Category: Polkadot

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.
In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.
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Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Bitcoin (BTC) surged to a new all-time high today, hitting close to $67,000. Ether (ETH) also broke above its immediate resistance and has started its march toward the all-time high. This pushed the total market capitalization of the crypto sector to a new all-time high above $2.64 trillion.The successful debut of the ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as the trigger to boost sentiment in the crypto space. The ProShares’ ETF trading volume on the first day of the launch exceeded $1 billion, making it the second-most successful ETF debut based on the trading volume on day one.Daily cryptocurrency market performance. Source: Coin360A panel of 50 fintech industry specialists, commissioned by Finder, believes that strong on-chain fundamentals, a favorable macro environment, and approval of the Bitcoin ETF could send Bitcoin to $80,000 by the end of the year. Could Bitcoin piggyback on the positive sentiment created due to the successful launch of the Bitcoin ETF and continue its northward march? Will altcoins also resume their up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke above the immediate resistance at $62,933 on Oct. 19 and that was followed by another sharp up-move today, thrusting the price above the previous all-time high at $64,854 made on April 14.BTC/USDT daily chart. Source: TradingViewIf bulls sustain the price above the breakout level at $64,854, the bullish momentum could pick up further. The BTC/USDT pair could then rally to the overhead resistance at $75,000.The sharp up-move of the past few days has pushed the relative strength index (RSI) above 78, suggesting that the rally may be overextended in the short term. This could result in a few days of consolidation or a minor correction.If bulls do not give up much ground from the current level, it will suggest strength and improve the prospects of the continuation of the uptrend. The critical level to watch on the downside is $60,000. A break and close below this support will be the first sign that traders are aggressively booking profits at higher levels. ETH/USDTEther bounced off the neckline of the inverse head and shoulders (H&S) pattern on Oct. 19, suggesting that bulls are buying on dips to this support. Strong buying has pushed the price above the overhead resistance at $4,027.88 today. ETH/USDT daily chart. Source: TradingViewThe rising moving averages and the RSI in the positive territory indicate advantage to the bulls. If buyers sustain the price above $4,027.88, the ETH/USDT pair could rally to the all-time high at $4,372.72. This level may again act as a stiff resistance but if bulls clear the hurdle, the pair could reach the pattern target at $4,657 and then challenge the psychological level at $5,000. This positive view will invalidate if the price turns down from the current level and breaks below $3,200. BNB/USDTBinance Coin (BNB) is gradually moving higher toward $518.90, which had acted as a tough barrier on two previous occasions. Hence, the bears may again try to defend this level with vigor. BNB/USDT daily chart. Source: TradingViewIf the price turns down from $518.90, the BNB/USDT pair could drop to the 20-day EMA ($450). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying the dips.That will increase the likelihood of a break and close above $518.90. The pair could then start its northward march to the pattern target at $554. This bullish view will invalidate if the price turns down and breaks below the right shoulder at $392.20.ADA/USDT Cardano (ADA) is attempting to bounce off the support line of the symmetrical triangle pattern. If bulls push the price above the 20-day EMA ($2.19) the altcoin could rally to the resistance line of the triangle.ADA/USDT daily chart. Source: TradingViewA break and close above the triangle will signal that the uncertainty has resolved in favor of the buyers. The ADA/USDT pair could then rally to $2.47 and if this level is crossed, the up-move could reach $2.80.Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the triangle, it will suggest that supply exceeds demand. The pair could then decline to the critical support at $1.87.XRP/USDTXRP formed an inside-day candlestick pattern on Oct. 18 and 19, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside today with a break above $1.10. XRP/USDT daily chart. Source: TradingViewThe bulls will now try to push the price above the downtrend line. If they manage to do that, the XRP/USDT pair could rise to $1.24 and if this resistance is crossed, the next stop could be the critical level at $1.41.If the price turns down from the downtrend line, the pair could again drop to $1. A break and close below this support will complete a bearish descending triangle pattern that could result in a decline to $0.85.SOL/USDTThe bulls have successfully defended the moving averages in the past few days, indicating accumulation at lower levels. The buyers will now try to push Solana (SOL) above the overhead resistance zone between $171.47 and $177.79.SOL/USDT daily chart. Source: TradingViewA close above $177.79 will complete an ascending triangle pattern, which has a target objective at $226.94. The rally may not be linear as bears are expected to pose a stiff challenge at the psychological level at $200 and then at the all-time high at $216.On the other hand, if the price turns down from the current level, it will suggest that bears are aggressively selling on rallies. A break and close below the trendline will invalidate the bullish setup. The SOL/USDT pair could then drop to the critical support at $116. DOT/USDTThe bulls have successfully held Polkadot (DOT) above the breakout level at $38.77 for the past few days. This suggests strong accumulation by the bulls as they anticipate the rally to resume.DOT/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI just below the overbought territory indicate that buyers have the upper hand. A break and close above $44.78 could push the price to the all-time high at $49.78. On the other hand, if the price turns down from the current level and breaks below the 20-day EMA ($37.84), it will suggest that bears have made a strong comeback. The DOT/USDT pair could then drop to the 50-day SMA ($33.63).Related: Cointelegraph Consulting: ETFs listed — What’s next for Bitcoin?DOGE/USDTThe bulls pushed Dogecoin (DOGE) above the downtrend line on Oct. 18 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. The buyers again tried to clear the overhead hurdle at the downtrend line on Oct. 19 but failed.DOGE/USDT daily chart. Source: TradingViewAfter twice being unsuccessful, the bulls are again trying to drive and sustain the price above the downtrend line today. Such a move will invalidate the developing descending triangle pattern, clearing the path for a possible rally to $0.32 and then $0.35. Contrary to this assumption, if the price turns down from the downtrend line and breaks below the 20-day EMA ($0.23), it will suggest that bears are aggressively defending the downtrend line.If bears sink the price below the 20-day EMA, the DOGE/USDT pair could drop to the strong support zone at $0.21 to $0.19.LUNA/USDTTerra protocol’s LUNA token broke below the 50-day SMA ($36.66) on Oct. 17 but the bears could not pull the price below the strong support at $34.86. The failure to do so seems to have attracted buying from aggressive bulls who have pushed the price above the overhead resistance at $39.75 today.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could now rise to $45.01 where the bears are likely to offer a stiff resistance. If the price turns down from this level but rebounds off the breakout level at $39.75, it will suggest that bulls have the upper hand.A breakout and close above $45.01 could push the pair to the all-time high at $49.54. On the contrary, if the price turns down from the current level and breaks below $39.75, it will signal strong selling at higher levels. The pair could then drop to $34.86.UNI/USDTUniswap (UNI) has been trading in a tight range between the neckline of the possible inverse H&S and the 20-day EMA ($25.32). This indicates indecision among the bulls and the bears about the next directional move.UNI/USDT daily chart. Source: TradingViewA breakout and close above the neckline will complete the bullish setup. The UNI/USDT pair could then rally to $31.41 and if this level is crossed, the up-move may reach the pattern target at $36.98.Conversely, if the price turns down from the current level and plummets below the moving averages, the decline may extend to $22. This is an important level for the bulls to defend because a break below it could sink the pair to $18.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

Polkadot and Ethereum 2.0 — A Look at the Solutions Building the Scalability of Tomorrow

Polkadot and Ethereum 2.0 — A Look at the Solutions Building the Scalability of Tomorrow

Both Ethereum 2.0 and Polkadot are promising sharding-based protocols overcoming the scalability challenges facing legacy blockchains. Although slightly different, together, the Relay Chain and Beacon Chain represent another significant leap forward, especially for interoperability.
Partitioning the Problem: Sharing the Load via Sharding
Scalability has been a hotly debated topic after networks bumped up against the limits over the last year. Yet, long before it entered the mainstream conversation, developers postulated several angles of attack. Despite the triumphant launch of layer 2 approaches in 2021, layer 1 sharding solutions have long been in the pipeline.
When it comes to partitioned blockchain protocols, Polkadot and Ethereum 2.0 represent the most prominent names pursuing this scalability avenue. These partitions, or shards, are a means of executing transactions in separate shards along with a protocol to send messages between shards. Through sharding, both networks deliver an excellent solution to significantly increase network performance and capacity without increasing node hardware requirements or reducing the degree of decentralization.
We can’t deny the fact that at the core technical level, Polkadot draws many references from Ethereum. However, when it comes to technology, especially how Polkadot and Ethereum 2.0 are applying the concept of sharding, there are several significant differences that developers and users should consider.
For starters, all of the shards in Ethereum 2.0 have the same state transition function (STF), which provides an interface for smart contract execution. As such, contracts on a single shard can share asynchronous messages with other shards. The base layer (main chain) of Ethereum 2.0, referred to as the Beacon Chain, enables the execution of smart contracts and transactions via the eWasm (Ethereum Wasm) interface. By design, Ethereum 2.0 will support 64 shards, wherein each shard will represent a blockchain and transactions executing on that blockchain.
Polkadot uses a different variation of sharding. The network has a main chain called the Relay Chain. Shards on the Polkadot network are called parachains, which can also execute parallel transactions, and are associated with the Relay Chain. Unlike Ethereum 2.0, which currently supports 64 shards, Polkadot currently supports 100 parachains (shards), and each of these parachains doesn’t rely on a single interface like ETH 2.0’s eWasm. Instead, each parachain can individually connect to the Relay Chain, giving developers on these parachains the flexibility to determine their own rules regarding how it changes state.
Simply put, think of Ethereum 2.0’s Beacon Chain as a USB port and shards as USB cables. Only those shards that have the right shape of a USB cable can connect to the USB port. On the other hand, Polkadot’s Relay Chain serves as a universal socket, meaning all parathreads can seamlessly connect to it.
Other than this, the governance process for Ethereum 2.0 is proposed to follow an off-chain model, which will require a hard fork. But Polkadot’s governance model is on-chain and enacted autonomously, giving it the ability to upgrade more seamlessly. Finally, the underlying validator selection mechanism for both also differs given that Polkadot offers strong availability and validity guarantees with a smaller number of validators per shard.

A Glimpse Into the Future Based on the Present
Development and implementation of Ethereum 2.0, also called Serenity, is currently in progress. At present, the Beacon Chain is live, bringing staking to Ethereum and laying the groundwork for future upgrades. However, the merger of Mainnet Ethereum with the Beacon Chain and the addition of Shard Chains will be gradually rolled out in phases. Forecasts are anticipating a 2022 launch, although large recent purchases of Ethereum mining equipment mean certain stakeholders aren’t convinced that timely release is around the corner.
Meanwhile, as a next-generation blockchain project, Polkadot has garnered much attention since 2020. The platform, frequently dubbed the Ethereum Killer despite the tired nature of that overused trope, has established itself as a potential alternative that solves the scalability challenges of Ethereum.
Polkadot’s testnet Kusama is already up and running on a similar sharding model to great success, following multiple crowdloans and millions of transactions processed, with several promising projects bidding for the limited parachain slots. Now, Polkadot parachain slot auctions are arriving in November as the project enters the fifth and final phase of its launch process, beating Ethereum to the sharding punch.
While the sharding competition won’t necessarily result in a winner-take-all outcome, Polkadot is at least a couple of years ahead of Ethereum 2.0. Still, Ethereum’s vast ecosystem shouldn’t be discounted despite the interoperability aspirations of many eager projects bidding on Polkadot’s parachain slots. However, instead of viewing the two chains in competition for higher TVLs or more dapps, it’s better to frame the relationship within the context of added utility for the greater cryptocurrency ecosystem.
It will be intriguing to see how both platforms interact once all Ethereum Improvement Proposals (EIPs) for Ethereum 2.0 have been implemented and Polkadot parachains are connected to the Relay Chain. Assuming everything goes according to plan, the networks can complement each other to deliver an interoperable foundation for next-generation decentralized apps (dapps) and decentralized finance (defi) protocols, supporting higher throughput, lower costs, and the scalability to support expanded blockchain use.
Which will reign supreme — Polkadot or Ethereum? Let us know what you think in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Polkadot-based privacy project Manta Network raises $5.5M

Polkadot-based privacy project Manta Network raises $5.5M

Manta Network, a privacy layer project for the Polkadot ecosystem, has completed a new funding round to continue scaling decentralized finance (DeFi) use cases by boosting blockchain privacy.Announced Tuesday, Manta Network’s latest $5.5-million funding round included participation from more than 30 venture funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.Other investors included Web 3. investment fund LongHash Ventures, CMS Holdings, Divergence, Spartan Group, Global Coin Ventures, SkyVision Capital, Zee Prime and SNZ.The funding has also featured some of the industry’s prominent individual investors from major cryptocurrency companies such as Digital Currency Group, Consensys and Bitcoin.com. According to the announcement, angel investors included SushiSwap’s semi-anonymous core contributor 0xMaki, Dragonfly Capital’s Kevin Hu, ParaFi general partner Santiago Santos and others.Founded in 2020, Manta Network is focused on building a privacy-focused and interoperable blockchain protocol targeted specifically for DeFi applications, aiming to make DeFi genuinely private. The protocol uses zk-SNARKs with Groth16 proofs, the same cryptographic technology implemented behind privacy-oriented cryptocurrency Zcash (ZEC).According to CoinFund CEO and founder Austin Barack, Manta is building “one of the core primitives for privacy preservation within DeFi.” Related: Polkadot Web3 wallet Talisman closes $2.35M seed funding round“Building upon Substrate, which allows for purpose-built layer one networks, Manta can build ZKSnark privacy-preserving architecture directly into the base layer and solve several existing problems users face today such as front running and lack of privacy when making transfers or managing a portfolio,” he said.Earlier this year, Manta Network completed a $1.1-million funding round led by Polychain Capital and joined by major industry firms such as Alameda Research and DeFiance Capital.

Polkadot unveils $770M development fund ahead of parachain auctions

Polkadot unveils $770M development fund ahead of parachain auctions

Polkadot (DOT) founder Gavin Wood has unveiled a $777 million development fund ahead of the network’s parachain lease auctions. Wood tweeted on Oct. 17 that Polkadot’s treasury has allocated more than 18.9 million DOT (worth roughly $777 million at the time of writing) to a development fund that will be disbursed through community governance. Wood gave broad suggestions as to how the funds might be spent, stating the capital will be mobilized to realize the community’s vision for “building, improving, educating” Polkadot’s ecosystem, in addition to “anything else that the Polkadot governance believes valuable.According to Polkadot’s Wiki, the treasury funds can be spent if approved by the council, which votes on proposals put forward to them. The Polkadot council currently consists of 13 members, however the council plans to expand to 24 seats at some stage in the future.With many Polkadot governance votes seeing poor community participation in the past, the development fund may be intended to bolster DOT holders’ engagement with the governance process According to Polkassembly, three governance proposals put forward this past week have seen total voter turnouts of zero, six and seven votes respectively. Stakeholders wishing to put forward a proposal must reserve a deposit of at least 5% of the proposed spend, with the deposit being either slashed (a burn mechanism to deter validator misbehavior) if rejected, or returned if accepted. With funds being placed at risk in the event of an unsuccessful vote, Polkadot’s slashing mechanism may be a factor impeding governance engagement on the network. The new development fund was also revealed just weeks before Polkadot’s highly anticipated parachain auctions are scheduled to begin in early November, suggesting the funds could be intended to kickstart development targetingPolkadot’s forthcoming parachain ecosystem.Polkadot’s parachain auctions will be used to realize Polkadot’s vision for a sharded ecosystem. The auctions will see projects building on Polkadot compete to secure one of the 100 parachain slots by bidding to lock up DOT. Parachains are Polkadot’s sharded side-chains that can host decentralized applications and protocols, offer specialized computation, and communicate with Polkadot’s proof-of-stake “Relay Chain” to finalize transactions.Polkadot’s existing relay chain exclusively processes transfers, governance, staking services for the Polkadot network, with the forthcoming parchains being tasked with providing advanced features like smart contract functionality and cross-chain compatibility. As such, the new development fund may be intended to encourage developers to begin building on Polkadot in preparation of parachains going live.Related: Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversalMany onlookers have singled out the Coinbase-backed Acala Network as a frontrunner to win the first parchain slot on Polkadot. Karura Network, Acala’s deployment on Polkadot’s siser-network Kusama, won the first parachain auction on Kusama by a significant margin in June. Karara pulled support from more than 15,000 entities to win its slot with a bid more than 500,000 KSM (worth roughly $184 million at the time of writing).

Institutional Investors Pile Into Cardano, Polkadot, and Bitcoin As Crypto Markets Hit New Highs: CoinShares

Institutional Investors Pile Into Cardano, Polkadot, and Bitcoin As Crypto Markets Hit New Highs: CoinShares

Digital asset manager CoinShares is revealing that institutional capital is piling into Cardano and Polkadot as Bitcoin and the crypto markets march toward all-time highs.
In a new report, CoinShares says that inflows into digital asset products totaled $80 million last week. Bitcoin (BTC) accounted for 87.5% with $70 million in inflows, which also marked the fifth consecutive week of inflows for the top crypto.
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Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K

Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K

The price of bitcoin recently jumped above the $60,000 per unit mark on October 15, and the leading crypto asset has not seen prices this high since mid-April six months ago. However, as far as the top digital assets are concerned, in terms of market capitalization, things are a whole lot different. For instance, ether tokens are worth a lot more than they were six months ago and binance coin values were higher back then than they are today.
Six Months Later as Bitcoin Returns to $60K, Some Crypto Coins Trade for More Value, While Others Trade for Less
On April 11, 2021, statistics from coinmarketcap.com’s historical snapshot data show that on that day, bitcoin (BTC) exchanged hands for $60,204 per unit. BTC also reached an all-time high three days later on Apr 14, 2021, at $64,804 per coin that week. The data from the historical snapshot indicates that ethereum (ETH) was swapping for $2,157 per coin on April 11 and today, a single ether is trading for $3,761 per unit.
Top ten crypto coins on April 11, 2021, according to coinmarketcap.com historical data.
The stats six months ago show binance coin (BNB) held the third position six months ago and at the time each BNB traded for $525. Prices are a bit lower than they were back then and BNB lost the third position to cardano (ADA) for a few months. Today, metrics show that BNB is swapping for $480 per coin which is 9.375% lower than the price six months ago. At that time, XRP held the fourth position in terms of market cap but today, XRP has slid to the sixth position.
Top ten crypto coins on Monday, October 18, 2021, according to coingecko.com.
The stablecoin tether (USDT) held the fifth spot back then, today it is sitting at number four. Like ethereum (ETH), cardano (ADA) is another coin that was trading for lower prices on April 11. At the time, ADA exchanged hands for $1.27 per coin and on October 18, ADA trades for $2.12 per unit. Polkadot (DOT) held the seventh position trading for $41.42 per DOT six months ago, today DOT trades for a touch lower at $40.76 and sits in the eighth largest position.

Litecoin, Uniswap, Chainlink Bumped Out of the Top 10 — Theta, Filecoin, Tron, Vechain Slip Out of the Top 20
Litecoin (LTC), uniswap (UNI), and chainlink (LINK) held the last three positions in the top ten respectively. But none of these coins are in the top ten positions anymore and UNI is the closest today. Positioned at 14 today, UNI is trading for $25.39 but on April 11, the token changed hands for $29.98. LTC was holding the eighth largest market valuation six months ago, but today it has slid to the 16th largest. LTC exchanged hands for $253.63 and today its much lower at $185.22.
Chainlink (LINK) was swapping hands for $33.92 per LINK back then, but on October 18, the price is around $25.59. LINK at that time held the tenth-largest spot and it now holds the 18th position. Missing from the top 20 coins that were seen on the list back then include tokens like theta (THETA) filecoin (FIL), tron (TRON) and vechain (VET). One notable gainer is solana (SOL) which moved from the 20th top position to the crypto economy’s seventh-largest spot in terms of valuation.
What do you think about the top ten crypto coin shift and some of the crypto assets that were bumped out of the top ten and twenty market positions during the last six months?

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April 11 2021, binance coin, Bitcoin, Bitcoin (BTC), bnb, Cardano, Chainlink, crypto coin shift, Ethereum, Filecoin, litecoin, Market Caps, Market Changes, Markets & Prices, October 18 2021, Polkadot, Tether, Theta, Top 20, Top Ten, top ten crypto coin shift, tron, UNI, Vechain

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Price analysis 10/18: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Price analysis 10/18: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

ProShares Bitcoin Strategy ETF will enter the history books on Oct. 19 when it starts trading on the New York Stock Exchange under the ticker BITO.Market participants are likely to watch the volumes on the ETF closely to gauge the amount of participation from institutional investors. If the response is tepid for a few days, short-term traders may be tempted to book profits, but the bullish momentum may pick up further if demand remains strong. Daily cryptocurrency market performance. Source: Coin360The latest CoinShares report for the week ending Oct. 17 shows that institutional inflows into crypto products has pushed the total assets held by institutional managers to a new record high of $72.3 billion. Of the total inflow of $80 million during the week, Bitcoin products attracted the lion’s share at $70 million.Could the launch of a new ETF boost sentiment and push Bitcoin to a new all-time high or will short-term traders book profits? Is it time for money to flow out of Bitcoin and into altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe long tail on Bitcoin’s Oct. 17 candlestick shows strong buying on dips. The bulls attempted to push the price above the Oct. 15 high at $62,933 today but failed. This suggests that bears are defending the zone between $62,933 and $64,854 with vigor.BTC/USDT daily chart. Source: TradingViewIf sellers sink the price below $58,963, the BTC/USDT pair could drop to the 20-week exponential moving average ($55,118). A strong rebound off this support will indicate that sentiment remains positive and traders are buying on dips.The bulls will then make one more attempt to clear the overhead obstacle. If they succeed, the pair could start the next leg of the uptrend that could reach $70,000 and then $75,000.If the 20-day EMA support is breached, the pair could drop to the breakout level at $52,920. This is an important support to keep an eye on because if it cracks, the pair may plummet to the 50-day simple moving average ($49,270).ETH/USDTThe bulls successfully defended the neckline of the inverse head and shoulders (H&S) pattern on Oct. 17 but they could not sustain the rebound. This suggests that demand dries up at higher levels. The bears have again pulled Ether (ETH) to the neckline of the setup today.ETH/USDT daily chart. Source: TradingViewA break below the neckline could result in a decline to the 20-day EMA ($3,563). The rising moving averages and the relative strength index (RSI) in the positive territory indicate that buyers have the upper hand.If the price rebounds off the 20-day EMA with strength, it will suggest that traders continue to accumulate on dips. The buyers will then make one more attempt to clear the overhead hurdle at $4,027.88.If they manage to do that, the ETH/USDT pair could retest the all-time high at $4,372.72. Alternatively, if bears sink the price below the moving averages, the pair could correct to $3,200.BNB/USDTBinance Coin (BNB) is struggling to take off after completing the inverse H&S pattern on Oct. 13 but a minor positive is that bulls have not allowed the price to sustain below the neckline of the setup.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA ($439) is rising and the RSI is above 64, signaling that the path of least resistance is to the upside. If bulls push the price above $484.70, the BNB/USDT pair could rise to $518.90.This level may act as a stiff resistance but if bulls overcome this obstacle, the pair could rally to the pattern target at $554.Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that bears are back in the game. The pair could then drop to $392.20.ADA/USDT Cardano (ADA) is trading inside a symmetrical triangle pattern, which suggests indecision among the bulls and the bears about the next directional move. ADA/USDT daily chart. Source: TradingViewThe 20-day EMA ($2.20) is sloping down gradually and the RSI has dropped near 43, suggesting a minor advantage to bears. If sellers sink the piece below the support line of the triangle, the ADA/USDT pair could drop to $1.87.This level could attract strong buying from the bulls. A breakout and close above the resistance line of the triangle will indicate that bulls have absorbed the supply and made a strong comeback. The pair could then rally to $2.47, which may act as a resistance but if the bulls overcome this obstacle, the up-move may extend to $2.80.XRP/USDTXRP’s attempt to rise above the overhead resistance at $1.24 fizzled out at $1.18 on Oct. 16. This may have attracted profit-booking by short-term traders, resulting in a drop below the moving averages on Oct. 17.XRP/USDT daily chart. Source: TradingViewThe long tail on the day’s candlestick shows that bulls are aggressively defending the psychological level at $1. Both moving averages have flattened out and the RSI is near the midpoint, suggesting a range-bound action in the short term.The XRP/USDT pair could consolidate between $1 and $1.24 for a few days. A break and close above $1.24 could clear the path for a possible up-move to $1.41 while a drop below $1 may pull the pair down to $0.85.SOL/USDTSolana (SOL) has been sustaining above the downtrend line for the past three days but the bulls are struggling to start an up-move. This suggests that bears have not thrown in the towel yet and are selling on rallies.SOL/USDT daily chart. Source: TradingViewIf bears pull and sustain the price below the 50-day SMA ($151), the SOL/USDT pair could drop to $137.61. A break and close below this support could clear the path for a further decline to the important level at $116.Conversely, if the price rebounds off the current level and sustains above $167.65, it will suggest that buyers are back in the game. The pair could thereafter rally to the 61.80% Fibonacci retracement level at $177.80. DOT/USDTPolkadot (DOT) broke above the $38.77 overhead resistance on Oct. 13 but the bulls could not capitalize on this strength. This indicates that bears are unwilling to relent and are selling on every rise.DOT/USDT daily chart. Source: TradingViewThe first sign of weakness will be a drop and close below the breakout level at $38.77 and the 20-day EMA ($36.64). The DOT/USDT pair could then drop to the 50-day SMA ($33.05).The uptrending 20-day EMA and the RSI in the positive zone indicate that the path of least resistance is to the upside.If the price rebounds off the current level or $38.77 and breaks above $44.78, it will suggest that bulls are back in the game. The pair may then retest the all-time high at $49.78.Related: Lushsux: A decade of ass-whoopin’ and skullduggery in a single NFTDOGE/USDTThe bears pulled the price below the 20-day EMA ($0.23) on Oct. 17 but the long tail on the day’s candlestick suggests accumulation at lower levels. Strong buying today pushed Dogecoin (DOGE) above the downtrend line.DOGE/USDT daily chart. Source: TradingViewThe long wick on today’s candlestick shows that bears are defending the downtrend line aggressively. If bulls fail to sustain the price above the downtrend line, the DOGE/USDT pair could again drop to $0.21.A bounce off this strong support could keep the pair stuck between $0.21 and the downtrend line for the next few days.If buyers sustain the price above the downtrend line, it will suggest that correction may have ended. The pair may then rally to $0.32, followed by an up-move to $0.35. LUNA/USDTTerra protocol’s LUNA token failed to break above the 20-day EMA ($38.13) in the past few days, suggesting that sentiment has turned negative and bears are selling on rallies. LUNA/USDT daily chart. Source: TradingViewThe bears will now try to sustain the price below the 50-day SMA ($36.38). The moving averages are on the verge of a bearish crossover, indicating that the trend favors the bears.If the price breaks below $34.86, the LUNA/USDT pair could drop to $32.34. This is an important support to keep an eye on because if it gives way, the selling could intensify. The pair could then drop to $25.The bulls will have to push and sustain the price above the 20-day EMA to indicate that the correction may be over.UNI/USDTUniswap (UNI) broke and closed above the neckline on Oct. 16 but the breakout proved to be a bull trap as bears quickly pulled the price back below the neckline on Oct. 17.UNI/USDT daily chart. Source: TradingViewIf bears sink the price below the moving averages, the UNI/USDT pair could drop to $22.15. The selling could accelerate if this support is breached and the pair could next drop to $18.The moving averages are flat and the RSI is just above the midpoint, suggesting a balance between supply and demand.This equilibrium could tilt in favor of the bulls if they push and sustain the price above the neckline for a couple of days. The pair could thereafter rise to $31.41 and if this resistance is scaled, the rally may reach the pattern target at $36.98.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

One Altcoin Will Outperform Solana, Binance Coin, Cardano, Ethereum and Bitcoin This Cycle, Says Popular Crypto Analyst

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A widely followed analyst says that one crypto will manage to outperform Bitcoin (BTC) and four big-name altcoins during this bull cycle.
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