The blockchain sector is fast evolving, with many cryptocurrencies going from just being alternatives to fiat currencies to being major players in decentralized finance (DeFi). One of the blockchains fighting for dominance in the DeFi sector is Polkadot. The network ranks as one of the major competitors of Ethereum, and its native coin, DOT, has benefited from this.
DOT is trading at $27.80 at the time of writing after a 10.5% gain in 24 hours.
Polkadot Price Analysis
Market volatility over the past month has increased, and DOT has been through ups and downs. While it has made significant gains, some dips have also been reported that have also affected DOT’s value.
The current buying pressure is likely to continue, after which we could see DOT retest the upper resistance of $28. This level has been attained in the past 24 hours, but it has retreated shortly after. If these bulls progress, DOT could rally to $30 and beyond, after which the coin could be gearing up towards recovering its all-time high.
On the other hand, we could also see DOT heading towards a downtrend. If the market support weakens, the lower support that DOT will test is $24. This support could trigger another bullish rally if some buyers decide to buy during the dip. DOT has retested the $24 support severally before spiking to higher levels.
The recent boom in Polkadot as an alternative network that will solve the scalability issue faced by developers in Ethereum has been attributed to the rising prices. Polkadot offers both scalability and speed, which has led to various DeFi projects launching on the network. One of the most notable on Polkadot is Parallel Finance. The project recently raised $22 million in a Series A funding round. This shows that there is immense potential for projects launched on the network.
Where to Buy DOT
If you want to buy DOT, you can create a cryptocurrency exchange account on the following platforms:
eToro is one of the most notable exchange platforms. eToro offers social copy trading, which makes it easy for new traders to learn from market experts. Through copy trading, expert traders can learn from the trading strategies of expert traders.
The other exchange that supports DOT is Gate.io. This is also another leading exchange platform. Gate.io supports a wide range of cryptocurrencies and trading pairs. It also supports a variety of cryptocurrencies and trading pairs.
Looking to buy or trade PolkadOT (DOT) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
