John Isige FXStreet Follow Following
Polkadot price is doddering at $6.33 moments after snapping out of a northbound move from its support at $6.10. An intense seller concentration zone at $6.50 prevented bulls from achieving their potential, with upside targets at $6.80, $7.20 and $8.00 untested. Buyers will have an uphill battle defending DOT’s primary support area at $6.10 if an H&S (heads-and-shoulders) pattern gets validated on the four-hour chart.
Polkadot has achieved a historical Web3 milestone after migrating the KILT Protocol, which is blockchain protocol used for creating, issuing and verifying digital identities. KILT was migrated from Polkadot’s test and development environment, the Kusama Network, to its relay chain, the backbone of the Polkadot ecosystem. The development team said via a blog post published on October 4 that “the migration also represents the first instance of a parachain taking the upgrade path from Kusama to Polkadot.”
The historical development will precede other Web3 projects looking for an avenue to stress-test their technology in real-time. Polkadot’s idea is to alleviate risks associated with software upgrades, especially from one blockchain network to another.
“Happy to see KILT Protocol showing, for the first time, the live transition of an entire parachain ecosystem from one Relay Chain’s security umbrella to another. This is another demonstration of the power and flexibility of the Relay Chain model for decentralized application platforms,” says Dr. Gavin Wood, founder of Polkadot, expressing his satisfaction with the migration.
The founder of KILT Protocol, Ingo Rübe, added that this is a huge step toward decentralization. Rübe believes that the migration process was made possible by Polkadot’s technology and flexibility.
Polkadot price reacted positively to the migration of the KILT Protocol from Kusuma but immediately started wiping out the accrued gains. Support expected at $6.38 – formed by the 50-day Simple Moving Average (SMA) red, and the 100-day SMA (blue) failed to stop DOT’s retracement, which could revisit the buyer congestion at $6.10.
An heads-and-shoulders (H&S) pattern is also nearing maturity on the same four-hour chart. However, short sellers should consider waiting till Polkadot price slides below the $6.10 neckline at the H&S’s lows to confirm a breakout. Possible take-profit targets to the downside are the demand areas at $6.10, $5.80 and $5.40.
Odds will continue favoring bears, as shown by the DMI (Direction Movement Index). Nevertheless, the ongoing downward movement could be stopped if bulls move to reclaim the broken support at $6.38 while not losing focus on higher price levels at $6.80, $7.20 and $8.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Solana price shows reasons to believe that a sweep-the-lows event will arise in the coming days. Solana, the centralized smart contract token, witnessed a 22% decline last month after enticing bulls to go long during a false breakout.
Shiba In price is witnessing significant bearish pressure. SHIB was rejected in from a significant moving average before the decline. A spike through $0.00001090 could prompt a relief bounce targeting $0.00001120.
Analysts are watching the Ethereum classic price closely this week as a profitable opportunity could present itself in the coming days. Since October, the Ethereum classic price has fallen 12%, twice as much as Bitcoin and Ethereum.
Amidst rumors of Justin Sun-linked firm’s acquisition of Huobi and the ongoing bear market, Tron network surpassed four billion transactions. Tron buyers pushed the asset’s price higher despite declining development activity on the blockchain.
Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.