DeFi
Bitcoin Cash (BCH) and Polkadot Surge Over 5% as Holders Seek Safer ROI, Why Is This DeFi Token Selling Off?
July 2, 2024 by Editor’s Office
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The recent bloodbath in the cryptocurrency market has investors looking for a better return on investment. Despite recent gains in Polkadot (DOT) and Bitcoin Cash (BCH), holders are looking to new potential cryptocurrencies. Polkadot (DOT) and Bitcoin Cash (BCH) have shown strength and are retesting their previous support level. Bitcoin Cash (BCH) is up about 6%
The recent bloodbath in the cryptocurrency market has pushed investors to look for a better return on investment. Despite the recent gains of Polkadot (DOT) and Bitcoin Cash (BCH), holders are looking to new potential cryptocurrencies. Polkadot (DOT) and Bitcoin Cash (BCH) have shown strength and are retesting their previous support level.
Bitcoin Cash (BCH) rose by around 6% but could not hold the $400 level. Polkadot (DOT) was able to maintain its gain and is currently trading at 6.33% at the time of writing. A major shift of funds was observed towards the new DeFi trading platform, DTX Exchangeand their tokens sell very quickly.
Polkadot (DOT) trades above 20-day moving average
Polkadot (DOT), after the recent move of more than 15% in a week, is now trading above its 20-day moving average. In the short term, the price action is moving higher with a clear bullish structure. After breaking the $6.33 support level, Polkadot (DOT) is retesting the level again. Rejection or upside breakout will be crucial here as it will decide the coin’s next move.
The RSI has moved to 52.24, showing a slight bullish trend in the price of Polkadot (DOT). However, the MACD lines are below the midline, indicating weakness in the price. From here, the movement of the markets will also be important as it will decide the evolution of the entire crypto pack.
$350, a major support level for Bitcoin Cash (BCH)
After Bitcoin Cash (BCH) failed to hold the $400 mark, it will be interesting to see what it does next. If Bitcoin Cash (BCH) starts a new downtrend, the major support level is $350. The major resistance on the upper side is still $400, which seems difficult to penetrate.
The RSI of Bitcoin Cash (BCH) is trading at 40.76, indicating a bearish trend in the price. The MACD lines are below the midline, indicating weakness in the price, just like for Polkadot (DOT).
DTX Exchange, Main Attraction for Crypto Whales
Despite the positive reaction of most of the top cryptocurrencies like Polkadot (DOT) and Bitcoin Cash (BCH), investors are still wary of investing in them. Amidst this downtrend, the major attraction for crypto whales has been DTX Exchangea hybrid trading platform that raised $800,000 in one month.
DTX Exchange (DTX) is quickly climbing to the top of the trading world thanks to its hybrid trading platform. The most notable feature is the 1000x leverage, which allows traders to maximize their profits with higher market positions while using minimal capital. The platform’s distributive liquidity pools ensure zero slippage and provide optimized trading opportunities across various financial sectors.
During the second phase of its presale, DTX attracted significant investments, surpassing $8,000,000, and is expected to reach $2 million by the end of July. With its growing user base, market experts anticipate a price hike once the DTX token goes live on the mainnet.
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