The crypto market seems to be consolidating at higher levels as Bitcoin tries to clinch the $35K mark. Polkadot has also relied on this support to go to higher levels after having slight gains in the past week. The Polkadot network prides itself on being one of Ethereum’s competitors because of its high speeds.
In the past 24 hours, DOT has reduced by 1.3%, and it is trading at $15.40 at the time of writing.
DOT Price Analysis
DOT token had massive gains at the beginning of June, but it entered July on a bearish note. Currently, it seems like the price of DOT may be consolidating at the current levels; hence, volatility is low. A gradual price appreciation has also been reported.
An upswing for DOT will depend on whether the coin can break out of the $18 resistance level. To reach and go beyond this level will require market and buying support. The buying support might push DOT over $20, and here, a bullish flag will manifest. However, new traders who bought during the dip might sell at this point; hence we might see Polkadot consolidate at below $20 for a while.
In case of a downward trend, DOT’s lower support lies at $14. If the current decline persists and more losses are realized, DOT might push to around $12, and here, bears will be officially strong. However, retreating to around $12 will mean that the broader market support is low.
The Polkadot community is currently excited about the parachains launch on the network. The current phase undergoing on the network is the parachains rollout, also expected to boost the value of the network and after that boost the demand for DOT tokens. Parachains auction helped boost the value of Polkadot at the beginning of the year.
Polkadot’s network is a worthy competitor for Ethereum because of its high speeds, but it also faces stiff competition from Solana and Polygon. However, with more developments expected to roll out on the network, DOT might gain a competitive edge.
Where to Buy DOT
To purchase DOT tokens, you can create an account on the following exchanges:
One of the exchanges where one can buy DOT tokens is eToro. eToro has an excellent reputation because of the competitive trading fees and a broad set of features such as copy trading and a demo trading account.
The other exchange that supports DOT is Kraken. Kraken gives its users access to a wide range of cryptocurrencies and trading pairs. In addition, trading fees charged on Kraken are also affordable.
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