TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Cryptocurrency

bearish pennant points to a 35% dip 2021

by souhaib
June 18, 2021
in Cryptocurrency
0
bearish pennant points to a 35% dip 2021
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

Why is Bitcoin Down Today?

Opt for These Metaverse Projects in July 2022

ADA can fall as low as $0.20 if it fails to recover

The Polkadot (DOT/USD) price has struggled in the past few days. It is trading at $21.87, which is 15.8% below the highest level this week. This drop has brought its total market capitalization to more than $20.87 billion, making it the 9th biggest cryptocurrency in the world.

Polkadot
Polkadot chart

Polkadot and the Fed

Polkadot is a fast-growing blockchain project that is relatively similar to Ethereum. The network helps developers build decentralised applications in areas like Decentralised Finance (DeFi) and non-fungible tokens (NFT). The platform is relatively popular because of its proof-of-stake technology. 


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Developers love it because of its speed and the fact that it is relatively cheaper and safer than Ethereum. Also, they are attracted to it for the fact that it was started by one of the co-founders of Ethereum. 

Like all cryptocurrencies, the Polkadot price has struggled recently because of the hawkish Federal Reserve decision. In it, the bank left interest rate unchanged and provided hints that it will start tightening in 2023. This statement was relatively different from the past meetings when the Fed maintained a dovish tone. As a result, the US dollar index has surged to the highest level in weeks. 

A hawkish Fed and a stronger US dollar are seen as being bad for cryptocurrencies like Bitcoin, Ethereum, and Polkadot. They are also seen as being bad for growth stocks like Okta and CrowdStrike. This is simply because higher rates tend to push investors to relatively safe assets like bonds and dividend stocks. 

Meanwhile, Polkadot has struggled even after it was admitted to Coinbase Pro. This admission is usually seen as a positive thing for cryptocurrencies because it leads to more demand. However, some of the recent promotions like Dogecoin, Shiba Inu, and Chiliz have underperformed.

Polkadot price prediction

Polkadot price
Polkadot price technical chart

The daily chart shows that the DOT price has been under pressure in the past few weeks. The coin’s price has dropped by more than 50% from its all-time high. It has also dropped below the 25-day and 50-day exponential moving averages, which is a sign that bears are in control. 

Also, it has formed a bearish pennant pattern that is shown in black. Therefore, there is a possibility that the Polkadot price will break out lower in the near term. If this happens, the next key level to watch will be the support at $13.88, which is about 35% below the current level.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Plus500, simple, easy to use and regulated. Register here >



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

US athletes to watch as Tokyo Olympics draw near

Next Post

‘Dawson’s Creek’ writer Heidi Ferrer commits suicide after contracting COVID-19

souhaib

Recommended For You

Why is Bitcoin Down Today?

by souhaib
August 12, 2022
0

The price of Bitcoin (BTC) has declined substantially over recent months, thanks to significant instability in cryptocurrency markets. BTC is hanging around $21,000, down 10% over the last...

Read more

Opt for These Metaverse Projects in July 2022

by souhaib
August 6, 2022
0

Everybody’s talking about the Metaverse! They cannot help it! It garners attention, without even trying! Print media, social media, and word-of-mouth advertising, harp on it! In turn, this...

Read more

ADA can fall as low as $0.20 if it fails to recover

by souhaib
August 6, 2022
0

The price of Cardano (ADA) has validated the last week’s bearish trade setup. This is because now the bears are in profit by nearly 12 per cent. It...

Read more

Will Crypto market & BTC begin strong recovery in 2022

by souhaib
August 6, 2022
0

Will the price of crypto continue to go up? This is probably one of the most important questions that people who use cryptocurrencies are thinking about right now....

Read more

The touch of cryptocurrency is NFTs!

by souhaib
August 6, 2022
0

The non-fungible tokens are unique data stored on Blockchain technology with immutable features. Moreover, once the data is created into the non-fungible tokens is not going to be...

Read more
Next Post

‘Dawson’s Creek’ writer Heidi Ferrer commits suicide after contracting COVID-19

No Result
View All Result

Recent Posts

  • The power of interests
  • US Futures Drop as Optimism Over Fed Minutes Wanes: Markets Wrap
  • Work At Home & Digital Marketing For Seniors Reviews 2022
  • Annual inflation of the PACIC, double digits in the 32 states of the country
  • What are some of the ideal travel story textbooks of 2022

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide