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Polkadot Price Prediction for Today, September 21: DOT Downs to $6

Polkadot Price Prediction – September 21
A line of range-moving motions has gotten intensified in the DOT/USD market operations as the crypto’s price downs to the $6 lower range value. The present trading point is around $6.31 at a minute positive percentage average of 0.48.

Polkadot (DOT) Statistics:
DOT price now – $6.32
DOT market cap – $7.1 billion
DOT circulating supply – 1.1 million
DOT total supply – 1.2 billion
Coinmarketcap ranking – #11

DOT/USD Market
Key Levels:
Resistance levels: $8, $9, $10
Support levels: $5, $4, $3
DOT/USD – Daily Chart
The daily chart showcases the crypto’s market price downs to the $6 range level about two days ago. The 14-day SMA indicator is at $7.12 point, underneath the 50-day SMA indicator, which is at $8.38. The horizontal line drawn at the $6 value line is to ascertain the pivotal zone where price is currently attempting to push downward against. The Stochastic Oscillators have penetrated the oversold region to touch 4.06 and 1.14 range values.

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Can the DOT/USD market bears put more forces beyond the $6 trading zone soon?

Indications have been garnering against the smooth running of the DOT/USD market bears around the $6 trading zone as the crypto downs to the value line recently. Expectantly, there will be a chain of ranging moves around the point over a number of days before bulls will be able to make s stride afterward. Investors can consider buying or adding to their existing portfolio. And they have to let the market run northwardly on a long-term basis before cashing out.

On the downside of the technical analysis, the DOT/USD market sellers’ probable weight to sustain below the $6 trading level appears unsafe even if the market makes further attempts to push to the downside in the near time. Based on that sentiment, short-position placers may suspend execution of new selling order at this moment. Another round of shorting activities can surface around the trend lines of the SMAs at a later trading session of a high-resistance spot.

DOT/BTC Price Analysis

Polkadot trends within high-range trading spots against Bitcoin for a long time until the present. The cryptocurrency pair market downs to a lower point below the SMAs close to the lower range horizontal line drawn. The 14-day SMA indicator has curved to the south, closely underneath the 50-day SMA indicator. The Stochastic Oscillators have dipped into the oversold region to touch 8.30 and 7.18 range points. That shows the counter crypto is on the verge of relaxing to push against its base crypto-trading instrument.

 

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GBTC Reaches All-Time Low Discount of -35%

Shares of the Grayscale Bitcoin Trust (GBTC) have never been cheaper relative to the value of the company’s underlying Bitcoin holdings. The GBTC discount has gone below 35% again for the first time since June. While the company’s holdings per share are worth $17.27, the market value of each share is only $11.18.  Figures for::Listen

Shares of the Grayscale Bitcoin Trust (GBTC) have never been cheaper relative to the value of the company’s underlying Bitcoin holdings.

The GBTC discount has gone below 35% again for the first time since June. While the company’s holdings per share are worth $17.27, the market value of each share is only $11.18. 

  • Figures for calculating the discount are publicly available on Grayscale’s website. As is displayed, GBTC share prices were down 4.77% on Monday, versus a mere 2.54% daily drop in the value of its holdings per share. 
  • Specifically, the Trust’s net asset value rests at $11.9 billion – about 635,000 Bitcoin. Meanwhile, its total share value is just $7.74 billion.
  • GBTC is a Bitcoin Trust designed to give investors exposure to Bitcoin’s price. However, unlike an exchange-traded fund (ETF), shares of GBTC are not easily created or destroyed. This makes it difficult for its price movements to respond to that of its underlying Bitcoin, thus creating discrepancies. 
  • The last time GBTC was this low was in June, shortly after the Securities and Exchange Commission (SEC) rejected Grayscale’s application to transition into a Bitcoin Spot ETF. Grayscale has since sued the commission. 
  • One of Grayscale’s primary arguments for approving the transition has been to erase its trading discount. This would bring a roughly 50% value boost to GBTC holders if ever approved. 
  • The SEC argues that it can only approve such a product if Grayscale enters a “surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets.”
  • Grayscale filed last week to reward the holders of its Ethereum products with an ETHPoW cash disbursal. 

The post GBTC Reaches All-Time Low Discount of -35% appeared first on CryptoPotato.

Polkadot Price Prediction for Today, September 21: DOT Downs to $6

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