Polkadot (DOT) coin was founded in 2016 by Gavin Wood, Robert Habermeier, and Peter Czaban
Gavin wood being as the president of web3 foundation and hence dot was also founded by them.
Polkadot is an open-source sharding multichain protocol, that aims to transfer any sort of data. the aim of this token is to provide network governance & parallel chain. This has simplified the making of new applications and services by establishing a decentralized and private web.
The development has been kept simple making it flexible for future changes making Polkadot easy to adapt to any sort of changes and enhance its performance as new technologies come out.
Polkadot has 4 main components:
- Relaychains
- Parachains
- Parathread
- Bridges
DOT Coin Statistics
Polkadot is currently being traded at the rate of $30.15. in the last 24 hours, the price has increased just by 1.10% the market cap has reached an amount of $29,789,367,162, and currently, the volume is being traded at $4,596,568,371 with an increase of $26.34% in the last 24hours.
The coin has emerged as one of the major ones, and getting attention as the system and community behind this is incredible and hence boosts strong fundamentals. It is listed as #9 among the top coins. It works on Binance smart chain. Its sale /purchase in available almost on every big exchange i.e Binance, OKEx, etc
Now talking about how the price has been in the past and what to expect from it in the future?
Polkadot Technical Analysis
The price has been bearish since 18 May and all the way till 1 August it was still in a bearish trend as it never broke any structure to the upside. now after that, a shift in market structure has been observed, shifting the market from a bearish to a bullish trend. the market has been bullish but correctively. any sort of momentous wave has not been observed till now.
Now recently on Sep 1, a candle formed which engulfed the previous structure, giving a HINT for buyers to be in control. currently, it is been retracing to fill the imbalance between buyers and sellers.
Now seeing the price action, the current price may retrace at least 50% of the engulfing candle, and afterwards it might shoot up unless the Btc shoots down as it has a confluence over alts. Other than that, the price really doesn’t has any reason to go down. Levels are shown in the chart and we can expect a similar movement.
