Category: Cryptocurrency News

Polkadot (DOT) is in the red today as the bears seek to regain control over its price. DOT traded at $4.37 on January 1, 2023, and increased to $5.13 on January 11.   It remained within this range before moving to $6.23 on January 20. Also, DOT increased to the $7 price level on February 17 as the bulls seized control of its price. However, a gradual bearish turn between March and April forced it back to $5, where it currently trades today.  Polkadot Price Prediction Today Are The Bears In Control? DOT is trading in a sideways trend forming a red candle on the daily chart. It is below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. Related Reading: Santiment Explains How Bitcoin Investor Mentality Influenced Recent Price Action The SMA calculates an asset’s average price over a specified period and helps predict trend direction. If the bears persist, DOT’s 50-day SMA, which is about to drop below its 200-day SMA, will form a death cross. Also, the Relative Strength Index (RSI) is 40.73 and in the neutral zone. The RSI is a trend-based indicator. DOT’s RSI is moving downwards, hinting at further price decline to the oversold region before a trend reversal.  The cryptocurrency’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence.  Also, the MACD – a trend momentum indicator that displays the relationship between two exponential moving averages (EMAs) and an asset’s price, displays a negative value conforming to the bearish trend today. The green histogram bars are fading, indicating a changing trend direction.  DOT’s technical indicators all hint at the possibility of further price decline for the asset. It is close to the $5.29 support level as the bears at the $5.42 resistance continue to act on its price, forcing a decline. DOT has remained in a sideways trend for the last few days and further price decline remains a possibility. However, if the bulls rally again, the $5.42 resistance level will be a realistic target before the $6 psychological resistance level.   The altcoin will likely enter a downtrend if the bears maintain the pressure today. But one thing that offers the possibility of a bullish reversal is the upcoming ‘Polkadot Decoded 2023’ event in June.  Polkadot Decoded 2023 Might Boost DOT’s Performance Polkadot is hosting a community event, ‘Polkadot Decoded 2023’, between June 28-29 in Copenhagen, Denmark. This event will assemble the Polkadot community in progressive talks anchored by over 100 quality speakers in the crypto community. Also, developers will benefit from interactive and practical sessions based on Polkadot’s technology. Related Reading: Litecoin’s MVRV Has Surged, Why This Is Bearish Free virtual tickets are currently available for the wider crypto community around the globe to stream the event online. Featured image from pIxabay and chart from Tradingview.com

The Multichain protocol’s TVL remains largely unchanged at $1.6 billion despite a large sell-off in the token.

Both BTC price and the total crypto market cap line up a retest of the 200-week moving average — a key bear market support line.

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Bitfinex announced a new investment in the Chile-based crypto exchange in an effort to boost crypto adoption in Latin America.

A press release shared with Bitcoinist claimed that Bitfinex partnered with crypto bank OrionX. The cooperation will allow the trading venue to strengthen its foothold in the Latin American region by targeting key countries with a high demand for crypto products. Related Reading: Here’s What The Metrics Say About Polygon’s (MATIC) Uptrend Bitfinex Grows In Latin America, What’s Behind Deal With OrionX? Based in Chile, OrionX was launched 2017 as a crypto trading platform. In the following years, the company has become a powerhouse in its home country, and it’s looking to expand into Peru, Colombia, and Mexico as it targets one million users by 2024. In that sense, the cooperation with Bitfinex will allow the crypto bank to use its partner’s expertise as a worldwide platform. OrionX might benefit from Bitfinex’s capabilities with multiple products, such as trading, staking, and crypto lending. Thus, the Latin American platform is seeking to increase its chances of succeeding in its expansion. In the meantime, Bitfinex seeks to increase its presence in the region. Cofounder of OrionX Joel Vainstein stated about the partnership: Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital raising activities. We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region. Since 2021, the crypto trading venue has doubled its efforts to work with Latin American projects. Per the release, the company partnered with several organizations to promote Bitcoin and decentralized technologies, such as “Mi Primer Bitcoin,” based in El Salvador. In addition, the crypto trading venue has been promoting financial and scientific education via its contribution to a Paraguay-based NGO called Penguin Academy. Bitfinex sponsored a three-week boot camp focused on teaching women coding skills. The cooperation with OrionX is taking these efforts to the next level. The partners recognize the region’s need for financial products and services and are preparing to offer an alternative to the legacy financial system. According to Paolo Ardoino, CTO at Bitfinex: We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward. Latin America is one of the fasting regions adopting cryptocurrencies and digital assets. This metric has been expanding by 40% year-on-year, per data from Chainalysis. Related Reading: Santiment Explains How Bitcoin Investor Mentality Influenced Recent Price Action In countries like Venezuela and Argentina, crypto is a lifeline for people looking to send and receive money from their families abroad, an investment vehicle to shield from hyperinflation, and a medium of exchange more effective than their local currencies. Cover image from Unsplash, chart from Tradingview

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Cosmos (ATOM) experienced a short bullish momentum on May 10, 2023. The asset saw an increase of 10.89% taking its price to a high of $11.2. However, the bears regained control of the market on May 13 and sent the coin to its current price of $10.40, representing a decrease of 1.12%. From the beginning of May 2023 till date, ATOM has witnessed a price decline of 11.2%, based on its current price. Bears In Control of Comos (ATOM) Price The ATOM/USDT daily chart suggests that the market sentiment for Cosmos (ATOM) is predominantly bearish. It also shows a downward price movement dominating and hindering any potential bullish momentum. Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally The price of ATOM was influenced negatively by the recent chaotic legal battle with its former growth and strategy chief, Grace Yu.  The news raised negative sentiments among investors and market participants toward Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to close the case against Grace Yu. And this action indicates a level of concern within the Cosmos community. Negative sentiment towards an asset can influence investor behavior, decreasing demand for ATOM and potentially contributing to downward pressure on its price. An example of this is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for identifying potential resistance levels since the asset has tested it severally. Cosmos (ATOM) trades between $10.160 and $11.301 support and resistance levels. ATOM breaking through the $10.160 primary support level will confirm the bearish momentum. Afterward, the bears might target the next support level at $8.441. However, the bulls are trying hard to push the price to the primary resistance level of $11.301 but couldn’t due to the high bearish momentum.  ATOM Technical Analysis ATOM is trading below its 200-Day and 50-Day Simple Moving Averages (SMA), suggesting a bearish market sentiment.  This level indicates that ATOMs’ recent and long-term price averages are declining, potentially indicating a negative trend and a higher likelihood of further downward price movement. Related Reading: Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline The Moving Average Convergence/Divergence (MACD) confirms the bearish market sentiment as the asset trades the signal line. It suggests that the short-term moving average moves lower than the longer-term moving average, pointing toward downward momentum. Meanwhile, the Relative Strength Index (RSI), with a reading of 43.29, suggests a neutral market sentiment.  The indicator shows the price is neither overbought nor oversold. For now, the ATOM price outlook is bearish. But crypto assets are volatile and could deviate from predicted price trends without warnings. Featured image from Pixabay and chart from Tradingview.com

Investors can now hedge against interest-rate risk in a DeFi environment by trading Secured Overnight Financing Rate (SOFR) swaps.

On-chain detective ZachXBT believes that the project has “likely exit scammed” after bridging $31.6 million to multiple addresses on Tron and Ethereum.