The debate over how to balance decentralization and scalability and the question of whether or not Ripple should scale its network is a hot topic. The result of these discussions is a price war between Ripple and Bitcoin Cash, which has resulted in the former dropping to $1.00, and BCH surging to $490.00. A new player has recently entered the market, the Polka Dot token, and this week it looks like it has a chance to capitalize on the situation.
At the time of writing, the highest priced price of $24.22 seems to have been hit during a retrace to the previous day’s high of $24.22. This represents a retracement of around 19.0% from the recent high of $36.95. The 20-day EMA line sits at $24.02, while the Ichimoku cloud continues to indicate the possibility of a bullish breakout. A breakout above the cloud indicates that the rally is more likely to continue.
This week in our Polkadot price analysis blog, we are going to take a look at the current progress of the latest altcoin to make the shift from Ethereum to Ethereum Classic, Polkadot. It has been a few weeks since we last analyzed Polkadot, and the price of the token retraced to testing $24 support, where it has been trading above $25 for the past few days. Now, all this might sound familiar to you, as the same thing has been happening to DADI, the token that was created as a spin-off of Ethereum in August.. Read more about polkadot coin and let us know what you think.Summary of the situation
- The DOT peaked yesterday at $28.
- The DOT/USD has fallen back to $24 in the last few hours.
- The next target is $32.
The Polkadot price analysis is bullish for today, as the market has returned to the $24 support level and is preparing to move towards the $32 level. At the current price level of $24.5, this represents a potential gain of about 30%. Crypto-currency heat map. Source: Coin360 The general market has moved into negative territory over the past 24 hours. Bitcoin lost 5.28 percent and Ethereum lost 6.44 percent. The rest of the altcoin market saw similar momentum, with the exception of Filecoin, which rose 17%. The DOT/USD pair opened at $27 after giving up further gains around $28 yesterday. Polka Dot Price action has recovered in the last few hours and retested the $24 level, after which the bulls are likely to push the market higher in the next 24 hours.
Polka dot price changes in the last 24 hours
DOT/USD was trading in a range of $23.71 to $27.95, indicating moderate volatility. Trading volume fell 8.47% to $2.9 billion. At the same time, the total value of the market is $23.3 billion, which puts the cryptocurrency in 8th place overall.
DOT/USD 4-hour chart – Is the DOT preparing to rise?
On the 4-hour chart, we see the price of Polkadot retesting the $24 level before attempting to move further towards the $32 level. Chart 4 hours DOT/USD. Source: TradingView The market as a whole continues its slow upward movement after finding support at $15 and ending higher in late May. The $24 price point initially acted as resistance, after which the market reversed and established a higher bottom around $19. After some consolidation on the 29th. In May, the DOT/USD pair recovered to a new high of $28. Polka dot has pulled back in the last few hours and found support at $24. Therefore, we can expect Polkadot’s price to rise in the next 24 hours and reach the next price target at $32. So Polkadot’s price action currently offers a good entry point in terms of potential risk-reward.
Polka dot price analysis: Supplement
Polkadot’s price analysis is bullish as the market prepares for another upside move in the next 24 hours. The next resistance is seen at $32, and breaking it will help to form strong bullish momentum. While we wait for more action on the price of Polkadot, read our latest guides on how to mine Cardano, bitcoin domination and how to mine Zcash. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.This text is sensitive. Try generating new copy.. Read more about polkadot price prediction and let us know what you think.
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