Observing Polkadot’s near-term price action as the new ATH approaches

By October 30, 2021Polkadot
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Observing Polkadot's near-term price action as the new ATH approaches

Polkadot has been holding steady since beginning an uptrend in late September. With an 80 percent increase in the last 30 days, DOT only needed an additional 17 percent increase to reach its May ATH.

However, a broader market correction, combined with red flags on the MACD and RSI, suggested that DOT would trade sideways before breaking above its immediate price ceiling of $46.3. DOT was trading at $42.3 at the time of writing, up 0.2 percent in the previous 24 hours.

Polkadot Daily Chart

A quick glance at DOT's daily chart revealed that the alt only needed to break through its immediate resistance at $46.3 to set a new ATH above $50. Given that healthy buy volumes consistently pushed DOT by nearly 80% in September, such a feat would not be difficult to achieve.

However, near-term jitters caused by a bearish crossover along the MACD may cause the eventual breakout to be delayed for a few more days. A well-established support level of $40 would look to prevent any extended drawdowns and allow DOT to maintain its bullish bias.

A closer look at the daily RSI revealed that a downward sloping trendline had been broken, indicating a possible shift in momentum towards the sellers. If the RSI falls below 45, DOT will maintain immediate support, with $38.7 and $36.8 as additional defenses.

In the meantime, the Directional Movement Index would keep sellers at bay. The +DI line is still trading above the -DI line, which may discourage some sellers from betting against DOT.

When DOT breaks above its previous ATH, the 138.2 percent Fibonacci Extension ($64.7) can be immediately challenged. Following a correction period, the Fibonacci Extension levels of 161.8% ($74) and 200% ($89) can be tested.

Conclusion

Due to bearish developments on the MACD and RSI, DOT may remain fixed within the channel $46.3 and $40 in the near term. Once the downward pressure subsides, look for DOT to move towards the 138.2 percent Fibonacci extension if the price breaks above $46.3 on strong volume.


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1.9 Million More Claimed Jobless Benefits Last Week, Bringing Pandemic Total to 42 Million

Another 1.9 million Americans filed for unemployment benefits last week, bringing the total of jobless claims since the coronavirus pandemic began up to 42 million. The level of new claims outpaced the Dow Jones estimate of 1.775 million. However, last week’s new claims were still lower than the previous week’s total, which were revised upwards …

Another 1.9 million Americans filed for unemployment benefits last week, bringing the total of jobless claims since the coronavirus pandemic began up to 42 million.

The level of new claims outpaced the Dow Jones estimate of 1.775 million. However, last week’s new claims were still lower than the previous week’s total, which were revised upwards to 2.126 million.

Meanwhile, continuing jobless claims hit 21.5 million, an increase of 649,000 that rose higher than most economists predicted.

Continuing unemployment claims began to taper off in May, a sign that the economic destruction from the coronavirus is beginning to slow as some businesses are allowed to reopen and employees return to work. Since mid-March, the pandemic has forced businesses to shutter and furlough or lay off employees as states implemented lockdown and stay at home orders that have slowly been lifted, although social distancing restrictions remain in place in many areas.

Of the 42 million unemployment claims that have been filed since the start of the pandemic, only a fraction have been processed as agencies continued to be overwhelmed by the volume of claims.

The unemployment rate for May is expected to hit 19 percent, up from 14.7 percent in April, and will be reported in the Labor Department’s monthly unemployment report Friday.


1,000 lucky chickens saved from slaughter as coronavirus slams farms

Farm animals have had a rough go of it during the coronavirus, but this flock has been lucky enough to fly the coop. Rescuers from the nonprofit Animal Place saved 1,000 hens last week from an Iowa egg farm that’s culling its flock as the pandemic roils the nation’s food supply chain. Instead of being …

Farm animals have had a rough go of it during the coronavirus, but this flock has been lucky enough to fly the coop.

Rescuers from the nonprofit Animal Place saved 1,000 hens last week from an Iowa egg farm that’s culling its flock as the pandemic roils the nation’s food supply chain.

Instead of being gassed as the coronavirus reportedly crushes demand for eggs, the hens are now getting their first taste of freedom at Animal Place’s northern California sanctuary. And the group is now working to find them new homes, according to executive director Kim Sturla.

“They’re actually doing pretty well considering what they’ve been through,” Sturla told The Post. “They’re starting to experience life as it should be for them.”

Although the coronavirus has resulted in meat and egg prices skyrocketing at the grocery store, US farmers have had to kill off healthy chickens and pigs as the pandemic temporarily shuttered slaughterhouses, resulting in an oversupply. Farms that sell to restaurants, which have closed en masse during crisis, have also been forced to dump cow’s milk and cull their herds.

Sturla declined to identify the Iowa farm where Animal Place conducted its rescue except to say that it was planning to shut down and gas most of its 140,000 chickens to death. Most had already been killed before the rescue, which Animal Place arranged with the farm, she said.

Instead, the group dispatched two staffers who drove 30 hours from California to pick up the hens with help from eight local volunteers. The lucky birds were packed into crates and loaded onto two chartered airplanes, paid for by a donor, for an eight-hour flight from Fort Dodge, Iowa, to Truckee, California, Animal Place said.

Iowa is the nation’s biggest egg producer with more than 57 million hens as of January 2019, US Department of Agriculture data show.

Many of the saved hens were “terribly weak” after spending most of their lives crammed in cages — but only one died during the rescue, Sturla said.

Animal Place expects to place 150 to 200 of the survivors for adoption by the end of this week into small “backyard flocks,” Sturla said. But they’re struggling to adjust to their newfound freedom, she said.

“They have access to outside as well as to their barns, but they’re too fearful to explore,” Sturla told The Post. “Space is a foreign concept and they’re fearful of it because they know nothing else but crammed conditions.”

Animal Place has carried out dozens of large-scale rescues but the Iowa operation was the first directly related to the coronavirus crisis, Sturla said.

Like other animal-rights advocates, she suggested that the culling caused by the pandemic is no more horrific than business as usual in the beleaguered meat industry.

“To me, the horror is the standard operating procedure,” Sturla said. “The horror is that we have to resort to such incredibly cruel processes for our food supply.”

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