Polkadot suffered some heavy losses during this bearish period in the crypto market, which has now lasted for almost two months, when it dated the All time high fell from $ 55 to $ 23. Kadena coin was hit even harder as it fell from $ 28.50 to $ 6 in a flash crash, although actual support is around $ 8.50. But the decline has stopped and now it seems like they want to reverse higher so let’s see if we can start buying these two cryptos.
Polkadot Weekly Chart Analysis – DOT Begins To Bounce Off 50 SMA?
Polkadot had an impressive rally from August to early November and didn’t mind the September retreat. During that time the price rose from $ 10 to around $ 55, but the declining momentum in the crypto market as a result of global action saw DOT / USD soar to $ 23.50 last week. The 50 SMA (yellow) was broken on the weekly chart, but it was not broken and the price closed above it. We’re seeing a bullish reversal this week, so this looks like a good opportunity to buy polkadot coins.
After starting the first five parachains, Polkadot took the path of the Blockchain started to become an interoperable ecosystem. The slot auctions started early last month and the top five auction winners were Acala, Moonbeam, Parallel Finance, Astar and Clover, with projects mostly focused on decentralized financing (DeFi), Cross-chain interoperability etc are the advantage for DOT coin, but general market sentiment has kept them low. If the mood improves, polkadot should continue the uptrend.
Kadena Daily Chart Analysis – resistance becomes support
Kadena coin now on the way to the 50 daily SMA
KDA / USD found support at the October high at around $ 8.50. As it stands now, the bullish trend is continuing again. Kadena announced changes to its protocol that allow users and developers to use non-fungible tokens (NFTs) to mint and buy.
Another feature that Kadena will soon be offering is staking, a form of smart contract that investors can use to earn interest on their KDA coins. We didn’t buy Kadena but would have liked to get in at around $ 8.50 if the 100 SMA (green) had caught up. But it didn’t and the reversal started earlier. Now the price is trading at around $ 12.50 so let’s see if Kadena coin can push above the 50 SMA (yellow) or if it is rejected and comes back to $ 8.50.
Source: Crypto News Deutsch