One of the first things that pops up to the buyer’s mind when hearing of Polkadot is its uniqueness, that has no beginning or ending. The goal for this particular blockchain is build an extensive network of top blockchains to improve interoperability between various chains, aiming to build the creation of a decentralized network of blockchains that preserves the basis for web 3.0 development.
Polkadot cryptocurrency is set to reach new heights however, solid and fundamental data on development must be able to entice the investors to take this step.
In presenting itself as a layer-0 metaprotocol Polkadot has the capability of updating its codebase , without an unfork. Since the blockchain is based according to the dictates of its governance and its governance, the ability to modify the codebase is in the hands of the DOT holders.
The blockchain is currently in the 10th spot , with the market capitalization of $8.321,338,813 and nearly 90% liquidity for the DOT token. Price action been unable to take this blockchain to the heights it’s aiming for. Go here to find out whether DOT is successful in regaining its highs from the past or not.
As an cryptocurrency performance, the DOT tokens recently is not what it should be. Although attempting to test an immediate resistance on the basis of price action can take a while but the time it takes to return to level of support is shorter, which creates the impression that you are selling in a panic. Sometimes it was the Polkadot outlook was the source of the world with a buzz, but the reason behind it had not been fully realized until the present.
The buying sentiment of DOT is increasing with smaller volume of transactions. For technological indicators RSI shows an continuous buying rally, while MACD has just spotted the bullish crossover which could be a boon for the future of its price potential.
The level of support of $5.71 established in January 2021 hasn’t been broken at all, but the buying power hasn’t proved sufficient to be enough to compete with the current moving average for 100 EMA. As of now, DOT is maintaining its second consecutive positive closing, however with lower traction volume. The positive results and purchasing power required for it are both limited which may make it difficult for this token to consolidate.
The action of Polkadot’s weekly charts reveals only two negative weeks over the past nine weeks. In contrast to other cryptocurrency, DOT consistently attempts to overtake the previous rejection level and has seen two positive candles over the last few days.
The resistance , or long-term goals are at $10.88 The support level of $5.71 is turning positive. RSI as well as MACD indicators are both predicting the possibility of a consolidation in longer time. The prospects for Polkadot could slowly turn to positive, however it does have more in common with the basic changes in its buying mood.
