• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit

Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth

Christian Encila by Christian Encila
4 months ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

With the use of relationships with parachains, Polkadot will be able to expand its ecosystem’s capabilities and reach new heights. Moonbeam Network and its subsidiary, Moon River, have joined forces with Bifrost recently.

There’s hope for Polkadot, and here’s a quick article at how the crypto has been faring: The DOT’s price went up because of some major changes on the chain. However, according to the indicators, the negative outlook remains intact.

Based on a recent tweet, the integrations have not only enabled liquid staking for GLMR and MOVR tokens, but they have also caused a dramatic increase in developer engagement within the ecosystem.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

This, as this tweet attests, is what propelled Polkadot into the ranks of the most active blockchains.

We’re happy to announce that $vGLMR & $vMOVR liquid staking is Live on Bifrost!🌈

Thanks to the @Polkadot #HRMP channel and the yield-bearing vToken derivatives, @MoonbeamNetwork & @MoonriverNW community can enjoy increased token liquidity and rewards:https://t.co/15mSRH8BpR
🧵

— Bifrost (@bifrost_finance) November 21, 2022

During this same time period, sales of NFTs grew, indicating progress for Polkadot in this arena as well. CoinMarketCap reports an 8 percent gain in the price of DOT in the last 24 hours as a result of these events. However, can DOT keep up this pace?

Optimism Lingers For DOT

While there is little doubt that ecosystem trends are encouraging, multiple signs suggest that investors may be getting carried away. We may deduce that the current price action is not a solid rally for DOT from the fact that MFI numbers are falling.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

1/3
An exciting integration in the Dotsama ecosystem! 🎉@bifrost_finance provides something unique for @MoonbeamNetwork and @MoonriverNW parachains! 🚀

The Liquid Staking for $GLMR and $MOVR Tokens. 🪙
Watch the video to learn more: ⬇️https://t.co/PNDCVBWJ1f pic.twitter.com/Hr3Zk6tyX1

— Polkadot Ecosystem PromoTeam (@PromoTeamPD) November 22, 2022

The token was previously rejected at $5.43, which was the price level breached by bears in the preceding days. Not to add the bearish crossover of the RSI indicators. A Bollinger Band compression zone is also enhancing this rejection.

The present support at $5.18 is a little fragile, as it may let bears to enter the market and wipe all today’s gains for DOT. The EMA ribbon is also blinking red, indicating that shorting DOT is significantly more lucrative than going long.

Related Reading: Cardano Stablecoin Unveiling Is Just Around The Corner – Will This Boost ADA Price?

Image: TradingView

This is reflected in CoinGlass, as the cryptocurrency tracker indicates that the majority of investors and traders are shorting the token rather than going long.

Chaikin’s money flow index is similarly bearish with a reading of -0.05, confirming that a positive trend reversal for DOT is not probable at this time but may occur in the future.

Polkadot Price Forecast

Surprisingly optimistic ecosystem trends do not necessarily convert into real-world benefits. This is the case for DOT since technical indicators do not confirm the recent story of sunshine and rainbows.

Investors and traders should exercise caution with DOT. If the price fails to surpass the ceiling at $5.43, a retest of the existing support at $5.18 is probable.

Related Reading: SUSHI Latest Feats Are Quite Impressive, But Crypto Must Overcome Rough Terrain

DOT total market cap at $6.12 billion on the daily chart | Featured image from The Coin Republic, Chart: TradingView.com
Tags: cryptocurrencypolkadotTags: DOTtechnical analysisWeb3
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Christian Encila

Christian Encila

Related Posts

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

7 hours ago
Bitcoin

Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveals

8 hours ago
Bitcoin Mining

Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?

10 hours ago
Bitcoin

Bitcoin Repeating This Price Pattern Of Late 2019? Watch This

11 hours ago
Binance bitcoin exchange balances

Bitcoin In Free Fall As Regulators Turn Their Attention To Binance

13 hours ago
Bitcoin

Bitcoin Mid-Term Holders Move 50,000 BTC, Bearish Signal?

14 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Decentraland and The Sandbox Dominating GameFi Industry – Will Avorak AI Live Up To The AI Crypto Hype?

March 28, 2023

TMS Network (TMSN) Has Exploded 1000% With Stage 2 Presale, Injective (INJ) Sees an Increase of 10.5%, Conflux (CFX) Increases by 41.2%

March 28, 2023

Augmented Reality metaverse platform, OVER takes center stage at Metaverse Fashion Week 2023

March 28, 2023

Best Crypto Reviewed April 2023: 5 Cryptocurrencies to Invest in

March 27, 2023

Metacade Crypto Presale Brought In 14.1m in Just 18 Weeks and Is About to End. Don’t Miss Out on This Presale Event!

March 27, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.