In a very sharp move on Friday, the crypto market saw multiple digital currencies’ value surge and amongst them, Polkadot (DOT) was the big mover.
DOT Value Surge
On 1st December, Polkadot (DOT) saw its value decline to a price range of $5.34. However, on 2nd December 2022 (Friday), the DOT/USD value was boosted and managed to reach its intraday high of $5.63.
Friday’s surge was noticeably the highest value the coin had last seen some twelve days ago.
Crypto market sentiment continues to be on the lower side and in that DOT value surge is no less than a surprise.
Gentle boost allowed DOT to reach closer to its 20th November highest value when DOT was swapping hands at $5.65.
DOT’s performance chart suggests that the current value of DOT i.e. $5.63 is a crucial resistance level for the coin. However, by the time of this writing, DOT’s value has gone slightly lower than this crucial resistance level.
DOT’s RSI Indicator
If one examines the relative strength index (RSI) of DOT in the past two weeks, DOT’s present market value is nearing its crucial resistance level.
RSI suggests that the crucial ceiling point is 50.00, however, existing tracking in the RSI index is 49.87.
In case DOT succeeds in breaching this crucial ceiling, then its value could either move closer or ahead of $6.00.
Uniswap Gains
Uniswap (UNI) investors would be more than pleased as UNI has been able to obtain value gains for at least four consecutive days.
Given the current market condition, the upward movement is quite phenomenal for the asset. This could be a positive indication of the surge of UNI in near future.
Hence, UNI could easily be classified as Friday’s prominent gainer, apart from DOT.
On Thursday, UNI/USD went as low as $5.73. However, in the early hours of Friday trading, quick rebounding helped the coin cross the benchmark of $6.02.
This means that UNI is nearing its past high of $6.40 which the coin had last seen on 16th November 2022.
Four days of consecutive gains suggest that the value of UNI has surged by approximately 11% throughout the whole week.
UNI RSI Indicator
UNI’s RSI indicates that the coin’s value is hovering at the level of 53.25. UNI’s performance chart indicates that level 53.25 is by far the strongest point the coin had struck since 6th November 2022.
While the RSI is supporting the bullish sentiments, it is not moving closer to the “overbought” zone, another positive sign for the bulls.
If the RSI were to surge and come close to the ‘overbought’ zone, it could mean that the bears would launch a selling spree for gains.
In that case, the selling spree would be huge and would result in major losses for the entire UNI community.
This further indicates that UNI’s average movements in the past 10 to 25 days seem ready for proceeding upward.
If upward sentiment appears, then UNI bulls would come back and will then set $6.50 as a future crucial resistance level.
FTX After-Effects
However, crypto markets continue to succumb to the pressure stemming from FTX’s bankruptcy. In the given circumstances, predictions could go wrong leading the entire crypto-economy to edge down.
The crisis caused by FTX is also under debate by the US regulators such as CFTC and SEC.
US Senator, John Boozman, showed his concerns over the FTX crisis and called upon the regulators to ensure strict oversight.
The Senator also argued that digital currencies, including Bitcoin, are recognized as “commodities” under the laws of the US.
He claimed that while CFTC has the exclusive authority over commodities therefore Bitcoin etc. are rightfully regulated by CFTC.
Senator Boozman also urged the CFTC to ensure delivery of its due performance towards protecting the interests of the consumers. In this connection, he appreciated CFTC’s efforts in boosting its oversight after FTX’s collapse.