Ether ist in eine bärische Spanne geklettert, auf die ein Einbruch um 35 Prozent zwischen April und Mai 2022 folgte.
Polkadot reclaims important level. Why buyers should be attentive
After a depressing market, cryptocurrencies are turning up again. On Wednesday, Polkadot (DOT/USD) posted a 7% gain and was back to its resistance at $6.48. Polkadot was one of many tokens to record gains. Ethereum was easily the top gainer coin among the top cryptocurrencies, adding 14% in the day. Bitcoin was up 7% on the same day.
The Wednesday gains were a testament that crypto investors are still active. No notable developments were driving the surge. Instead, the cryptocurrencies were building on their previous developments to make a comeback. Ethereum’s substantial gains were largely a result of its Proof-of-Stake shift, which has been less influential in pricing to date.
For Polkadot, we know that the blockchain has been positioning itself to become the smart contract platform of choice. In particular, Polkadot’s parachains have been touted as a key to blockchains’ interoperability. During the Token2049 conference in September 2022, Parity Technologies CMA Peter Ruchatz shared thoughts on Parachains. He said, in reference to the Polkadot parachains, that blockchains will grow through interoperable systems.
Fast forward, Ethereum’s POS shift happened in September. Ruchatz explains that several blockchain participants are considering connecting to Ethereum via Polkadot. Potentially, Polkadot and its native token DOT will benefit from the Ethereum Merge.
DOT recovers to or slightly above the $6.48 resistance
Source – TradingView
Technically, DOT has overcome a short-term descending trendline. The price pumped but has met resistance at $6.48. The resistance coincides with the 50-day MA. DOT has never recovered above the 50-day MA since mid-August.
Should you buy DOT?
There is no doubt about the long-term bull case for DOT. The blockchain is attracting praise due to its ability to enable blockchain communication. Thus, any value investor would consider DOT attractive, given its low prices from the previous highs.
The litmus test for DOT now shifts to whether the cryptocurrency will successfully clear $6.8. Don’t get it wrong, the cryptocurrency trades at $6.51, but the price cannot be recognised as a breakout yet. We need to see a bull candlestick closing higher to make a bull call.
Where to buy DOT
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Buy DOT with Capital.com today
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Has the Optimism token found its footing? Here is what the technical says
Optimism (OP/USD) may be gearing up for a recovery going by the current technical outlook. The token of the Ethereum Layer-1 scaling solution has reclaimed $1. The price is a more than 50% recovery from the lows of $0.66 less than a week ago. Fundamentals are improving too.
Data by DeFiLlama shows that the Total Value Locked on Optimism has been stabilising. Remember that Optimism’s TVL topped $1 billion at the height of a bullish surge in August. It then crashed to $864 million and further down to $810 million. The cryptocurrency’s TVL is currently $940.72 million, commensurate with the price recovery.
There have been positive developments too. Optimism announced the “OP Stack” on October 18. The code consists of modular elements that can be harnessed for custom chains. The OP Stack powers the next-gen Optimism architecture.
Slight but important news for OP as well. On October 10, the team updated that when it launched the OP token, it set its total supply inflation at 2% per year. However, the team mistakenly put the inflation rate at 20%, something they updated back to 2%.
Consequently, there has been a sustained adoption of OP in the last one month. On October 24, Optimism said that it was handling 150,000 transactions on average every day in the last 30 days. That was an increase of 40% from the previous 90 days.
OP token reaches the $1.0 resistance – Set to blow it away?
Source – TradingView
The momentum indicator shows a building bullishness for the Optimism token. After remaining subdued below the moving averages, OP has recovered above them again. The cryptocurrency is trading at a key resistance of $1.00.
What next for OP?
A bull scenario will be confirmed if OP successfully clears above $1.00. With a strong and building momentum, a breakout is a more likely scenario. If the projection comes to fruition, bulls will try to take OP to $1.48.
In the alternative scenario, bulls will be rejected at $1.0. That could welcome a correction below the resistance. The bulls could look to try a breakout another time.
Where to buy OP
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BNB remains on course to $300 as buyers gather momentum. But…
Binance BNB/USD continues to surge, again eyeing the $300 price level. The cryptocurrency trades at $287 after adding 5% in the day. The gains in BNB come as other exchange-related tokens continue to struggle. Does it underline Binance’s domination in the cryptocurrency sector?
Data by The Block Research shows that Binance powered 55% of the total spot trades on October 24. The exchange also powered more than 54% of the derivatives trading on the same day. The dominance comes amid regulatory hurdles Binance faces, with regulated exchanges like Coinbase lagging behind.
The high trading volume on Binance underlies trust in the leading crypto exchange and its growth trajectories. Binance has acquired several licences globally, having widened the net in the Middle East, Italy, Spain, and France. It also plans for further expansion and acquisitions, cementing its position as the largest crypto exchange.
Consequently, when the bull market returns, investors could look at Binance as the preferred destination. The stability of its native token is a testament to the investors’ trust.
BNB outlook and prediction as the price recovers above $266
Source – TradingView
Technically, BNB has overcome the $266 bottom, a level it has held for two months now. The latest surge has seen the cryptocurrency recover above the 20-day and 50-day moving averages.
The MACD indicator is moved above the midpoint and is entering the bullish zone. The indicator shows that momentum is building for the cryptocurrency.
Should you buy BNB?
BNB looks well on course to $300, the key and established resistance. However, we remain cautious of a descending trendline on cryptocurrency.
Each time BNB has attempted to recover, it has been held back before hitting $300. It has formed lower local tops, resulting in a descending trendline. The cryptocurrency is already facing resistance at $286, meaning we may see some correction.
Consequently, we should wait for further price action to consider whether to buy BNB. Also, for a better risk and reward ratio, it would be better to buy the cryptocurrency lower towards or at $266.
Where to buy BNB
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Buy BNB with Capital.com today
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Bitcoin rallies to $20,000. Here is the next potential target
Bitcoin (BTC/USD) trades at $20,660 as of press time, the highest level in 6 weeks. The cryptocurrency had added an intraday of 7%. The gains were accompanied by a 157% jump in trading volumes.
Wednesday’s gains in Bitcoin come when investors have been calling for reversals at $19,000. That was after BTC looked to have bottomed at the level. There have been bull calls, going by insights data and analysts’ thoughts.
One factor used as a bullish indicator for Bitcoin is the US dollar index or DXY. In a session with his 278,000 YouTube followers, crypto analyst Jason Pizzino says DXY shows signs of exhaustion. The fatigue comes after a rally of more than 16% this year.
Pizzino says that DXY closed below the 50%-mark last week, an indication of bullish exhaustion. The analyst has earmarked 109 (points) as the probable lower top for DXY. The level will be the first lower top for DXY for a year. How will this point to a bullish market for Bitcoin?
Investors look at DXY as a gauge of the overall market. When the index weakens, it suggests that investors are developing a risk-on sentiment. As a result, they are moving their capital from the defensive dollar to risky assets like crypto.
Bitcoin pushes above moving averages as price overcomes tight trading
Source – TradingView
On the daily chart, Bitcoin has been trading within a tight range prior to Wednesday’s breakout. The breakout has seen the cryptocurrency break above the 20-day and 50-day MA, which trapped it.
An RSI reading of 65 shows that there are more buyers for the cryptocurrency. However, we are approaching the overbought level, which could usher in a correction.
Will Bitcoin continue to go higher
The current momentum looks sustainable for Bitcoin to the next resistance at $21,500 and further at $22,500. However, it must overcome the immediate and higher-up resistance zones for a sustained surge. An improved crypto sentiment could do much to help. Nonetheless, BTC price looks attractive for dip buyers at the current valuation.
Where to buy BTC
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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