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 Economie

Polkadot (DOT) price breaks higher to target $5+ levels

by souhaib
October 27, 2020
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

  • DOT price broek above this week’s resistance to gain 10% on a weekly basis
  • Following a break, the price action printed a new 5-week high at $4.93
  • A break of this resistance line would allow buyers to target $5.12

Polkadot (DOT) price has broken out of its range this week to trade over 10% in the green on a weekly basis. In the meantime, the platform is collaborating with Ontology (ONT) in an effort to boost the adoption of decentralized identity solutions.

Fundamental analysis: ONT partnership

Polkadot, on which Ontology plans to develop applications, is a sharded blockchain that can perfectly link a number of chains within a single network. According to the official announcement, Ontology and Polkadot will be collaborating to “accelerate the integration of both ecosystems and increase levels of trust and data sovereignty for users across the industry.”


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

Sign-up for the Invezz newsletter, today.

Polkadot supporter Parity Technologies will be helping Ontology during the integration of its Decentralized Identity (DeID) solution, which is meant to facilitate the process of accessing the DID solution within the Polkadot blockchain.

“The integration of Ontology’s DeID is part of a wider effort for Ontology to build a parachain on Polkadot…the parachain [may] provide a series of credit-based services on decentralized identity and cross-chain communication. 

“These credit services will include OScore as well, our newly launched credit scoring system designed to seamlessly accelerate the potential to borrow or lend based on a user’s cryptocurrency transaction and asset management history.”

Moreover, the parachain will also offer cross-chain liquidity to the Polkadot ecosystem, which Ontology will use to speed up the current development of the decentralized finance (DeFi) ecosystem while diminishing the entry barrier for app developers.

Initiatives such as this one aim to “in turn boost the liquidity of digital assets such as ONT, ONG and DOT,” Ontology explained. 

“We look forward to working closely with the Ontology team to increase the use of ONT ID 2.0 through Polkadot to realize the benefits of digital identity, privacy for DeFi projects and beyond,” said Eric Wang, the Ecosystem Development Lead at Parity.

The blockchain team also said it plans to place offers on a parachain slot as well as roll out one of Polkadot’s first Initial Parachain Offerings (IPO).

Technical analysis: The breakout confirmed

DOT/USD has been testing the descending trend line near $4.34 in the past week before managing to close above it on Saturday. The buyers then returned lower to retest the broken resistance and allow for new DOT buyers to join and push the price action towards a new 5-week high at $4.93. 

Polkadot daily chart (TradingView)

As it can be seen on the chart above, the price action stopped at the horizontal resistance near $4.90. A break of this line paves the way for a trip above the $5 mark where sellers would use $5.12 to regroup and cap new gains.  

Summary

DOT/USD price broke out above its prior range to trade over 10% higher this week. Elsewhere, Ontology blockchain is working together with Polkadot to expedite the development of decentralized ID solutions.



Source link

Share this:

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

Simulated World Series: Rays blank Dodgers to set up Game 7 showdown

Next Post

Ballet surprise for young cancer patient Izzy Fletcher

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Ballet surprise for young cancer patient Izzy Fletcher

No Result
View All Result

Recent Posts

  • NBA: Westbrook renews himself with the Lakers with a contract of 47, 1 million
  • Video analysis | Four essential actors in the future of NATO | Spain
  • A boy dies locked in a car and his father takes his own life later
  • “A universal income would be possible by combining it with a proportional tax”
  • Ulrika Jonsson, 54, poses NAKED to create Kendall Jenner’s snap

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