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Polkadot price forms a rare pattern, 76% jump possible
Published
6 hours agoon
By
adminPolkadot price may be preparing for a major bullish breakout as a rare pattern that has been forming since August nears its completion.
Polkadot (DOT), a top layer-1 network, was trading at $4.30 on Friday, Nov. 8 after rising for four consecutive days. It has jumped by 18% from its lowest point this year month, meaning that it is approaching a bull market.
Crypto analysts are bullish on Polkadot despite of its weak fundamentals. One of the main themes has been a falling wedge pattern that has been forming since Aug. 1. In an X post, a crypto analyst known as Globe of Crypto, estimated that the coin could jump to between $9 and $10 when the break out happens. If this happens, it will see DOT token more than double.
A potential catalyst for the Polkadot price is the new connection of the network to other chains like Ethereum, Optimism, Arbitrum, Base, and Binance Smart Chain. This connection, which has been enabled by Hyperbridge, means that users can move assets across these chains without relying on middlemen.
Meanwhile, there are signs that open interest in the futures market is picking up momentum. DOT’s open interest rose to over $269 million, its highest level since June 17. It has had a strong comeback after bottoming at $179 million in September.
Still, the biggest challenge for Polkadot is that it has not gained a lot of traction among developers. Its ecosystem growth has been relatively weak such that it has been passed by other newer networks like Base and Sui.
Polkadot price analysis
The daily chart shows that the DOT price has been in a tight range in the past few months. In this period, it has constantly remained below the 50-day and 100-day moving averages.
On the positive side, it has formed a falling wedge pattern, which is now nearing the confluence level. Such a move, especially at a time when oscillators like the Relative Strength Index (RSI) and Stochastic have pointed upwards, is a sign that the coin will soon have a bullish breakout.
If this happens, Polkadot price may jump to $7.77, its highest swing since May 27 and the 50% Fibonacci Retracement point. If this happens, the token will jump by 76.50% from the current level. This view will become invalid if it moves below this month’s low at $3.66.
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Toncoin nears a dreaded pattern despite strong on-chain metrics
Published
1 month agoon
October 1, 2024By
adminThe Toncoin token remained in a bear market and was at risk of forming the dreaded death cross pattern, despite strong on-chain metrics.
Toncoin (TON) was trading at $5.81 on Monday, Sep. 30, down by over 30% from the year-to-date high.
Strong on-chain metrics
Additional data showed that the number of on-chain activated wallets has risen to over 20.8 million, a significant increase from January’s low of 1.1 million.
Moreover, the number of Toncoins burned daily has continued to rise, reaching the year-to-date high of almost 39,000. These burns have coincided with a sharp decline in the number of minted Toncoins, which has dropped to 39,000 from this month’s high of over 50,000.
Role in DeFi is fading
Toncoin’s price has likely retreated due to its waning role in the decentralized finance industry, where the total value locked in the network has dropped from over $765 million in July to $427 million.
TON has moved from being a top ten player in the DeFi industry to becoming the 20th-biggest chain. Smaller chains such as Core, Mode, Mantle, and Linea have surpassed it in recent weeks.
Toncoin has also dropped because of Pavel Durov’s recent arrest in France and the performance of its tap-to-earn tokens. Hamster Kombat, which launched its airdrop last week, has dropped by almost 60% from its highest level.
Similarly, Notcoin (NOT) dropped by 71%, while Catizen (CATI) has fallen by 50% from their all-time highs. Most of all the recently launched Telegram’s tap-to-earn tokens have dropped to record lows.
Meanwhile, Toncoin’s futures open interest dropped to $260 million on Sep. 30, down from the year-to-date high of over $360 million. This figure has reached its lowest point since Sep. 12, indicating waning demand.
Toncoin price analysis
Toncoin’s token has dropped by over 30% from its year-to-date high, and the 50-day and 200-day Exponential Moving Averages are close to forming a death cross pattern. The last time it formed this pattern in May of last year, it resulted in a drop of over 50%.
TON has also formed a head and shoulders and a rounded top pattern. It remains below the first support level of the Andrew’s pitchfork tool and the 23.6% Fibonacci Retracement level.
Therefore, Toncoin may have a bearish breakout to the next key support at $4.45, its lowest point in September, unless it moves above the 50-day and 200-day moving averages.
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DEX
Solana flips Ethereum on key metric as NFT sales jump
Published
2 months agoon
September 22, 2024By
adminSolana flipped Ethereum in its 24-hour volume in the decentralized exchange industry as most of its meme coins jumped.
According to DeFi Llama, Solana (SOL) DEX networks handled over $845 million in the last 24 hours, bringing the weekly volume to $5.17 billion.
Ethereum (ETH) handled $747 million in the same period. Its weekly volume was over $6.4 billion. The other top chains were BNB Smart Chain and Arbitrum, which processed tokens worth $3.86 billion and $2.32 billion.
Orca has been the biggest DEX in Solana’s ecosystem in the last seven days, followed by Raydium and Phoenix.
Solana summer
Additional data shows that March was Solana’s best month as it handled cryptocurrencies worth $60 billion during the month.
It was followed by July when it handled coins worth $56 billion as Ethereum processed coins worth $52 billion.
Solana’s volume rose because of the strong comeback of some of its meme coins in the past few days. Popcat (POPCAT) token has risen by over 25% in the last seven days, making it the best-performing top ten meme coin.
Dogwifhat (WIF) has risen by over 9.4% in this period, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) rose by 16.2% while Book of Meme jumped by 8.5%. In most cases, crypto volume rises when tokens are in an uptrend.
The other notable Solana news was the strong comeback in the non-fungible token industry. Data by Cryptoslam shows that the total Solana NFTs jumped by over 35% in the last seven days to $16.7 million.
The number of buyers rose by 153% to 220,000 while the most popular NFT collections were Sorare, DeGods, and Solana Monkey Business.
Solana has also made more headlines recently. Coinbase added Solana’s ckBTC support while the developers launched PlaySolana, a handheld gaming console.
Solana’s DEX and NFT volume rose as the SOL token bounced back. It spiked in the last six consecutive days, its highest swing since Aug. 27.
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DeFi
Sui forms a rare bullish pattern as open interest hits all-time high
Published
2 months agoon
September 16, 2024By
adminSui, the popular Solana-killer, continued rising on Sunday, Sep. 15 as sentiment in the crypto industry improved.
Sui (SUI) jumped to an intraday high of $1.10, its highest level since Aug. 12, and 137% above its lowest point last month. This recovery makes it one of the best-performing top 100 cryptocurrencies.
Futures open interest jump
The coins recovery has coincided with strong demand in the futures market, where open interest has jumped to a record high. According to CoinGlass, the interest rose to $295 million, crossing the previous record high of $289 million. It is a significant increase from August’s low of less than $60 million.
Futures open interest is an important number that looks at the volume of unfilled put and call orders. A higher figure is a sign that an asset is seeing substantial demand among futures traders. Most of this interest is among Bybit traders followed by Binance, and Bitget.
Additional data shows that Sui’s network is gaining traction among developers and users. The total value locked in its decentralized finance industry has risen by over 16% in the last 30 days to over $703 million. Most of these assets are in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
Sui’s stablecoin volume has jumped to over $364 million while the volume of its decentralized exchange platforms has jumped by over 32% in the last seven days to almost $300 million. The most notable DEX platforms in its applications are Cetus, Kriya, and DeepBook.
Sui has also found use cases outside the crypto industry. In a statement last week, the network said that it was being used by 3DOS, a manufacturer of 3D printing devices. The company selected Sui because of its quick throughput and lower transaction costs.
Sui price nears key resistance
On the daily chart, Sui has formed an encouraging and rare inverse head and shoulders pattern, which is often a bullish sign. It is now nearing its neckline at $1.165, its highest point in May and June and the 38.2% Fibonacci Retracement point.
Sui has also jumped above the 50-day and 200-day Exponential Moving Averages while the Percentage Price Oscillator has remained above the neutral point.
Therefore, a break above the H&S neckline at $1.66 will likely lead to more upside as traders target the 50% retracement point at $1.3190.
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