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Is the slide on Polkadot an opportunity to buy?

Is the slide on Polkadot an opportunity to buy?

Polkadot is currently trading at $6.34 with weekly losses topping 10%. The interconnectivity blockchain…

The post Is the slide on Polkadot an opportunity to buy? appeared first on CoinJournal.

Is the slide on Polkadot an opportunity to buy?
  • Polkadot is currently trading at $6.34 with weekly losses topping 10%.

  • The interconnectivity blockchain is facing pressure from the ongoing crypto sell-off.

  • Technical charts show more weakness as the price retest support zone.

Polkadot DOT/USD has hit the floor, currently trading at $6.34. The price represents a 10.85% loss in the past week. DOT continues to suffer from the overall crypto bearish market sentiment. A hawkish Fed and BoE rate hikes are weighing down on the token just as the rest of the digital assets.

Equally important is the political instability rocking Eastern Europe. A possible escalation of the Russian-Ukraine conflict could be imminent. Russian President Putin has called for a partial mobilization to send more troops to Ukraine. 

On the micro-level, Polkadot continues to unveil regular upgrades to enhance the blockchain. There is a stable performance on its parachains as well. Polkadot Insider report ranked Moonbeam’s GLMR token as the most traded on the network as of Sept.20. The parachain had $12.5 million in volumes. Its counterpart, MoonRiver’s MVR token, followed at $6.3 million. 

In the past week alone, Polkadot has recorded more than $77 million in transfer volumes with a daily average of 1,200 new accounts.

More positive fundamentals relate to the platform’s new staking protocol. vDOT staking liquidity pool by Bifrost reported 121,551 minted tokens four days ago. Bifrost Finance is the top parachain on Polkadot and one of the major staking platforms.

DOT retests $6.3 support

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Source: TradingView

According to the daily chart above, DOT dropped from $8 to slightly above $6 in just ten days. The trend of lower highs and lower lows represents a 25% loss. Although the RSI shows some small buying, DOT faces potential consolidation at the 20-day and 50-day MA.

Concluding thoughts

The slide in DOT is not an ideal buying opportunity at the current level. The logic remains that the price is looking exceedingly bearish below key levels. DOT is also trading above the oversold zone at an RSI of 38. Above the benchmark, more downside could be seen before any trend reversal.

The post Is the slide on Polkadot an opportunity to buy? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Top 5 Cryptocurrencies of the Week -Week 39

This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let’s take a look at it in more detail.

The year 2022 was one of the most destructive years for cryptocurrencies. Crypto investors witnessed significant price drops from all-time highs. Yet, many altcoins are displaying good performance. This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let’s take a look at it in more detail.

5.Top 5 Cryptocurrencies: Uniswap (UNI) +9.14%

Uniswap is a decentralized exchange (aka DEX) founded on the Ethereum blockchain that also serves as a coin. While its token holders handle it, its Blockchain is open source and available for everyone to read and edit. It works as a DEX and provides users access to its platform for peer-to-peer market making. It is less pricey to operate and employ for users because of the lack of this interference. In the last 7 days, the UNI price has increased by almost +9.14%, just enough for a spot on our top cryptocurrencies list.

4.Top 5 Cryptocurrencies: Helium (HNT) +11.67%

Helium Network is a decentralized wireless network that allows devices to connect wirelessly to the Internet anywhere in the world. It is a secure and open-source network. Developers can create low-power, Internet-connected devices at a more affordable and rapid speed. In the last 7 days, the HNT price has increased by almost +11.67%, just enough for a spot on our top cryptocurrencies list.

3.Top 5 Cryptocurrencies: Reserve Rights Price (RSR) +19.97%

The Reserve Rights (RSR) token has different goals, but the primary one is to deliver a tool to keep the dollar value of the RSV stablecoin. The Reserve protocol was created to scale supply based on demand, thus preserving all the collateral on the blockchain. In addition, it was also designed to deliver security and serve as an option to the centralized currencies currently in use. Therefore, cryptocurrencies managed by smart contracts are employed to hold their value. In the last 7 days, the RSR price has increased by almost +19.97%, just enough for a spot on our top cryptocurrencies list.

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2.Top 5 Cryptocurrencies: Quant (QNT) +22.74%

The Quant was founded in June 2018 to secure blockchains and networks on an international hierarchy, without reducing the power and interoperability of the network. It is the foremost project to fix the interoperability problem via the creation of the first blockchain operating system. In the last 7 days, the QNT price has increased by almost +22.74%, just enough for a spot on our top cryptocurrencies list.

1. Top 5 Cryptocurrencies: Terra Classic (LUNC) +41.88%

The LUNA Coin is the cryptocurrency of the Terra Network. Terra has designated itself the task of employing algorithms to uphold the stablecoins price stable. With this, Terra wants to create entirely decentralized, algorithmic stablecoins that are different from the support of a physical currency. In the last 7 days, the LUNC price has increased by almost +41.88%, just enough for a spot on our top cryptocurrencies list.

Source: Altcoin

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