Polkadot has been a leading gainer during the recent bull rally. The gains made by the coin have not just been attributed to support from the broader market but also the scalability that its blockchain offers. Over the past month, Polkadot’s gains have enabled the coin to rise the ranks and become the eighth largest cryptocurrency with a market capitalization of over $34 billion.
Polkadot is trading at $33.87 at the time of writing after a 4.9% gain in 24 hours.
Polkadot Price Analysis
Polkadot has been facing high volatility levels over the past month because of the fluctuating changes in broader market support. The trend across the broader market has shown signs of reversing to the bearish side, as bitcoin and ethereum have fallen to $44K and $3200, respectively.
However, DOT has shown strong signs of creating and maintaining an uptrend buying pressure is still high. If the bullish sentiment continues, we could see the coin pushing towards the upper resistance level of $35.
Despite the strong bullish trend that the coin has shown over the past month, the all-time high of $49 is yet to be achieved. However, if the coin manages to break past $40, it could create momentum for the coin to push towards new peaks.
The current price action is mainly attributed to buying pressure. Given that the broader market shows bearish signals, this price action could fail if buyers decide to sell their holdings. If the uptrend fails, DOT could push towards the lower support of $31. The coin could also dip below $30 in case of a strong bearish trend.
As Polkadot aims to bring scalability to the decentralized finance sector, the network has gained increased attention from the broader crypto community. SubQuery, a blockchain venture capitalist firm, has participated in a $9 million funding round to build a data aggregation layer on the network. This will expand Polkadot’s technical capabilities and drive value for DOT.
Where to Buy Polkadot
If you want to buy DOT during the current uptrend, you can create an account on the following platforms:
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You can also buy DOT from Binance. Binance is the largest cryptocurrency exchange platform. Binance charges low trading fees. It also comes with a unique set of features that makes it easy for traders to use the platform.
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