- Polkadot price brushes shoulder with $30 just days after testing support at $24.
- NFT boom could be setting Filecoin up for another rally above $100 in the coming weeks.
The majority of major cryptocurrencies are showing sluggishness mid through the week’s trading. Bitcoin is mainly in a range between $46,000 and $50,000. Upward movement appears to struggle; thus, there is a chance BTC will dive under $46,000 before resuming the rally to $50,000.
Although Ethereum climbed above $3,400 on Tuesday, action to $4,000 is faltering. However, higher support will keep the uptrend intact in the near term. Solana has settled above $110 after rejection from the new all-time high of $118.
Polkadot has kept the uptrend intact since the week started. Support at $24 was crucial for the resumption of the gains toward $30. As per the data by CoinGecko, the smart contract token is up nearly 12% in the last 24 hours and has accrued weekly gains to 20%.
The ninth-largest cryptocurrency boasts $32.4 billion in market capitalization. Solana, which has been roaring since July, displaced DOT from the eighth spot. Polkadot has attracted a $7 billion trading volume across all know exchanges, which is becoming a preferred asset in spot trading.
Meanwhile, Polkadot is pivoting at $30 as bulls struggle to keep the uptrend intact. The short-term technical outlook is bullish, accentuated by a confirmed buy signal from the Moving Average Convergence Divergence (MACD). Perhaps a real break above $32 (August high) will trigger more action to $40.
DOT/USD Daily Chart
Note that discussions surrounding Polkadot have increased to levels last seen in March. If interest in the token remains unchanged or improves, the rally may continue to the all-time high at $50.
Filecoin has lifted from the lows of $40, seen in July, to the highs of $80. The price increase is attributed to a surge in NFT adoption on the platform. According to Wu Blockchain, a renowned crypto analyst, the token’s computing power hit levels above 10EiB.
According to live price data from Binance, Filecoin is teetering at $76. The daily chart shows that the Bollinger bands are moving toward a squeeze, suggesting a massive breakout.
FIL/USD Daily Chart
The token is mainly in the bulls’ hands despite the barrier at $80. An ongoing consolidation seems to be giving bulls time to regroup before launching another attack toward $100.
The post Polkadot, Filecoin Price Analysis: September 1, 2021 appeared first on Coingape.