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Polkadot and Uniswap: it’s a matter of time before both alts make this move

Republished by Plato

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There is a collective standstill and uncertainty in the crypto market at the moment. With Bitcoin unable to breach past its $40,000 resistance, other altcoins are struggling to move as well, but some assets were expected to recover based on their fundamental network and developments. Uniswap and Polkadot are two technically sound projects, but they haven’t been able to break the current market threshold.

However, it should only be a matter of time, before both of these assets make exhibit another strong rally in the charts.

Uniswap, Polkadot: Current Market Development

Uniswap continued to consolidate near the $25 range in the market, struggling to breakout above the current price range. However, according to data, its latest protocol has already taken precedence over its previous version.

Uniswap V3 was launched in early May and it is had officially flipped V3 on volume.

Source: Spencer Noon Newsletter

Statistics suggested that both V2 and V3 have facilitated over $65 billion transaction volumes in the month of May, almost 3 times January’s $26 billion record. As expected Uniswap continued to dominate the DEX ecosystem, with its protocol holding more than 50% of the market share. It was reported,

“A testament to v3’s trade execution quality, the Uniswap protocols now receive 40% of weekly aggregator flows, up from 20% pre-launch. v3 activity is highly concentrated in the ETH/USDC, ETH/USDT, USDC/USDT, and ETH/WBTC markets, which collectively account for 78% of volume over the past 7 days.”

Additionally, the protocol continues to dominate activity on the Ethereum chain as well, responsible for ~25% of all network transactions.

With respect to Polkadot, it has continued to organically improve its validators network, which isn’t directly correlated with price ascendence, but vital for future network growth. In less than a year, Polkadot’s has finalized blocks with 3.75 million transactions, and 344,198 active accounts. Additionally, DOT’s canary network Kusama has been relentless in producing 7.66 million blocks and over 100,000 active accounts.

Both the next are secured by a combined 1097 validators, with more than 25,000 active nominators.

How do these factors assist price ascendency?

Until recently, the value of crypto assets relied mostly on sentiment, FUD, and the occasional bullish rally of epic proportions. However, since the turn of 2020, the intrinsic value of other blockchains than Bitcoin has been recognized and appreciated. Ethereum is a strong example, and Uniswap, Polkadot share a similar objective.

These projects are based on a strong functionality, with UNI leading DEXs argument against centralized exchanges. For Polkadot, it is possibly one of ETH‘s competitors and its dApp testing network(i.e Kusama) will only gain more prominence as DeFi takes more of a center stage going forward.

Technological developments bestow a slower impact on price but once it is embedded, the rise is usually compounded.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/polkadot-and-uniswap-its-a-matter-of-time-before-both-alts-make-this-move

Blockchain

Ethereum, Stellar Lumens, VeChain Price Analysis: 14 June

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Even though Bitcoin climbed back above $39,000 after a jump of 8% in a single day, not all coins witnessed a surge in value. Alts such as Ethereum, Stellar Lumens and VeChain saw limited gains within their down-channel and awaited further cues for a breakout.

Ethereum [ETH]

Source: ETH/USD, TradingView

A look at Ethereum’s 12-chart showed the formation of a down-channel after a break above $2,900 was denied by sellers. On the verge of a breakout from the pattern, ETH bulls tussled with the upper trendline at press time. Interestingly, the upper trendline saw some interplay between 20-SMA (red) and 50-SMA (yellow) and hence, it was an important area to retake. A successful breakout would likely result in a 13% hike back towards its upper ceiling of $2,900.

MACD was close to a bullish crossover as the Fast-moving line caught up to the Signal line. However, RSI maintained below 50 and lower highs indicated weakening. A failed breakout would likely see ETH maintain its downtrend within the channel.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens also attempted a break above its down-channel at the time of writing. A successful breakout would likely trigger a 13% jump towards 23.6% Fibonacci level ($0.388) and 50-SMA (yellow). An extended bullish outcome could even result in an additional 20% rise at the 38.2% level ($0.46) and 200-SMA (green).

Squeeze Momentum Indicator suggested that bearish momentum has declined over the past few days and backed a favorable outcome. However, RSI has remained in bearish territory since 19th May and even pointed south at press time. The index could continue towards the oversold zone before a reversal can be expected. Such an outcome would see XLM maintain within its down channel over the coming days.

VeChain [VET]

Source: VET/USD, TradingView

VeChain was in a similar predicament as its counterparts ETH and XLM. The crypto-asset also traded within a down channel and eyed a break above its upper trendline, an area that clashed with 20-SMA (red) and 50-SMA (yellow). An early breakout would likely boost VET towards its 200-SMA, close to strong resistance line of $0.152. If such an outcome is denied, further dips were possible towards defensive lines of $0.091 or $$0.0825. The presence of a demand zone within this area could cushion an extended sell-off.

VET’s RSI gave was an example of yet another altcoin that switched to a downtrend after a key breakout was denied – in this case – $0.152-resistance. The index could decline towards the oversold zone before shifting gears. Supertrend Indicator still presented a sell signal but interestingly placed a stop-loss at $0.136 and 200-SMA- making this area critical to VET’s success.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/ethereum-stellar-lumens-vechain-price-analysis-14-june

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Blockchain

Why this market veteran is a fan of Cardano and Polkadot?

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Altcoins, as a whole, have seen an unprecedented amount of development and adoption over the past year. Altcoin market dominance rose from an almost negligible share to above 55% in the present time.

Earlier,  investors who bet on Bitcoin and Ethereum (ETH) in the very early stages have made a significant chunk of profit. However, the prices of these two cryptocurrencies have appreciated. Since their meteoric rise, everyone is on the lookout for the next bitcoin and the next Ethereum.

Well, the good news is there are still cryptocurrencies out there that have great potential, and they have lower price entry points. Cardano‘s native coin ADA and Polkadot (DOT) have seen a good year. Consequently, they are neck and neck in rankings by market cap and both are among the top ten cryptos. While the former ranked 5th and was trading at the $1.45 price level, the latter ranked 9th, trading at $20.48.

The two altcoins also took the lead in total staked value.

Source: Staking rewards

Anthony Di Iorio, a Canadian entrepreneur and also one of the original members who built Ethereum network opined on these two alts in a recent interview with Anthony Pompliano.

The current CEO of Canadian blockchain startup Decentral and crypto wallet Jaxx believed in the coins’ potential to grow further because ‘the projects are managed by goal-oriented individuals.’

He stated:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

It’s no surprise, having worked with Cardano’s Charles Hoskinson, and Polkadot’s Gavin Wood, that Di Iorio forged strong relationships with these individuals.

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.”

Further adding to his remarks, he said:

“Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/why-this-market-veteran-is-a-fan-of-cardano-and-polkadot

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Blockchain

Ethereum Follows BTC And Rallies Above $2500: Price Analysis

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Ethereum follows BTC on its price surge as it rallied above $25,000 and it is trading in a positive zone above $2500 support zone and its 100 hourly SMA against the US dollar. The ETH price is going to rally soon if there’s a break above the $2500 region as well so let’s read more in our ethereum latest news today.

Ethereum is trading in a positive zone above $2400 and $2420 support levels and the price is now trading above these levels and the 100 hourly simple moving average. There was a break above the major bearish trend line with the resistance near $2400 on the hourly charts of the pair. The pair could correct lower but the prices are likely to remain well bid above $2400. after forming a base above $2350, ETH started a new increase and broke the $2400 resistance zone, and settled nicely above the 100 hourly simple moving average.

ETHUSD
Source ETHUSD on TradingView.com

ETH did struggle to gain a pace similar to BTC and started climbing above $2400 with a break above the major bearish trend line with the resistance near the $2400 on the hourly chart of the pair. Ethereum follows BTC and the pair even tested the $2550 resistance zone with it correcting the gains. It traded below the 23.5% fib retracement level from the upward move of $2311 swing low to $2554 high and ETH is now trading above $2450 and the 100 hourly simple moving average.

The first major support on the downside is near the $2440 level and it is near the 50% fib retracement level from the upward of $2311 low to $2554 high. On the upside, the price is facing a new resistance near the $2520 level and the main breakout resistance is now forming near the $2550 level. The close above the $2550 level could start a new increase to $2680 level or even $2750 in the near term. If ETH fails to clear the $2520 and the $2550 resistance level it could start a new correction with the initial support on the downside being $2450.

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The main support is forming near the $2440 level and the 100 hourly SMA with a downside break below $2450 possibly putting a lot of pressure on the bulls. The next key support is near $2400 and the hourly MACD for the pair is slowly losing pace in the bullish zone.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/ethereum-follows-btc-and-rallies-above-2500-price-analysis/

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