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Polkadot traded at $18.88- support turns resistance level. Is it time to cash out?

  • Polkadot prices rose early in the trading day, breaking over the $18.51 barrier level.

  • Price movement was optimistic, hitting as high as $18.88, despite a 20% drop in trading volume.

  • Current trends indicate that selling pressure will increase as volatility rises.

After almost seven weeks of oscillation, the 21 January sell-off caused DOT to relinquish its oscillating pattern of $29.9-$23.11. Ever since, the bears have gained control, converting the $23.11 five-month support level into resistance.

The cryptocurrency plummeted to a 25-week low on January 24, posting a 38.34 percent drop. DOT created an ascending triangle on its 4-hour chart during the last several days as the bulls strengthened their pressure.

Source – TradingView

Polkadot price research indicates that the coin is on the rise. On the day’s session, the price jumped 4 percent to $18.88. In doing so, DOT broke over the $18.51 resistance level, which is currently at $20.44. Furthermore, trading volume for DOT declined by more than 20%, presenting a perfectly positive picture throughout the day’s trade.

Recent price movement suggests that most traders are ready to cash out, which will increase market volatility. 

From January 17, the DOT value has been associated with a sinking cryptocurrency market, but it has just seen its first daily uptick since then. Traders are anticipated to be wary of the present volatility, which will aid in pushing prices down in the next session.

DOT has formed an ascending triangle

The cryptocurrency plummeted to a 25-week low on January 24, posting a 38.34 percent drop. DOT created an ascending triangle on its 4-hour chart during the last several days as the bulls strengthened their pressure.

While in line with the price, the initial support was mainly near the 50-point level. Furthermore, the CMF (Chainlink Money Flow) recovered above the midpoint and demonstrated a positive bias. Nevertheless, the OBV was unable to overcome its first resistance.

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What asset is worth buying, Bitcoin or Ethereum?

Choosing between two assets can be a little confusing and even becomes riskier if one lacks a decent understanding of how the individual asset operates. However, in terms of buying and selling digital assets, the market is often examined with two parameters known as fundamental and technical analysis.

 In most cases, fundamental analysis is related to economic updates while technical analysis is based on the understanding of market price action.

And In terms of selecting which crypto assets to buy. In this article, you’ll discover what digital currency is worth investing your money in.

Bitcoin (BTC)

Recent research done on the 26th of January 2022 by 33 fintech specialists of the Finders panel, forecast the price of BTC to reach $94K before the end of the year. Additionally, the panel also has a long-term outlook for Bitcoin as they foresee the price of the asset reaching $192,800 in 2025 and $406,400 by the end of 2030.

While this may present an optimistic viewpoint to the Bitcoin market, on the other several market participants believe that the upcoming interest rate hike will affect the cryptocurrency market negatively. Conversely, other investors perceived this moment as the best time to buy the Bitcoin asset.

Ethereum (ETH)

From the NFT marketplace to the recent value of Ethereum in the cryptocurrency market. It should be noted that the ETH token has been losing ground to its counterparts in the NFT space.

Due to high transaction fees on the Ethereum network, other younger blockchains such as Solana (SOL), and Tezos are attracting NFT developers with less transaction fees when compared to the Ethereum gas fees.

With relation to congestion and high gas fee noted from the Ethereum blockchain. A lot of NFT enthusiasts are backing out from using the token for transaction purposes in the NFT marketplace.

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Kyber Network (KNC) outperforms most cryptocurrencies with a 57 percent gain in January

  • Kyber Network (KNC) outperformed the market with a 50 percent+ monthly gain after the introduction of Kyber 3.0 and interoperability throughout several decentralized exchanges.

  • Volatility appears to rule supreme in the cryptocurrency market, and worry, anxiety, and skepticism are at an all-time high. 

  • It is difficult for any project to emerge above the cacophony and achieve positive price increases, although a few projects are demonstrating fortitude during the present slump.

KNC is a decentralized exchange (DEX) that operates in a multichannel context and aggregation technology that connects decentralized finance (DeFi) apps and their customers to liquidity sources that offer the highest rates.

The price of KNC has risen 57 percent from reaching a low of $1.18 on Jan. 6 to a continuous peak of $1.87 on Jan. 27 notwithstanding this weakening in the crypto market.

Another factor contributing to KNC’s bullish momentum is the continuing inclusion of new decentralized trading systems into the Kyber Network ecosystem.

Source – TradingView

As a result of the latest developments, the KyberSwap protocol currently supports over 40 DEXs and 31,000 liquidity pools throughout six main blockchain systems. The only other initiatives with comparable availability are ZRX, which has 105 exchange entries, and Uniswap, which has 76.

KNC is widely available on exchanges

KNC is the second-most-present DEX token in terms of exchange availability, and it is now accessible on 80 different exchanges.

There is a positive outlook for KNC on Jan. 22, before the latest price spike. It is based on a score that comprises an algorithmic assessment of past and present market circumstances based on various data sources such as market mood, trading volume, latest price changes, and Twitter traffic. 

The Score for KNC surged into the green and reached a peak of 79 on Jan. 22, roughly 35 hours before the price gained 44 percent over the following three days, as seen in the chart above.

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ICP is expected to go next after falling below current lows

  • Internet Computer’s token ICP is trading at $20.7. 

  • The $28.5 level has been a lengthy support zone, and the price has now fallen through it. 

  • Price wants liquidity, and ICP may find it in the $28 range in the coming weeks.

It looked to break the market framework in early January, but the severe selling pressure subsequently has caused ICP to reach a new record of lows at $19.1, close below the $20.9 lows established in late December.

Two pairs of Fibonacci retracement lines were developed for various ICP movements in the last several months. They exhibited solid convergence around $39.7 and identified the $26.9-$29.7 range as one where sellers might move in with power once again.

Source – TradingView

The market structure, however, stayed gloomy. While there was a significant rise from $20.7 to $38, it was quickly followed by a massive drop. The price fell below the December lows, which was not good for the bulls.

A rise to $28 is possible, but whether it is rejected there or can advance higher to enter a demanding sector remains visible.

Another intriguing fact was that both Fibonacci groups of levels provided a 27.2 percent extension level at $10.7, which might be the price ICP trades in the future months. It is uncommon for cryptocurrencies to lose over 99 percent of their value when the initial frenzy wears off.

RSI Oversold

The RSI was rising from the oversold area. Still, it remained below neutral 50, which indicated that the bearish trend had not yet been broken, with the moderate 50 regions reviewed before a probable rejection.

The Cumulative Delta Volume revealed some demand underlying ICP’s rise from $20 to $36, revealing severe selling pressure in recent weeks. ICP will most likely place a premium on the $28 range in the following weeks.

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