• The world's largest cryptocurrency exchange placed DOT on the homepage instead of ETH.
  • DOT broke the channel resistance with the next target at $6.

The Chinese cryptocurrency and blockchain reporter Colin Wu noticed that Binance, one of the world's largest cryptocurrency exchanges, replaced ETH in three cryptocurrency pairs on Binance APP homepage with Polkadot (DOT). The change took place on December 28, when ETH settled above psychological $700 and tested a new 2020 high at $736.

While the decision to remove ETH raises eyebrows, Polkadot, one of the potential ETH rivals, has enjoyed Binance investments and support for some time now. Thus, on December 24, the cryptocurrency exchange established a $10 million development fund to support Polkadot-based projects. Earlier this month, Binance Labs participated in the B round of financing of MathWallet, the leading Polkadot project. 

Polkadot targets at $6 after breaking the channel resistance

Meanwhile, Polkadot (DOT),  the 7th largest digital asset, has been gaining ground rapidly. The token's price jumped by 11% in a matter of hours and tested $5.93, the highest level since November 24. At the time of writing, DOT is changing hands at $5.7 with strong bullish momentum.

From the technical point of view, DOT broke above the channel resistance of $5.5. If the upside momentum is sustained, the price may retest $6.0, followed by the recent recovery high of $6.1. Once it is out of the way, the upside is likely to gain traction with the next focus on $6.9 (September 2020 high) and psychological $7.

DOT, daily chart

DOT, daily chart

On the other hand, a failure to settle above $5.5 will increase selling pressure with the first bearish target at $5. This psychological barrier is reinforced by the daily EMA50 that has the potential to slow down the sell-off and trigger the recovery. Once it is cleared, the channel support of $4.5 will come into focus.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

DOGE recovery to $0.1 in jeopardy as massive technical and on-chain barriers surface

Dogecoin has made a shallow recovery from the dip to $0.04 on Tuesday. The 'Meme Coin' is dancing slightly above $0.5 amid the push for gains eyeing $0.1. Despite the recovery, DOGE is not out of the woods yet, especially with technical and on-chain barriers in sight.

More Dogecoin News

XRP on-chain metrics scream buy as upswing to $1 looms

Ripple is nurturing an uptrend, following the recent breakdown to $0.35. The losses XRP suffered spread across the board in the market. Several tentative support levels did little to stop the sharp drop, including $0.55 and $0.4.

More Ripple News

DOT edges closer to a 35% upswing from a broadening wedge pattern

Polkadot price has recovered from the selling frenzy and is climbing higher in hopes of establishing a new uptrend. The consolidation since the DeFi token’s all-time high at $42.39 has resulted in a descending broadening wedge pattern.

More Polkadot News

ADA bulls light up the fire for a massive 80% move

Cardano bulls are working hard to resume the uptrend following a correction from the new yearly high at $1.21. The bullish outlook came after a triangle breakout with an 80% target of $1.72.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP