Bill Laboon, the Head of Education and Grants at Web3 Foundation, has provided critical updates on the ongoing parachain lease auctions for Polkadot ($DOT) and Kusama ($KSM) networks. In a Twitter thread dated August 31, 2023, Laboon shed light on the leading projects and upcoming changes within these ecosystems.
Astar’s Dominance in Polkadot Auctions
With just half a day left in the current Polkadot parachain lease auction, Astar has been in the lead for the majority of the Ending Period. Laboon’s tweet, which has garnered 8,934 views, 12 reposts, and 61 likes, confirms Astar’s strong position.
Astar is Japan’s top smart contract platform and supports EVM and WebAssembly environments, enabling interoperability through a Cross-Virtual Machine. It’s user-friendly, utilizing familiar tools and languages, and part of the Polkadot network, contributing to blockchain ecosystem and driving web3 technology adoption.
Kabocha’s Unwavering Lead in Kusama Auctions
On the Kusama network, Kabocha has maintained its lead throughout the entire Ending Period of the current parachain lease auction. With three and a half days remaining, the project has already attracted significant attention.
The Growing Importance of “Blockspace”
Laboon also touched upon the increasing discussions around “blockspace” within the Polkadot ecosystem. He directed followers to an article by Rob Habermeier, titled “Blockspace over Blockchains,” for an in-depth understanding of the subject.
Educational Opportunities and Grant Programs
For developers interested in the Polkadot and Substrate platforms, Laboon highlighted a free on-demand course offered by the Blockchain Training Alliance. Additionally, the Web3 Foundation’s Grants Program aims to encourage innovation within the Polkadot ecosystem.
Implications and Future Developments
The parachain lease auctions are a pivotal element for both Polkadot and Kusama networks, as they allow projects to secure a slot on the respective blockchains for a specific duration. The strong performance by Astar and Kabocha indicates robust community interest and investment.
The early leads by these projects could set the stage for their increased influence within their respective ecosystems. Moreover, the ongoing discussions about “blockspace” suggest that Polkadot is actively working to optimize its infrastructure, which could have broader implications for the crypto community.
Tether, the renowned stablecoin issuer, has unveiled a pivotal change in its approach to blockchain support. In a bid to resonate with the evolving demands of the crypto community and uphold a fortified blockchain ecosystem, Tether will cease support for its tokens on the Kusama, Bitcoin Cash SLP, and notably, the Omni Layer platforms.
Historically, the Omni Layer, constructed atop the Bitcoin blockchain, was instrumental for Tether. It marked the company’s initial foray into transport layers in 2014. “The Omni Layer, built on top of Bitcoin, played a crucial role in Tether’s early journey, and we acknowledge the contributions and innovations the team has made to the crypto landscape,” the company stated in its announcement.
However, the Omni Layer encountered hurdles over time, primarily due to the lack of widespread tokens and the surge of USDT availability on alternative blockchains. This trend led to a shift among exchanges, favoring other transport layers and resulting in diminished USDT activity on the Omni Layer.
Despite these challenges, Tether remains optimistic about the Omni Layer’s potential, especially its capabilities in decentralized exchanges and token issuance, encompassing NFTs. The company hinted that a renewed interest in the Omni Layer might prompt them to revisit the idea of issuing USDT on Bitcoin via this layer.
Tether’s commitment to the Bitcoin ecosystem remains unwavering. They are at the forefront of RGB’s development, a state and smart contracts system validated on the client-side, designed for Bitcoin’s Layer 2 and 3. “Upon the activation of USDT on RGB, the global community will experience USDT on an advanced and scalable Bitcoin layer,” Tether’s announcement elaborated.
Starting from the 17th of August 2023, Tether will halt the minting of USDT-Omni, USDT-Kusama, and USDT–BCHSLP. However, they will continue to honor redemptions for these tokens for a minimum of the next 12 months. Additionally, users have the option to exchange these tokens for other chains on compatible platforms.
The crypto realm in 2023 is witnessing a surge in stablecoin competition, with new entrants vying for a share of Tether’s market dominance. Recent launches include PayPal’s stablecoin and First Digital USD. In Q2 2023, Tether reported impressive financial results, earning over $1 billion.
Moonriver, a canary-test network for the Moonbeam protocol, reached a milestone this week by hitting eight million transactions on its network, becoming the leading parachain in Kusama.
The platform announced on Twitter that it had reached the multi-million transaction count on Nov. 10, making it the largest adopted parachain on the Kusama Network.
Moonriver is one of the many successful parachains on Kusama, and it has secured a parachain slot for 2022 with over 60+ live integrations, 173,000+ wallets, and 2,000+ ERC-20 tokens supported.
Kusama is the sister network of Polkadot, which soared15% to a new ATH following the anticipation for parachain auctions, allowing developers to register their parachains and seek crowd loan funding.
Moonriver is a canary-test network of Moonbeam, meaning it’s a small version of the original Moonbeam code used to test and carry out new features for a subset of voluntary users.
At the time of this writing, Moonbeam sits at the number two spot of Top Five Crowd Loans on Polkadot’s first parachain auction and has raised upwards of $1 billion through its crowd loan.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.
A closely followed trader is predicting what could be next for Chainlink, Litecoin and two more altcoins as the crypto markets turn green.
The pseudonymous analyst known as Altcoin Sherpa tells his 145,000 Twitter followers that Litecoin is facing a resistance level that if broken, could lead LTC to a further 25% rally.
“LTC: If we clear this area I would not be surprised to see mid-$300s after.”
Source: Altcoin Sherpa/Twitter
Based on the analyst’s chart, he sees $369 as the next major level to breach if the $290 mark holds.
Next up is decentralized oracle network Chainlink (LINK). The analyst draws a chart depicting LINK potentially breaking through a resistance that previously failed three times. His next price level for LINK after the $34 mark is $42, which would be a potential rally of roughly 23%.
“LINK: This time it’s different?”
Source: Altcoin Sherpa/Twitter
The next altcoin the trader is looking at is DYDX, the governance token of the dYdX decentralized exchange (DEX). According to Altcoin Sherpa, the hype surrounding DYDX is less than usual, which could be a sign that it’s ready for an under-the-radar move.
“DYDX: Still a good project. When people don’t care about it and it’s accumulating, it’s probably time to buy. Not an active trade but a fine one to just buy and hold for a few weeks. Depends on your overall timeline.”
Source: Altcoin Sherpa/Twitter
Lastly, the crypto analyst has Polkadot canary network Kusama (KSM) on his radar. While he doesn’t think KSM will outperform Bitcoin in the near future, he still says it will reach new all-time highs after BTC puts in more rallies.
“KSM: Expecting this to grind up but don’t think it will outperform BTC. USD [US dollar] pair likely all-time highs when BTC moves.”
Source: Altcoin Sherpa/Twitter
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Bryan Vectorartist/Vladimir Sazonov/nsimsek0
Polkadot (DOT) looks poised to rally toward $100 in the coming sessions as it triggers a classic bullish reversal setup.
Dubbed Inverse Head and Shoulders (IH&S), the technical structure appears when an instrument forms three troughs in a row, with the middle one, called the Head, being the lowest, and the other two — known as the right and left shoulders — of almost equal heights.
Meanwhile, the level at which all the troughs top out represents the “neckline.”
So it appears DOT has been forming an IH&S ever since its price correction from the $43-$49 price range (neckline), as shown in the chart below. On Nov. 1, the Polkadot token broke above the area and continued rallying the next day to bring its month-to-date returns to almost 25% while bumping its record high to $53.35.
The price jump accompanied an increase in trade volumes, showing that traders supported the move above the IH&S neckline. As a result, DOT’s prospects of rising by as much as the maximum distance between its IH&S’s head and neckline (~$39) improved.
As a result, Polkadot’s profit target out of its IH&S setup comes out to be near $90, with possibilities of extended rallies toward $100, a psychological resistance level.
Parachain auction FOMO
Polkadot’s latest price rally came as traders’ focus shifted on its highly anticipated parachain auctions on or around Nov. 11.
The Polkadot team announced Monday that their council had passed the motion that enables parachain registrations and crowdloan beginning Nov. 4, adding that the proposal now awaits a go-ahead via a public referendum.
The motion to enable parachain registration and crowdloans has passed Polkadot’s council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc
— Polkadot (@Polkadot) November 1, 2021
In detail, crowdloans enable rivaling projects to raise capital via DOT to bootstrap their parachain auctions.
Therefore, those who support the projects lock their DOT into a sponsored account for a predefined period. In return, they receive rewards in the form of air-dropped tokens from the project competing for the parachain slot.
Kusama fractal
In June, Polkadot’s test-net chain, dubbed Kusama (KSM), conducted a similar parachain slot auction in June. The protocol ended up proving the effectiveness of the crowdloan mechanism as users contributed more than 1.11 million KSM across the five parachain auctions.
KSM supply dedicated to its first five crowdloans as of Aug. 6. Source: Subscan, Messari
That represented over 10% of the total KSM supply locked.
Related: Kusama network set to launch its next five parachain auctions
The KSM price rallied in the days leading up to the auction in June. It peaked out on May 16 at around $645 and then dropped over 78% to $138.50 two months later. The selloff also surfaced amid an overall crypto market decline, led by China’s full-fledged ban on crypto activities.
KSM/USDT daily price chart. Source: TradingView
Hence, it appears DOT has also been undergoing the so-called “buy-the-rumor” price rally as traders bet higher on the parachain auction event. But in the absence of a China-like event, the cryptocurrency looks to be pursuing the IH&S setup mentioned above.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Polkadot is getting closer to its first parachain auction on Nov. 11.
Picasso has announced it is Kusama’s 12th auction winner.
DOT and KSM look primed for higher highs.
Share this article
Polkadot and Kusama’s vision of enabling multiple blockchain ecosystems or networks to communicate with each other is moving closer to becoming a reality. Polkadot is set to launch parachain auctions this month.
Polkadot’s Parachain Auction on the Horizon
Polkadot is making significant strides to make cross-chain interoperability a reality.
In an unanimous vote, the community has passed a motion to enable parachain registration and crowdloans. Developers will be able to register their parachains and seek additional funding as soon as Nov. 4.
However, the first parachain auctions are not set to begin until Nov. 11. The auctions are crucial to deciding which projects will be selected to receive the right to develop a parachain integrated on Polkdot’s blockchain.
On the other hand, Kusama, the pre-production environment blockchain for Polkadot, has already conducted several parachain auctions. Composable Finance’s Picasso projectsecureda slot Monday, becoming the 12th auction winner. With the new resource, Composable Finance aims to deliver a comprehensive decentralized finance ecosystem for Polkadot.
Picasso’s head of product, 0xbrainjar, said the project was launching on Kusama to “test out performance there, before opening up even further community development and participation opportunities.” Further details, including a detailed roadmap, will be released in the coming weeks.
The recent developments around Polkadot and Kusama have not been unnoticed. Their native tokens, DOT and KSM, have enjoyed bullish price action over the last 36 hours, both gaining over 15% in market value.
Now, the two assets appear to be preparing to advance higher.
DOT and KSM Break Out
Polkadot has entered price discovery mode after breaching its previous record high at $49.86. DOT appears ready to advance further despite the significant gains posted, especially if it can slice through the Tom DeMark (TD) Sequential indicator’s breakout line at $53.30. It’s currently trading at $52.21.
The formation of a parallel channel on Polkadot’s daily chart prints a similarly optimistic outlook. Every time DOT has risen to this technical formation’s upper boundary since Jul. 20, the uptrend has reached exhaustion, leading the price to retrace to the pattern’s lower edge. From this point, the price tends to rebound, which is typical activity for an asset in a parallel channel.
As the recent upward impulse follows a rebound from the channel’s lower boundary, the technical formation suggests that Polkadot could surge toward the middle or upper trendline. These potential areas of resistance sit at $60 and $89.
Polkadot must continue to trade above $41 for the bullish thesis to hold. Failing to do so could result in a brief correction to $35 or even $30.
Source: TradingView
Kusama could also be about to experience a significant upward impulse as it approaches the TD’s breakout line at $441. This crucial area of resistance has prevented KSM from advancing further several times since the beginning of September. A successful breach of this barrier could encourage sidelined investors to enter long positions in preparation for a significant price increase.
Under such unique circumstances, Kusama would likely target $512 first. If it overcomes this resistance wall, prices could rise further to retest the May 18 all-time high at $626.68.
Source: TradingView
In the event of a market sell-off, the $384 support level or the 61.8% Fibonacci retracement level at $327 could prevent Kusama from incurring significant losses.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Acala Launches Update to Bring EVM DeFi to Polkadot
EVM+ by Acala provides an entry for Ethereum apps to get access to Polkadot’s multichain network. MetaMask Comes to Polkadot via Acala Acala, one of Polkadot’s main DeFi hubs, has…
Karura Wins $100 Million Parachain Auction on Kusama
Karura Network, the testnet version of Acala, has won the first parachain auction on Kusama, backed by millions in community contributions. Kusama Ends First Parachain Action Karura is the testnet…
After Solana, Tether Launches on Polkadot, Kusama
Another two chains for Tether: USDT will soon be available on Polkadot and Kusama. Tether Primed for Growth Tether is preparing to launch on another two blockchains. The Tether team…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
Composable Finance has been declared the winner of the 12th parachain auction organized by Polkadot’s canary network, Kusama.
“We at Composable, are elated to announce that our efforts to obtain a Kusama parachain for Picasso have been successful — thanks to the immense support from you, our Community,” the project said in a Medium post.
Building a Simplified DeFi Platform
With Composable declared the winner in the recently concluded auction, its Picasso parachain will be rooted in Kusama’s relay chain starting November 28, 2021, through November 6, 2022.
Before its official deployment in the new setting, Composable Finance noted that it would need to test the performance of its parachain before launching further community development and opportunities.
Picasso is part of Composable’s ready-to-go decentralized economy for developers and users, as the team plans on making decentralized finance (DeFi) more user-friendly, interoperable, and flexible.
Backed by German-based blockchain organization Advanced Blockchain AG, Composable Finance is a cross-chain, cross-layer interoperability platform that plans on reducing barriers in the decentralized finance sector.
The winner of the Kusama 12th parachain auction offers a hyper-liquidity infrastructure layer powered by Ethereum and Polkadot Layer 2 protocols.
Composable Finance Raises $45 Million
On October 18, Composable Finance reopened its crowd loan for contributors to pledge their KSM and stablecoins.
Per the auction data, Composable Finance, which was grouped as one of the third batch candidates, successfully raised 115,071 Kusama (KSM) worth over $45 million from 10,304 contributors.
Contributors were awarded 2.5 billion PICA, the native token of Picasso, while their pledged KSM will be locked throughout the duration of the Composable Finance slot.
Kusama Parachain Auctions
In a bid to improve its utility, Kusama established a parachain auction that will be connected to its network. Since there are a limited number of available parachain slots, Polkadot’s canary network chose to award each auction slot to the best parachains.
So far, Kusama has awarded 12 slots to different projects, with the network gearing up for the 13th auction exercise.
As reported in September, KILT Protocol was announced the winner of the sixth Kusama auction after raising $85.8 million in KSM from 7,997 contributors.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Polkadot founder Gavin Wood has unveiled a $777-million development fund ahead of the network’s parachain lease auctions.
Wood tweeted on Sunday that Polkadot’s treasury has allocated more than 18.9 million Polkadot (DOT) (worth roughly $777 million at the time of writing) to a development fund that will be disbursed through community governance.
Wood gave broad suggestions as to how the funds might be spent, stating the capital will be mobilized to realize the community’s vision for “building, improving, educating” Polkadot’s ecosystem, in addition to “anything else that the Polkadot governance believes valuable.”
According to Polkadot’s Wiki, the treasury funds can be spent if approved by the council, which votes on proposals put forward to them. The Polkadot council currently consists of 13 members, however, the council plans to expand to 24 seats at some stage in the future.
With many Polkadot governance votes seeing poor community participation in the past, the development fund may be intended to bolster DOT holders’ engagement with the governance process. According to Polkassembly, three governance proposals put forward this past week have seen total voter turnouts of zero, six and seven votes, respectively.
Stakeholders wishing to put forward a proposal must reserve a deposit of at least 5% of the proposed spend, with the deposit being either slashed (a burn mechanism to deter validator misbehavior) if rejected, or returned if accepted. With funds being placed at risk in the event of an unsuccessful vote, Polkadot’s slashing mechanism may be a factor impeding governance engagement on the network.
The new development fund was also revealed just weeks before Polkadot’s highly anticipated parachain auctions, which are scheduled to begin in early November, suggesting the funds could be intended to kickstart development targeting Polkadot’s forthcoming parachain ecosystem.
Polkadot’s parachain auctions will be used to realize Polkadot’s vision for a sharded ecosystem. The auctions will see projects building on Polkadot compete to secure one of the 100 parachain slots by bidding to lock up DOT.
Parachains are Polkadot’s sharded side-chains that can host decentralized applications and protocols, offer specialized computation, and communicate with Polkadot’s proof-of-stake Relay Chain to finalize transactions.
Polkadot’s existing Relay Chain exclusively processes transfers, governance and staking services for the Polkadot network, with the forthcoming parchains being tasked with providing advanced features such as smart contract functionality and cross-chain compatibility.
As such, the new development fund may be intended to encourage developers to begin building on Polkadot in preparation for parachains going live.
Related:Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal
Many onlookers have singled out the Coinbase-backed Acala Network as a frontrunner to win the first parchain slot on Polkadot. Karura Network, Acala’s deployment on Polkadot’s sister network, Kusama, won the first parachain auction on Kusama by a significant margin in June.
Karura pulled support from more than 15,000 entities to win its slot with a bid more than 500,000 Kusama (KSM) (worth roughly $184 million at the time of writing).
Popular altcoin Polkadot (DOT) is surging after a governance vote approved bringing parachain auctions to its protocol.
The crypto recently passed a motionon their open-source governance platform Polkassembly that authorized two batches of parachain auctions for the network starting in November. The approval kicked off a rally that saw DOT rise 26% from $32.21 to $42.16 in one day, according toCoinGecko.
ADVERTISEMENT
Parachain auctions involve users bidding crypto assets during determined amounts of time to see which network will receive a parachain slot, a custom blockchain that confirms transactional accuracy.
The vote to bring parachain auctions to Polkadot comes after parachains were successfully launched on DOT’s canary network, Kusama (KSM). A canary network is a blockchain intended for testing future mainnet features.
As Polkadot stated in a recentblog post,
“Parachains have already been running successfully on Kusama, Polkadot’s ‘canary network,’ since the launch of Statemine on June 3rd, 2021. Since then, 11 parachain slot auctions have successfully taken place on Kusama, for a grand total of 12 live parachains.
The fact that such activity has been taking place on Kusama for over four months without significant issues is an important factor in considering parachains ready for launch on Polkadot.”
DOT’s price has since stabilized and is currently exchanging hands at $40.49.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
ADVERTISEMENT
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The first Polkadot parachain auctions will begin in November.
Following the proposal approval, DOT and KSM have surged by more than 16%.
Now, both assets look set could retrace before advancing further.
Share this article
Speculation is mounting around DOT and KSM as the first Polkadot auctions have been slated for launch in November. Despite the optimism among market participants, both cryptocurrencies look primed to retrace before posting higher highs.
Polkadot Ready for Parachain Auctions
The first parachain auctionson Polkadot are set to begin on Nov. 11 after the success of Kusama’s parachains.
These parachains are said to be the “last piece of core functionality” needed for the Polkadot network to realize its goal of multi-chain interoperability. Essentially, they are crucial to deciding which projects will be selected to receive the right to develop a parachain integrated on Polkdot’s blockchain.
Wednesday’s proposal approval appears to have been welcomed by the crypto community as the DOT and KSM’s price surged in tandem. Both assets gained more than 16% in market value shortly after the voting process took place.
Now, Polkadot and Kusama could be bound for a brief correction before the continuation of the uptrend.
DOT Presents Sell Signal
The Tom DeMark (TD) Sequential indicator has flashed a sell signal on Polkadot’s daily chart. The bearish formation developed as a green nine candlestick, anticipating a one to four daily candlesticks correction.
DOT’s daily chart reveals that the TD setup has been accurate in anticipating local tops on the asset’s trend. The last three sell signals that this indicator has presented since Aug. 1 were all validated, resulting in significant retracements. Therefore, an increase in profit-taking around the current price levels could help confirm the short-term bearish thesis.
Source: TradingView
The Fibonacci retracement indicator, measured from the all-time high at $49.90 to the Jul. 20 low of $10.40, suggests that a rejection from the $41.40 resistance level could push Polkadot to the $34.80 support barrier. Failing to hold above this critical demand wall could see prices drop further toward the 50% or 38.2% Fibonacci retracement level. These interest areas sit at $30.10 and $25.50 respectively.
It is worth noting that the pessimistic outlook could be invalidated if Polkadot can close above the $41.4 resistance. Breaching this supply zone could see DOT retest the all-time high at $49.90 or reach a new milestone at $60.60.
Kusama Reaches Critical Resistance
Kusama’s price action has primarily been contained in a tight trading range since Sep. 21. The 50% Fibonacci retracement level at $384 is acting as resistance, while the 61.8% Fibonacci retracement level at $327 is serving as support.
Every time KSM has risen to the overhead supply barrier in the past few weeks, a rejection has occurred, pushing prices back to the underlying demand wall. From this point, it has frequently rebounded and repeated the same price action.
Now that Kusama has reached the $384 resistance zone, it is reasonable to assume that a correction toward the $327 support is underway. A daily candlestick close outside of this tight range should determine where KSM will be heading next.
Source: TradingView
A decisive close above the overhead resistance level could see Kusama rise toward $441 or even $512. However, if bears take control of the price action to send KSM below $327, a downswing to $245 could be imminent.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Polkadot Community Approves Parachain Auctions
A proposal for Polkadot’s first parachain auctions was approved by its community today. These parachains are said to be the “last piece of core functionality” needed for Polkadot to realize…
Polkadot, Kusama Jump Ahead of Next Parachain Auction
Polkadot and its canary network Kusama have rallied ahead of the second round of parachain auctions, which go live later today. The Polkadot Ecosystem Rallies Many Layer 1 blockchains soared…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
DeFi Blue Chips, Polkadot Tokens Plummet in Market Dip
DeFi blue chips, Polkadot tokens, and dog coins have all reacted to the recent Bitcoin dip, falling as much as 11% over the last 24 hours. Bitcoin Causes DeFi Pullback…
