PolkaDot retraced, opening the door for a possible USDT/DOT bull run. BTC/USD is still stuck in a sideways trend.
Polkadot is a blockchain that aims to be scalable and interoperable. The Polkadot retraces, DOT/USDT bulls rejected at $30 is the latest news on the coin. Read more in detail here: is polkadot coin a good investment.
Polkadot is the most valued blockchain project, with its primary value proposition being interoperability.
As additional blockchains connect to the project’s Relay Chain, the ecosystem continues to grow.
Polkadot’s potential has been characterized as “mind-blowing” for what is on the table— a system that can truly stand and cut a significant portion of Ethereum’s market share.
Polkadot Market Activity and Price Trends
Nonetheless, Polkadot’s meteoric ascent can be traced back to late last year, when the tokenomics of the currency were altered.
This shift, along with the Polkadot’s amazing design and reliance on Substrate—another solution created from the ground up by the Parity team—gives it an advantage.
Polkadot is steadily gaining market share at the time of writing. Several projects are already starting directly from the protocol, aiming to take advantage of its unrivaled scalability and EVM compatibility.
In addition to the project’s benefits, DOT’s performance has been nothing short of outstanding.
Prices may be reversing—or perhaps peaking—at the time of writing, after strong increases since July 2021. Nonetheless, the climb to prominence is reviving bulls, which is just what is required to propel prices to new H2 2021 highs.
In terms of the greenback, DOT is now unchanged from the previous trading day. In the preceding week of trade, though, it was in the black.
Although there are technical signs of weakening, purchasers remain steadfast. The 50 percent Fibonacci retracement level of the May to July 2021 trading range—the time of market-wide reduction of prices—is causing DOT crypto prices to retrace.
Nonetheless, DOT prices remain inside the August 19 to 20 trading range, which is a net favorable for purchasers in terms of Effort-to-Results.
A closing over $30 may easily spark the next wave of demand, propelling the stock above $45.
A DOT “Pressure Level” is $30.
Another trader on Twitter has emphasized the importance of $30 even more.
While the analyst remains optimistic, anticipating another impulsive wave to rip through immediate liquidation levels, he recognizes the $30 pressure.
$BTC stable can intervene, #Polkadot ecology in the current round of rally has not yet completely burst, $DOT short-term strong filling ended with $BTC down, returned to the 5-day SMA support level, $BTC stable can interfere. Levels of support and pressure are $26 and $30, respectively. #DOTUSDT #DOT #Cryptocurrency pic.twitter.com/e7dfLXwJQl #DOTUSDT #DOT #Cryptocurrency
August 22, 2021 — Crypto Line (@CryptoLinns)
This level coincides with the Q2 2021 trading range’s 50 percent Fibonacci retracement level.
Its strength is shown by the bulls’ inability to breach above despite significant advances over the weekend.
There are signs of weakness with lower lows from the upper BB, which is a worry for Polkadot bulls.
A closing over $30 offers up additional chances for DOT bulls on a technical level. Unexpected contractions below the 20-day moving average and $23, on the other hand, may put a stop to bullish calls.
Another trader on Trading View made the same observation.
The analyst believes that $30 is a significant resistance level that bulls must surpass before forecasting realistic goals, based on price activity on the 3D chart.
In the Weekly Chart, Polkadot Looks “Extremely Good”
It’s possible that we’ll see a sprint to $45 if the weekly chart leads. One trader on Twitter says the candlestick arrangement appears nice, which he interprets as a bullish recommendation.
#WazirXWarriors #Crypto #DOTUSDT pic.twitter.com/04evXqtq1e $DOT is looking very excellent on the weekly chart #WazirXWarriors #Crypto #DOTUSDT pic.twitter.com/04evXqtq1e
August 23, 2021 — BrushUp Crypto (@BrushUpCrypto)
Notably, DOT prices are steadily rising amid healthy trade volumes. As previously said, they are currently moving over a key resistance line.
If Polkadot bulls build on the previous three weeks’ occurrences, there’s a good chance of further increases back to all-time highs.
Given the magnitude of Q2 2021 losses and the rebound from the 78.6 percent Fibonacci retracement of the H1 2021 trading range, this might be quite an accomplishment.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
The polkadot vs chainlink price prediction is a comparison between Polkadot and ChainLink. It looks like the bulls have been rejected at $30.
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