Polkadot Breaches $5 Resistance, Appreciates by 3.8% in 24 Hours

• The Polkadot price has breached the $5 resistance mark in the past trading sessions and appreciated by 3.8% over the last 24 hours.
• Technical outlook for DOT showed that despite a price correction, accumulation on the chart increased.
• Currently, DOT is trading at an 89% discount from its all-time high secured in 2021.

The cryptocurrency market has been on fire in the past weeks, driven by the surge of Bitcoin over the $18,000 mark. This has been the catalyst for other altcoins to also move upward on their respective charts. One such altcoin is Polkadot (DOT), which has seen impressive gains over the past few days.

Polkadot has seen a steady increase in price over the past few months, breaching the $5 resistance mark in the past trading sessions. Over the last 24 hours, DOT has appreciated by 3.8%. The technical outlook for DOT showed that despite a price correction, accumulation on the chart increased. Demand for the coin also increased, which could be seen on its chart.

In order for Polkadot to maintain a bullish stance for a longer time frame, the price has to remain above the $5.40 support line and breach the $6.20 resistance level. Currently, DOT is trading at an 89% discount from its all-time high secured in 2021, which indicates that there is a great opportunity for traders to take advantage of.

The daily chart of DOT also points towards an incoming fall in price, which means that traders might be presented with shorting opportunities. However, toppling the $6 mark could take the coin to $6.20, presenting the possibility for further gains.

Overall, the market sentiment for Polkadot remains bullish in the shorter time frame. However, traders should always remain vigilant and use proper risk management strategies when trading in the cryptocurrency market.

Smart Contracter Predicts Bitcoin Surge of Over $18k, Uses Elliot Wave Theory

• Analyst Smart Contracter released an accurate prediction for Bitcoin’s 2018 bottom six months prior.
• He recently became bullish in his recent predictions due to Bitcoin price breaking out to a higher range.
• He used Elliot Wave Theory to support his technical analysis and predicted that Bitcoin would surge by more than $18,800.

The world of cryptocurrency and blockchain technology is filled with uncertainty, and predicting the trend patterns for crypto assets is usually difficult. But despite this, analysts have still released predictions for most crypto assets, and some have even turned out to be accurate. One such analyst who has gained popularity for his accurate prediction of Bitcoin’s 2018 bottom six months before the period is the pseudonymous trader and analyst, Smart Contracter.

Recently, Smart Contracter took to Twitter to inform his followers that he is now shifting his stance from bearish to bullish on the BTC/USD trading pair. His decision to shift to a bullish outlook was based on the recent Bitcoin price breaking out to a higher range. He went on to explain that Bitcoin is expected to perform better than other cryptocurrencies in the future due to its impulsive disposition, and he wished to capitalize on this by entering long positions once the opportunity came through a breakdown.

To support his technical analysis, Smart Contracter provided charts to demonstrate his predictions for the leading crypto asset. He predicted that Bitcoin would experience a 5-wave pattern for its primary trend, but its corrective movement will follow a 3-wave way. He also projected that BTC would surge by more than $18,800. To back up his projection, he used Elliot Wave Theory to support his technical analysis for BTC.

Smart Contracter’s prediction for Bitcoin’s price movement is one to watch out for, especially considering his past accurate predictions. And while it is difficult to predict the future of cryptocurrency and blockchain technology, it can be said that investors should keep an eye on his predictions as they could provide valuable insight into the future of the crypto market.

Burning Mechanism and BONE Integration To Boost SHIB Price on Shibarium!

• Shibarium is a layer two blockchain scaling solution that will result in the burning of Shiba Inu (SHIB) tokens after every transaction.
• SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion, with the burning mechanism likely to increase price appreciation.
• BONE, the governance token of the Shibaswap ecosystem, will be the only token used for gas fees within the Shibarium protocol.

Shibarium is one of the most anticipated projects in the Shiba Inu community, with many eager for the launch as it could be enough of a catalyst to pump their SHIB bags. Recently, the developers announced via a short thread on Twitter that every transaction on the Shibarium network would result in a burn of Shiba Inu (SHIB) token.

SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion. Its initial total supply was reduced with a recent burn and with the soon-to-be-introduced burning mechanism by Shibarium, SHIB’s price is likely to appreciate as the supply will be reduced. Though the amount of SHIB token that will be burned after each transaction has not been revealed, the burning mechanism is likely to be a good enough catalyst for not only the SHIB token but the Shibarium blockchain.

In its previous update, the Shibarium team cleared some false circulating speculations about the blockchain and what native token it will utilize. Shibarium developers noted that BONE will be the only token that would be used for gas fees and „No other tokens will be necessary to operate within the protocol.“

For context, BONE is a governance token of the Shibaswap ecosystem, allowing holders to participate in governance decisions and receive rewards. The token will be launched in February 2021, and Shibarium developers are reportedly working on integrating BONE into their blockchain.

The introduction of the burning mechanism and the integration of BONE into the Shibarium protocol could be a major boost for the SHIB token and the blockchain. Not only will the burning mechanism reduce the supply of SHIB tokens, but the integration of BONE could also increase the utility of SHIB. As a result, SHIB could see an increase in its price over time as demand for the token increases.

Additionally, the Shibarium protocol will also bring improvements to the scalability and speed of transactions on the blockchain. This could make the Shibarium blockchain more attractive to users and potentially attract new users who may not have considered using a Shiba Inu-based blockchain before.

Overall, the Shibarium project has the potential to be a major catalyst for the Shiba Inu community and the SHIB token. With the introduction of the burning mechanism and the integration of BONE, the SHIB token could see an increase in its price over time, while the Shibarium blockchain could become more attractive to users.

Balancer’s Security Issues Unresolved, BAL Token Holds Steady

• Balancer’s native token, BAL, has held up despite the platform’s ongoing security issues.
• On Friday, Jan. 6, the DeFi project tweeted a statement asking liquidity providers on its platform to withdraw their tokens from certain pools valued at $6.3 million due to a security risk.
• In the last 24 hours following Balancer’s warning, BAL has appeared unaffected, decreasing in value only by 0.13% based on data from CoinMarketCap.

Despite the ongoing security issues surrounding Balancer, the platform’s native token, BAL, appears to be holding up. On Friday, Jan. 6, the decentralized finance (DeFi) project tweeted a statement asking liquidity providers (LPs) on its platform to withdraw their tokens from certain pools valued at $6.3 million due to a security risk that could not be resolved by the platform’s emergency DAO. The team urged LPs to immediately remove their assets from all affected pools.

Earlier today, Balancer confirmed that 85% of the assets in those pools had been moved while still asking LPs to withdraw the remainder as they attempt to resolve the issue. Despite the current situation, several investors have retained their faith in the platform’s native cryptocurrency BAL. In the last 24 hours following Balancer’s warning, BAL has appeared unaffected, decreasing in value only by 0.13% based on data from CoinMarketCap. At the time of writing, the ERC-20 token is exchanging hands at $5.35, with its market cap value set at $248,354,921, representing only a 0.11% negative change over the last day.

With the decentralized exchange’s security issue unresolved, investors will be watching how the issue unfolds and whether the platform is able to recover. Those holding BAL tokens will be hoping that the token retains its value despite the current situation. If the platform is able to resolve the issue, it could lead to an increase in value for BAL tokens as confidence in the platform is restored.