Polkadot price analysis: DOT moves sideways above $15, prepares for another spike higher? Polkadot’s price has been stuck in the $15 to $17 range for a couple of days now, as the market continues to wait for the release of the public beta of the network. In the meantime, the project’s recent announcement that the first release working Polkadot nodes will be deployed within the next few weeks, has caused the price to surge from around $12.
Bitcoin’s main rival, Ethereum, made a pivotal shift today with a highly anticipated hard fork. The new chain, called “Polkadot”, is touted as “the blockchain for the internet” and will be the first to use the unique proof-of-stake consensus algorithm (PoS). This means that holders of the newly minted ERC20 tokens will be able to earn passive income by locking up their tokens in a smart contract.TL;DR Breakdown
- DOT tested $15 support overnight.
- 100-period moving average acts as a resistance.
- Bulls likely to regain control.
Polkadot price analysis is bullish for today as the market established support around the $15 mark and started moving sideways. Therefore, bulls are likely to regain momentum and start pushing above the $17 mark once again.
The overall market trades sideways over the past weeks after a sharp retracement from the previous high of around $26. Support was found around $13.5 by the end of June, with further retest creating a slightly higher low.
What followed was a sideways movement over the following weeks with the $15 mark as a support and the $17 mark as a resistance. Earlier this week, on the 7th of July, DOT/USD spiked higher and quickly breached the $17 mark and set a high thigh. This likely is the first indication that bulls are building momentum to move higher again.
Therefore, the Polkadot price will likely start to push higher early next week and attempt to set another higher high. Once that is done, we can expect DOT/USD to reach further upside over the rest of the month.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for the upcoming hours as support around the $15 mark still holds. Overnight, DOT/USD continued to consolidate, indicating that bulls are establishing support from which to move higher later today.
While waiting for Polkadot to move higher, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
polkadot all-time highpolkadot price chartpolkadot price predictionxrp gearing up for massive pumpdot analysis cryptodot news crypto,People also search for,Privacy settings,How Search works,polkadot all-time high,polkadot price chart,polkadot price prediction,xrp gearing up for massive pump,dot analysis crypto,dot news crypto,hbar,credible crypto news