Polkadot (DOT) coin being ranked at #9 on coinmarketcap is a famous currency having an enormous volume of $2,242,092,966 currently. Gavin Wood is the original author of this token with its first token sale on October 27, 2017, raising 400,000+ ETH. Dot has been listed on every top crypto trading platform.
The purpose is to seek to incentivize a network, a blockchain giving its users an opportunity through which they can launch and operate their own blockchains.
DOT coin works on Binance smart chain. Currently, the market is being traded on $26.59 with a rise of 10% in the last 24Hr.
Technical Analysis
Being one of the famous currencies, many traders want to get involved in this but is it the correct time right now? Let’s jump into that:
Polkadot has been in a bullish trend for a very long time till 14 May 2021.
DOT coin as usual faced heavy bearish pressure because of a decrease in Bitcoin Value. Dot afterwards has been making Lower Lows and Lower Highs forming a bearish trend.
Recently on 22 July, DOT coin has actually started to gain bullish momentum and it seems that buyers are more likely to be interested in the market. In a period of only 30 days, the coin has rose from $9.778 to $26.416 which is almost 300% growth.
Now the market has broken $19.766 and $17.768 levels recently quite easily which were strong resistances. It shows that the control of the market has been towards the buyers atm.
Moreover, the trend line which was being respected for few weeks has been broken as well. Now the important thing to consider is, even with all these, unless and until the structure haven’t broken, the market can’t be considered in a uptrend which it had as well putting the market in an uptrend which took place on 19 august 2021.
Nearest Support and Resistance Levels
The market is approaching a zone of resistance ranging from 29.027 to 27.938. This zone has been reacted several times in the past and a reaction can be expected from this desired zone. Talking about the nearest supports, the levels of 22.308 19.221 16.770 are worth watching, because in case of a pullback of this impulsive move, the market in most certain situations can reverse from any of these areas.
And in case if the zone of 27-29 doesn’t hold, there seems no reason for DOT coin price to fall until 40.559 as it comes above imbalance which market may needs to fill and moreover the zone is a supply one, so possibly a reaction might be noticed from that.
