Polkadot has been on a sharp decline over the last week as the broader market extended losses at press time.
Bitcoin nosedived to $28,000 and presented a loss of 7% over the last 24 hours. All major altcoins have followed the same path registering losses on the daily chart.
Polkadot was trading in a descending trendline, although, DOT tried to recover on charts. The recovery can be stalled if buyers don’t return to the market.
The price of the altcoin was trading close to its immediate support of $8.04.
DOT was last seen trading around this price last in July 2021. In the last four months, Polkadot displayed rangebound rallies.
The price of DOT was sandwiched between $24 and $16 over the last 17 weeks. Although Polkadot staged a revival, it is too early to conclude if the coin will continue to move northbound.
Polkadot Price Analysis: One Day Chart
Polkadot was trading at $10.64 at the time of writing. In the last 24 hours, DOT lost over 12% and in the past week, the coin lost close to 30% of its market value.
Descending trendline depicts bearishness, even though the coin was attempting to rise above the immediate resistance line of $10.80.
Moving above the $10.80 price level, the coin could target $13.22. To invalidate the bearish thesis the coin has to trade above the $14 price level.
The coin displayed a series of bearish engulfing candlesticks (green arrow) on the one day chart.
The bearish engulfing candlesticks mark the onset of bearish price action and the continuation of the same.
In case of a price reversal, if the coin manages to stay above the $13.22 price level, then the other two resistance for DOT stands at $16.06 and $17.46, respectively.
The trading volume of the coin was seen in the green. This meant that the coin was displaying a change in price direction.
Polkadot was oversold over the past few days, however, the coin started to register an increase in buying strength.
The Relative Strength Index noted an uptick on the one day chart. The RSI moved above the oversold zone as buyers started to enter the market.
Buying pressure remained low in the market as the coin’s price was still driven by sellers in the market, despite the uptick. The Directional Movement Index depicts the price momentum in the market.
DMI was negative on the chart as the -DI was above the +DI line which signified bearish price action.
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Polkadot was trying to recover on its chart because the indicators have reflected that price action. Chaikin Money Flow portrays the capital outflows and inflows.
On the one day chart, Chaikin Money Flow was seen registering an uptick that points towards increase in capital inflows over outflows.
Awesome Oscillator signifies price momentum of the market. The AO continued to flash red histograms underneath the half line which meant that Polkadot was still on a negative price direction.
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Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On
Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director.
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Ether are not securities, Hinman said. (Bitrates.com)
William Hinman: Ether Not a Security
A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security.
Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments.
In 2018, Hinman’s speech included this statement:
“Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”
Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network.
More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding.
On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege.
XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com
In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman.
Ripple Violated Securities Act of 1933?
Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange.
Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.
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Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP.
However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation.
Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security.
Featured image from CryptoGlobe, chart from TradingView.com
NFT Prices Take A Beating After Crypto Market Chaos
Crypto has been on a downward slope the past couple of weeks – and NFT is going the same direction with the decline in dollar value.
TerraUSD and LUNA both dipped in value registering a tremendous loss of 99%. With UST (pegged with US dollar) now trading at $0.13, LUNA has managed to move to $0.0000914 on Friday afternoon, making the coin nearly worthless.
Consequently, NFTs that are tied with Terra has shown decline in trading activity.
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Ethereum Loses Shine
On the other hand, Ethereum (ETH) is currently trading at $2,000 which suffered a decline compared to its trading value last week at $2,800.
The lowered prices of ETH have trigged the dip on ETH NFT prices associated with a decline in gas fees that power up the Ethereum blockchain.
In the past month, the market value of Bored Ape Yacht Club (BAYC) and other blue-chip enterprises has reached new lows. (eSports.net)
Blue-Chip Projects Suffer Decline
Meanwhile, CryptoPunks, Bored Ape Yacht Club (BAYC), and other blue-chip projects have also been dragged down with their trading value faring to the lowest of low in the past month. Their prices dipped by 63% of May 12.
The daily sales or trading activity has been incredibly erratic which went with the range of eight and 67 NFTs observed since the early days of May.
Its floor price has taken the punches which caused it to drop to around 89 ETH or $169,792 on May 12 and was revived up to 99 ETH on Friday when the market experienced stabilization.
Otherdeed NFT Soaring Amid Crypto Crash
The floor price peaked at 152 Ethereum during the launch of Yuga Labs’ Otherdeed in May for the Otherside collection.
Otherdeed NFTs continue to soar as one of the top 10 collections with the most trading volume since its launch on the OpenSea NFT market. Otherdeed NFT is in the same roster as other collections by Mutuant Ape Yacht Club and BAYC.
Crypto total market cap at $1.23 trillion on the daily chart | Source: TradingView.com
The transactions of the Otherdeed collection have rolled down following its launch. The numbers cascaded down from a whopping $375 million to just $6.5 million as of this writing.
Regardless of the recent decline, the Otherdeed for Otherside collection continue to be one of the coveted NFTs in the OpeanSea market. They are also among the highest-priced NFTs for this week.
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It’s not just Otherdeed collection that’s dominating the charts over the past week. Other NFT collections like Doodles, Azuki and Beanz, Art Blocks, and Moonbirds are also moving way up the popularity and price charts.
With the prevailing market conditions, more NFT investors are in panic mode and are trying to liquidate assets.
Meanwhile, Meta is currently testing an NFT display function geared towards a special group of IG collectors and creators. It’s expected that once this new feature becomes available, it can greatly impact the NFT space.
Featured image from CryptoHubk, chart from TradingView.com
XRP Flashed A Sign Of Revival; Where’s It Headed Next?
The price of XRP has nosedived substantially to a level that it last touched almost 70 weeks ago. At the current time, XRP’s price have been trading near its immediate support level of $0.36.
Bitcoin continues to be on shaky grounds as the coin tried recovering by moving past the $30,000 mark. At press time, the coin fell back to $29,700.
The majority of the industry’s altcoins have continued to extend losses today. The bearish pull remains strong in the market at the time of writing.
Over the last 24 hours, the market has bottomed out and that is why a chance of price revival can still be considered.
The technical outlook of the coin shows that a relief rally could be on the charts, however, the macro market is still fragile.
Strength from the broader market would be needed as well so that sellers don’t outnumber buyers in the market forcing prices to fall again.
Price Analysis: XRP One Week Chart
XRP was trading at $0.42 at the time of writing. The coin had presented signs of revival because the coin soared by 10% over the last 24 hours. It is still quite uncertain if XRP will manage to trade above its nearest support line of $0.36.
A break below which can cause the coin to tumble to a low of $0.13. With buyers returning, XRP might attempt to trade above its immediate resistance of $0.56.
XRP also flashed an equal high on the one week chart, this pattern is connected to bullish price action in the market. Toppling over the immediate resistance can push XRP to $0.68, staying above which can help invalidate the bearish thesis in the market.
The volume of XRP traded had increased and the bar was red which depicted bearishness.
XRP had attempted to make a price revival but continued selling pressure have tired the bulls out. The same is reflected on the 20-SMA indicator.
The price of XRP was seen below the 20-SMA line. This reading signified sellers were driving the price momentum on the market.
On the Relative Strength Index, after facing an intense sell-off across the market, buyers re-entered. XRP was no longer seen in the oversold zone on the RSI.
After the recovery though, XRP again fell prey to the bears and RSI flashed a downtick signifying increased selling pressure.
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With the price revival, XRP’s technicals have displayed an onset of positive price action. It is however too early to say if it is a beginning of a shift in the price action.
Moving Average Convergence Divergence underwent a bullish crossover on the four-hour chart. The indicator flashed growing green histograms above the half line and that means bullish momentum for the coin.
XRP also could witness a northward push in prices because the Chaikin Money Flow was seen above the zero-line. This indicator displays the number of capital outflows and inflows and according to the above chart, capital inflows exceeded outflows at the time of writing.
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