Can Polkadot (DOT) hold on to dear life as its price nosedived by 4% on the daily charts right after it peaked at $8.84? The $8 support line is seen as a critical zone for the coin, especially with the prevailing seller pressure going on.
DOT is seen to go downhill or can plunge to $6 in the coming days. On the brighter side, the token’s price is generally bullish as shown in the extended increase which propelled its price to a high of $8.84 seen yesterday.
On the other hand, DOT is seen to have decreased by 4% in price overnight. On July 26, 2022, its price formed an extended ascending triangle pattern when the price plunged to a mere $6.55.Cryp
DOT Breaks Resistance At $8.5
Hereinafter, DOT has been extremely bullish and breaking the resistance seen at $8.5 and as it trades above $8.60.
Support clamped at $8 is mission-critical for Polkadot price, especially with imminent selling pressure. With that in mind, any movement that swerves below this critical line could trigger a worse downtrend that may result in a price decline to $6.15.
Major cryptocurrencies like Bitcoin and Ethereum also suffered a massive drop in the past 24 hours. Bitcoin evidently dipped by 3% or towards $23,700, while Ethereum plunged dramatically to $1,700. With the altcoins, Ripple spiked by 3% reaching $0.38, Cardano dropped to $0.52, Solana soared to $44.22, while Dogecoin plunged by 3% and fell to $0.07.
Can Crypto Maintain Its Bullish Momentum?
Based on the 24-hour chart, Polkadot’s price is seen shooting for an uptrend that showed a price increase to $8.84 seen yesterday. On the other hand, DOT price has experienced volatility which prompted the price to move downwards.
Still, the DOT price has remained hovering over the critical 9 and 21-day moving averages as well as the 50-day EMA that registers at $7.80. More so, there is a huge potential for the price to touch the resistance levels spotted initially at $9.20 and next at $12.5.
DOT RSI has also soared so much that it covered the overbought zone spotted at 61.72 overnight, which may impact the price in the next trading sessions. As a consequence, DOT trading volume also dropped by 17% which implies reduced market valuation.
The Moving Average Convergence Divergence (MACD) is seen forming seismic patterns of higher lows keeping a solid bullish divergence.
So, the next 24 hours is critical. DOT price should be able to claim strongly with its $8 support because an inch below this level can clearly invalidate the coin’s bullish streak that may send DOT downhill with the next support spotted at $4.5.
DOT total market cap at $7.7 billion on the daily chart | Source: TradingView.com Featured image from VOI, chart from TradingView.com
Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears
Solana (SOL) price has locked its sights on the goal from day one.
- Solana’s price is extremely bullish
- Price spiked aggressively to $47
- SOL/USD pair key resistance spotted at $49.5
Evidence to that, SOL price has behaved extremely bullish as the price surged to $47. The bulls have been consistent with orchestrating an uptrend for a couple of days now.
Solana Showing Uptrend Signals Despite Correction
In fact, due to stubborn resistance, the price of SOL spiked to $48.4 early yesterday. It was apparently a short-term surge and then the price went back to the same level. Notably, the SOL/USD pair continues to move forward incrementally. The next resistance for the pair is spotted at the $49.5 mark.
On a one-day timeframe, SOL price has shown an impressive uptrend a few hours ago as it trades at $47. Additionally, the SOL/USD pair price has also dipped in value by 0.40% as observed in the past 24 hours.
According to CoinMarketCap, the SOL/USD pair is experiencing correction and is now trading at $44.34, or a drop of 5.65% as of press time. Total volume for SOL has increased by 42.05% or currently at $1,372,667,870. Solana’s price also recorded a profit of 18.93% as seen in the past couple of days as the price has been on an uptrend.
Volatility has been on a rise for SOL as presented on the divergence of Bollinger bands which hints at spiked volatility in the coming days. The Bollinger upper band is spotted at $47 with the price actively trading above that level. On the other hand, the lower band is seen at the $36 mark denoting the most active support for SOL. More so, the mean average is also spotted at the $41.7 level right below the MA seen at the 43.1 level.
RSI for SOL is now prominent at index 64 and is seen to trade upwards indicating a robust spin in buying pressure. The overall sentiment of SOL is still very optimistic.
SOL Price To Retest $49.5
On 4-hour time fame, the chart shows that the price breach was aggressively bullish and seen trekking upwards early today. The trend is seen to go upwards for roughly 16 hours following a retracement. Remarkably, SOL price exhibited some pullback in the past four hours even if the bulls were gaining more dominance.
Chart from TradingView.com
The volatility of the coin has peaked as seen on the 4-hour chart with the Bollinger bands expanding with the indicators hinting a breach upwards implying a bull run in the coming days.
The upper band is seen right at the $48.3 level, which keys in the resistance for the coin, while the lower band or key support is spotted at $41.5. RSI is spotted at index 68 which is close to the lane of the overbought zone with the upward movement of the RSI implying a boost in buying pressure.
SOL price has definitely recovered in the past couple of days and is expected to retest the $49.5 resistance zone in the next couple of hours.
SOL total market cap at $15.2 billion on the daily chart | Source: TradingView.com Featured image from Altcoin Buzz, Chart from TradingView.com
Monero (XMR) Climbs Over 7% Before Weekend Hard Fork
Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or hard fork on August 13.
- XMR climbs by over 7% overnight before the weekend hard fork.
- Binance recently announced support for Monero’s hard fork or network upgrade.
- Crypto targets $200; then $217 next.
Historically, upgrades have always triggered a boost in XMR price.
The altcoin is seen to have soared by 65% since midway of June which signals a robust price movement. With consistent and continuous recovery of the crypto market, XMR price might even shoot above $200.
According to CoinMarketCap, XMR has soared by 1.28% or trading at $167.70 as of this writing.
The Monero Hard Fork
With this upgrade rescheduled a lot of times, everyone is excited that it’s finally here. Monero is set to perform a hard fork to boost network performance, speed, wallet syncing capability, privacy, security, and decrease volatility in prices.
Monero announced in a tweet that the network upgrade via a hard fork will transpire at block 2,688,888 on August 13. More so, the privacy protocol has also officially rolled out Ledger Monero App v1.8.0 as well as the CLI & GUI v0.18.1.0 “Fluorine Fermi.”
It is highly important for exchanges, merchants, services, and users to run the v0.18 prior to the launch of the network upgrade and also to ensure uninterrupted use of XMR blockchain.
The ring size of the crypto has also enlarged from 11 to 16 which aim to boost the privacy of transactions done on its blockchain. Additionally, Bulletproofs+ also aims to decrease transaction sizes and boost and speed up verifications by up to 7%. More so, vital security patches and multi-signature fixes will be integrated as well.
The view tags also aims to boost wallet synch speed by as much as 40% and the changes in fees will also greatly reduce volatility plus enhance security which is very crucial to a blockchain.
Binance Supports Hard Fork
Binance, one of the most popular and giant crypto exchanges have also announced their strong support for the hard fork. In lieu with this, Binance is set to put to hold any transactions on the network such as XMR withdrawals and deposits on August 13 at 14:00 UTC.
Notably, Binance also assured XMR HODlers and trades that that the digital assets are heavily secured and transactions will resume following completion of the hard fork upgrade.
The recent delays in the launch of the hard fork have worried many investors. Regardless, it has been worth the wait as the price may shoot over $200, with the next target resistance spotted at $217.
Overall, XMR shows a strong bullish trend and is set to go green all the way during and after the hard fork upgrade.
Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com Featured image from Phemex, Chart from TradingView.com
APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?
ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks.
- ApeCoin moving erratic in an ascending parallel channel.
- Price maintains to hold above the key support zone of $6.5.
- APE/USD pair gearing sideways spotted at 0.000286 Satoshis.
The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week.
On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days.
APECoin Price Trades at $6.83
According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time.
A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.
At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5.
A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline.
Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening.
RSI Shows Retracement; Bears Trying To Claw Their Way In
ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel.
On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline.
APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel.
APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com Featured image from AirdropAlert, Chart from TradingView.com
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