Despite some setbacks, the crypto industry has seen major developments this year. The latest one is the successful launch of Polkadot, a platform on which all Ethereum-based decentralized applications will be able to be built. The platform, which can scale to any level of demand, will provide the infrastructure on which the next generation of DApps can be built. Most recently, the project has been successful in attracting high-profile businesses, including Microsoft and IBM.
The crypto market is having a difficult time lately, with the entire crypto market taking a significant tumble this week, bringing the total market cap down to $318.5 billion, which is a decrease of 13.1% in one week. The biggest losers were the prominent cryptocurrencies like Bitcoin (BTC), which saw its price drop to $6,200, bringing its lowest value in a day since December 2017. However, not all cryptocurrencies are suffering equally, as some are managing to hold their value. One of the cryptocurrencies that has been relatively stable is DOT. In this article, we will examine the recent developments that have occurred in the DOT price and why the price is expected to increase by the end of this week.
Yesterday, the price of DOT settled at $14.70, forming a descending triangle pattern. The BTC/USD pair USD/BTC is up slightly since then, and is currently trading at $15.59. A break above $15.59 will open the doors to the $16.00-16.20 range (which is the high end of the triangle), which should also trigger a test of the $18.00-18.50 resistance level.. Read more about binance and let us know what you think.Summary of the situation
- The DOT consolidated yesterday.
- A higher bottom was established around $15.
- Polka dot is preparing for the next transition to $19.
The Polkadot price analysis is bullish for today, as the market has established a low high and the bulls are preparing for another push higher. Therefore, we can expect DOT/USD to move towards the $19 resistance and attempt to establish a higher high.
Looking at Polkadot’s overall price structure over several weeks, we can see that the market is still bearish, as a slightly lower low was established and retested last week. From that point, the DOT/USD established resistance around the $17 level, after which the market began to establish higher lows.
Yesterday, the DOT/USD pair formed a bottom around the $15 level, with overnight steady gains along the multi-day uptrend support line. This development in price action should lead the DOT/USD to further gains next week with $19 as the next price target.
After reaching the $19 level, we can expect a retest of the $17 support and a further rise from that level later in the month. The best option now is to wait for more Polkadot price action in the form of a clear higher top.
Polka dot price analysis: Supplement
Polkadot’s price analysis is bullish for the next 24 hours, as a higher low was formed yesterday and the uptrend support line was tested for the third time. This should lead the DOT/USD to significant gains in the coming week, with the next target around $19 on previous support.
In anticipation of the rise of Polkadot, read our guides on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The hard fork of Polkadot has been a controversial topic for a while. There are those who don’t believe that it will happen and those who believe that it will happen. While the purpose of this blog post is to clarify the main points and the logic behind this fork in the road, it is written in a way that makes it easy to understand.. Read more about is polkadot a good investment and let us know what you think.
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