Polkadot (DOT), Binance (BNB) Make Lower Highs Despite Fast Expansion
Binance and Polkadot are two promising cryptocurrencies for different reasons, but they have been declining since November, making lower highs, as the sentiment in the crypto market remains bearish. Polkadot, in particular, has lost more than 70% of its value while the Binance coin is still trading above half its att time high. They are making progress as blockchains, but remain prone to the sentiment in the broader market.
Polkadot Daily Chart – Buyers Unable to Overcome the 50 SMA
Buyers have been really weak in Polkadot since November
Polkadot made a massive surge from $10 to $56 from August until November, but the market sentiment started reversing just as it was auctioning off the parachains, which could be a stepping stone for DWeb3. It formed a support zone above $22, but it broke below that support in January, as the 50 daily SMA (yellow) kept pushing the price down. Most cryptocurrencies have stopped making lower lows since January, but DOT/USD is not stopping.
The Polkadot Pioneers Prize program which was introduced recently with a reward of $20 million for technological innovation in its ecosystem is expected to support the growth of its ecosystem and Web3. Polkadot is a very energy-efficient blockchain and the Polkadot exchange-traded products (ETPs) have been listed on the Frankfurt Stock Exchange. But for now, there are no signs of life, although if sellers cant push below $15 soon, then this area might be a good place to look for longs.
Binance Daily Chart – DOT Forming A Triangle
The support zone around $330 is still holding
The Binance exchange which is the biggest crypto exchange in the world came under attack as the crackdown on cryptocurrencies accelerated last year, but it had a great year nonetheless. Nonetheless, Binance is entering the mainstream media, purchasing half of Forbes shares for $200, which entitles it to two out of nine board members and should improve its reputation further.
Besides that, Binance launched a massive $1 billion program to speed up the development of the Binance Smart Chain ecosystem. Although, these should help BNB/USD in the longer term, as the sentiment in the crypto market improves, because now it remains bearish.
Binance is also entering the payments technology space with the launch of its fiat-to-crypto payments provider subsidiary Bifinity. This brings cryptos closer to the mainstream finances as it enables businesses to adopt cryptocurrencies and connect with new customers with easy and direct fiat-to-crypto transactions, which includes buy-and-sell crypto services and user-friendly API crypto payments integrations.
Binance Coin BNB Live Chart
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