs trade volume has surged to a jaw-dropping $16 billion since the beginning of the year, according to data from crypto market intelligence provider Kaiko.
Kaikos analysis of the top altcoins, based on trading volumes since the beginning of 2023, considered multiple exchanges, including South Koreas four largest exchanges UpBit, Bithumb, Coinone, and GOPAX and Coinbase. XRPs trade volume on these South Korean exchanges has skyrocketed, surpassing Nano and Dogecoin, with more than three times the volume.
Related: Ripple Price Prediction: XRP Can Cross $1 this Month
XRPs trade volume on the top four South Korean exchanges is greater than the combined volume of the three assets ranking second to fourth. Despite the ongoing legal battles with the U.S. Securities and Exchange Commission (SEC), XRP has experienced an impressive price surge over the past 90 days, outperforming Bitcoin. The assets price has increased by 37% within this period, currently trading at an average price of $0.51.
Ripple Labs and its executives continue to fight the SEC to prove XRP is not a security. Amid the legal battle, Ripples Chief Legal Officer, Stuart Alderoty, clarified concerns about the exclusion of XRP from the Liquidity Hub (LH). Alderoty explained that LH is an enterprise product not catering to retail, with low liquidity in the United States due to legal uncertainty.
As Ripple anticipates the conclusion of its legal case with the SEC, a significant decision by Judge Analisa Torres could arrive within a matter of days or weeks. XRP supporter and lawyer John E. Deaton has suggested that this decision could come by May 6. If accurate, investors may have limited time to acquire XRP at discounted prices, with the recent slide potentially offering a good opportunity to buy at a relatively low price.
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XRP Crowned Top Altcoin In South Korea: Is This A Good Time To Buy? - Coinpedia Fintech News
Series of Indicators All Setting Up for Altcoin Explosion and New Bitcoin All-Time High, Says Popular Analyst – The Daily Hodl
A popular crypto analyst says that multiple indicators are suggesting that digital asset markets are gearing up for a rapid expansion to the upside.
The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each one of Bitcoins (BTC) run to all-time highs (ATHs), the Chinese 10-year note bottomed out and the moving average convergence divergence (MACD) indicator crossed bullish.
The MACD is a technical indicator designed to signal a possible reversal in trend.
Says TechDev,
This happened before every ATH-setting Bitcoin move.
TechDev also says that the altcoin market is setting up for a big run based on historical patterns.
The analyst looks at the total crypto market cap excluding Bitcoin and identifies periods of downward price action (correction), sideways movement (accumulation) and price rallies (markup).
According to the analyst, altcoins are now in the markup phase, poised for higher prices.
Update:
Correction > Accumulation > Markup
TechDev also compares the altcoin market cap against four other charts. He includes the Bitcoin dominance chart (BTC.D), which compares the market cap of Bitcoin to that of the rest of the crypto markets and the dollar index (DXY), which pits the dollar against a basket of other major currencies. Also included are the charts of the Chinese 10-year note against the DXY (CN10Y/DXY) and the Litecoin versus Bitcoin (LTC/BTC) pair.
According to TechDev, all charts appear to be following their market structures between 2016 and 2018, suggesting that multiple metrics are aligning to signal an explosion in the altcoin markets.
Sometimes patience is all you need.
Looking at the Bitcoin dominance chart, TechDev appears to predict a massive breakdown for BTC.D, similar to what happened between 2016 and 2018. A bearish BTC.D chart indicates that altcoins are growing faster in value than BTC.
For the DXY, the analyst suggests that the dollar index appears to have topped out, indicating that investors are starting to make their capital work in risk assets such as crypto.
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Series of Indicators All Setting Up for Altcoin Explosion and New Bitcoin All-Time High, Says Popular Analyst - The Daily Hodl
Big Eyes Coin Challenges Floki Inu To Be The Next Leading Altcoin – Analytics Insight
A few years ago, Meme Coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) were extremely popular and emerged as some of the largest cryptocurrencies in the market. Despite the trend seeming to have passed as new trends and niches attract investor attention, a new battle could be on the horizon with Floki Inu (FLOKI) gaining more popularity and the recently popular Big Eyes Coin (BIG) getting ready to launch!
Floki, the cryptocurrency inspired by Elon Musk, has achieved remarkable success since its launch in 2021. Despite being one of the youngest meme coins on the market, it has risen to become one of the top five highest-ranking meme coins. While it may not hold the top spot, currently held by the first meme coin, Dogecoin, Floki is the largest gainer among them all.
One key factor that has contributed to Flokis success is its expanding utility. Unlike many of its competitors, the project is not solely focused on the cryptocurrency space. Instead, it has branched out into other areas, such as play-to-earn gaming, with the help of its dedicated community. This diversification has undoubtedly played a role in the steady growth of the coin.
Presently, Floki ranks at 120 and is showing positive signs of maintaining its momentum. Despite several significant surges, such as the 41% spike following an Elon tweet, Flokis growth has been consistent. This spike was even more substantial than its contemporaries, demonstrating the coins potential to achieve massive gains.
With its loyal community and increasing utility, Floki is well-positioned to continue its upward trajectory. Its expansion into new niches sets it apart from other meme coins, providing more opportunities for its investors. In a market that is ever-evolving, Floki has proved it is staying in power and is poised to achieve even more significant success in the future.
The Big Eyes Coin presale will be ending on June 3rd, and its official debut is eagerly anticipated. The developers have created a coin that they hope will become a popular investment option in the meme coin space and beyond. They have successfully generated excitement around the project through social media and have attracted the attention of many investors. The recent announcement of the end of the presale has generated a lot of buzz among investors, who are eager to see how the coin performs once it is launched. With a 70% public sale to buyers, the presale offers many tokens with real utility that could become even more valuable as the project progresses.
The bullish market trends are also worth noting, as many experts predict that the rally will continue into the summer months. Bitcoin has finally passed $30k again, and this could mean that Big Eyes Coin could see significant gains shortly after its launch. Investors have been showing a lot of interest in Big Eyes Coin, and the announcement of the end of the presale has generated even more excitement. Buyers can still use the code BULLRUN250 to earn 250% extra tokens before the presale ends. With June approaching quickly, investors wont want to miss out on this opportunity
While Floki has already proven itself as one of the biggest and best meme coins on the market, the attention and anticipation surrounding Big Eyes Coin suggest that it has the potential to become the next big thing with even bigger gains.
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
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Big Eyes Coin Challenges Floki Inu To Be The Next Leading Altcoin - Analytics Insight
Analyst Unveils Breakout Targets for Binance Coin (BNB), Chainlink (LINK), Arbitrum (ARB) and Injective (INJ) – The Daily Hodl
A popular analyst is unveiling his breakout targets for a small group of altcoins including Binance Coin (BNB) and Chainlink (LINK).
In a new strategy session, pseudonymous analyst Altcoin Sherpa says that hes keeping a close watch on Binance Coin, the utility token of the worlds largest crypto exchange.
According to Altcoin Sherpa, BNB has been trading in a wide range for a year and a strong move above the $350 level could propel the large-cap altcoin to a level last seen in March 2022.
If this actually does have a strong breakout, then I would view $450 probably as a first area, and theres going to be a lot of intermediate levels in between but $450 probably be my next level up.
At time of writing, BNB is trading for $339.
Next up is the decentralized oracle network Chainlink. According to Altcoin Sherpa, a big breakout above $9.30 could push LINK to print gains of as much as 207% considering that it has been consolidating in a wide range for about a year.
When Chainlink starts to actually move strong, I think that its quite likely this goes to at least $14 Since its accumulated for such a long time, I wouldnt be surprised at all to see something like $25.
At time of writing, LINK is worth $8.19.
Another altcoin on the traders list is the layer-2 scaling solution Arbitrum (ARB). According to the analyst, ARB could witness a corrective move to as low as the $1.45 level before the next leg up.
I wouldnt be surprised if this goes above $2. If you look at it from a fundamental standpoint, it still has pretty high TVL (total value locked), pretty high usage relative to other blockchains that are close to being [the] same value.
At time of writing, ARB is trading for $1.62.
The last altcoin on the traders radar is the decentralized exchange Injective (INJ). Altcoin Sherpa says INJ is in the midst of a monster run, which he notes is likely to continue in the short term.
I think the next area up would be around this $10 to $10.60 area, and thats going to be a pretty interesting area, in my opinion. Would be looking to take heavy profits around there.
At time of writing, INJ is worth $9.01.
I
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Analyst Unveils Breakout Targets for Binance Coin (BNB), Chainlink (LINK), Arbitrum (ARB) and Injective (INJ) - The Daily Hodl
Polkadot Can Reach $8 If It Clears This Overhead Bearish Block – NewsBTC
Polkadot has displayed significant recovery in the past week, with a 10% increase in its price. On the daily chart, the altcoin noted a 4% increase. During this time, DOT was consolidating between $5.40 and $6.40, but once it breached the $6.40 mark, its price started to move north.
Currently, Polkadot is hovering just below the psychological barrier of $7. If it manages to move above this level, it will face another crucial resistance mark, which, if surpassed, can potentially lead to a rally in its price.
The technical outlook for Polkadot is bullish, indicating that the altcoin has the potential to move higher. Additionally, there has been a recovery in demand over the past few days, and accumulation has been high, which is a positive sign for the altcoins price. The market capitalization of DOT has also increased, which indicates that there is a higher demand for the altcoin.
However, bullish sentiment for DOT is largely dependent on the broader market strength and Bitcoins movement above $30,000. Bitcoins movement can have a positive impact on the altcoin market, which can lead to an increase in the DOT price.
At the time of writing, DOT was trading at $6.90, having taken a bullish turn after breaking past the $6.60 mark. The next overhead resistance is at $7, followed by a crucial resistance at $7.60, which marks a bearish order block characterized by an influx of sellers.
On the downside, support for the altcoin stands at $6.50. A further decline can bring the price to $6.30. The trading volume of Polkadot in the last session was green, indicating positive demand for the altcoin. However, breaching the resistance levels will be crucial for DOT to continue its bullish run.
The altcoin witnessed a notable increase in buying strength, with a sharp u-turn in demand. At the time of writing, the Relative Strength Index was above 60, indicating that buyers had overtaken sellers.
This was further supported by the price of the asset moving above the 20-Simple Moving Average line, suggesting that buyers were driving the price momentum in the market. This indicated that investors were bullish on the altcoin, and it may continue to rise in the near future.
DOT was displaying bullish buy signals at the time of writing, in line with other positive technical indicators. The Moving Average Convergence Divergence (MACD) indicated the price momentum and potential trend reversal, with green histograms that were increasing in size.
These histograms were tied to buy signals for the altcoin. Similarly, the Awesome Oscillator was also pointing towards the same bullish reading. It formed green signal bars which indicated positive price action. These indicators, taken together, suggest a favorable outlook for DOT in the near future.
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Polkadot Can Reach $8 If It Clears This Overhead Bearish Block - NewsBTC