#POLKADOT has recently experienced a surge in value, surpassing the $6.00 resistance level against the US Dollar.

As a result, the price is now on the verge of a significant breakthrough and could potentially reach $7.00. This increase in value was initiated after DOT formed a solid foundation above the $5.80 zone, leading to a fresh surge in price. The cryptocurrency has since surpassed the $5.88 and $5.95 levels, placing it in a positive zone similar to that of bitcoin and ethereum.

The bulls successfully drove the price above the crucial $6.00 level and the 100-hour simple moving average. Additionally, there was a notable surge above the 23.6% Fibonacci retracement level, which marks the upward movement from the $6.70 swing high to the $5.7 low. This indicates a clear shift in market momentum and suggests that the bulls are gaining control.

Also, a significant break occurred above a major bearish trend line on the 4-hour chart of the DOT/USD pair, which had resistance above $6.12. The price is currently hovering around $6.20 level and the 50-hour simple moving average.

There is an immediate resistance level approaching at $6.40. This level is situated above the 50% Fib retracement level of the downward movement from the $6.70 swing high to the $5.75 low. If there is a successful break above $6.40 and a close above $6.60, it could initiate a strong rally. In this scenario, the price could potentially rally towards $6.80 or even $7.00 in the upcoming session.

If #DOT does not maintain its upward momentum beyond $6.40, a downward correction may ensue. The initial critical support level is situated around $6.10, followed by a significant support level at $6.00. Should the price fall below this level, it may decline further to $5.75. Substantial losses could potentially lead to a move towards the $5.50 support zone in the near future.

KEY LEVELS :

RESISTANCE LEVEL : $6.50-$7.00

SUPPORT LEVEL : $6.00-$5.50

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #crypto2023

Polkadot's (DOT) price performance is closely correlated with its current ecosystem milestones. Per CoinMarketCap's data, Polkadot is changing hands at a spot price of $6.42, up by 3.77% over the past 24 hours. Per the current outlook, the world's 11th largest crypto by market cap is paring off the minor losses it accrued over the past week.

In a recent ecosystem update, the duo of Bill Laboon and the Polkadot protocol shared some impressive milestones to watch across the board. While Laboon highlighted the release of Kagome 0.9.0, a Polkadot Host implementation written in C++, it showcased the steady embrace of new systems to support core protocol users.

THREAD - @Polkadot #PolkadotDigest 11 Apr 2023#Polkadot News Kagome 0.9.0 has been released. Kagome is a Polkadot Host implementation written in C++. This version includes parachain and light client support. https://t.co/79f3g5J7mv

— Bill Laboon | Web3 Foundation (@BillLaboon) April 11, 2023

Several parachains within the Polkadot network also recorded impressive integration over the past few weeks. While Astar Network made history as the first parachain to support the EVM and WASM VM Smart Contracts, Acala Network recently released cross-chain token library xtokens for cross-chain token transfer functionalities.

The outlook of the Polkadot protocol is even more enhanced as more Parachains secured mega partnerships that can help bolster the overall use case for the protocol.

Setback in the works

While there is more than enough positive news happening with the Polkadot ecosystem, one key governance protocol that was proposed a while ago is currently facing resistance. This proposal is Referendum 112, proposing to immediately increase the number of validators in the active set from 297 to 500.

The proposal is currently failing, with just 26% of the votes cast in favor and with about 19 days left to vote. While it is generally known that the higher the number of validators, the more secure the protocol is, ecosystem members appear to be seeing friction ahead and thus account for the current lack of support being granted to the proposal.

Should the referendum fail to pass, nothing will change, but it will highlight the powers of the Polkadot governance ecosystem.

#POLKADOT #crypto2023 #crypto #Binance #cryptotrading

Polkadot price analysis is bullish today.

The strongest resistance is present at $5.49.

The strongest support is present at $5.43.

Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In recent days, there has been a noticeable surge in the prevailing market sentiment favoring the cryptocurrency DOT (Polkadot), resulting in a substantial appreciation of its value. Specifically, on May 29, there was an abrupt increase in its price from $5.39 to $5.55. This positive momentum continued throughout the day, culminating in a peak value of $5.42. On May 31, 2023, the price of DOT reached significant heights, attaining a pinnacle of $5.53 and maintaining this elevated level for the entire day. Presently, the price of the cryptocurrency demonstrates relative stability, fluctuating around the $5.45 mark.

As of today, the price of Polkadot (DOT) stands at $5.45, with a 24-hour trading volume of $201.18M. It has a market capitalization of $5.38B, representing a market dominance of 0.46%. Over the past 24 hours, the DOT price has experienced a decrease of -0.50%. At present, the sentiment for Polkadot’s price prediction is bearish, while the Fear & Greed Index indicates a neutral value of 51.

The circulating supply of Polkadot currently stands at 987.58M DOT out of a maximum supply of 1.00B DOT. The yearly supply inflation rate is currently at 10.02%, resulting in the creation of 89.92M DOT in the past year. In terms of market capitalization, Polkadot is currently ranked as the 6th largest cryptocurrency in the Proof-of-Stake Coins sector and the 10th largest in the Layer 1 sector.

DOT/USD 1-hour price analysis: Recent updates

Polkadot price analysis indicates the existence of market volatility during the uncertain opening movement, which makes the price of DOT more susceptible to significant fluctuations. As a result, the upper limit of the Bollinger Bands is identified at $5.51, representing a substantial resistance level for Polkadot. Conversely, the lower limit of the Bollinger Bands, located at $5.43, serves as a strong support zone for the cryptocurrency.

The DOT/USD pair has recently experienced a bearish trend as it dipped below the Moving Average curve, indicating a prevailing negative market sentiment. Furthermore, the price of DOT is displaying linear momentum, suggesting a strong possibility of the resistance level being sustained. In the event of a breakout, it is expected that volatility will increase substantially, leading to heightened market unpredictability. Therefore, it is of utmost importance for traders to carefully monitor market dynamics and adapt their strategies accordingly.

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 45, which falls above the central-neutral region. The RSI score follows a downward movement towards the undervaluation region, signifying future inflation. The dominance of selling activity causes the RSI to decrease.

Polkadot price analysis for 1-day

Polkadot price analysis reveals the market volatility is currently exhibiting a gradual decline, characterized by the convergence of the resistance and support bands. The convergence observed indicates a decrease in price volatility, thereby reducing the cryptocurrency’s susceptibility to sudden and significant changes. The upper limit of the Bollinger Bands is determined to be $5.49, serving as a formidable resistance level for Polkadot. Surpassing this level is expected to present considerable challenges for the price to overcome. On the other hand, the lower limit of the Bollinger Bands is established at $5.21, indicating the strongest support level for Polkadot.

The recent crossing of the DOT/USD price over the Moving Average curve suggests a bullish movement in the market. However, the current linear trend in the price indicates a lack of significant dynamics. This suggests that the bullish momentum is gaining strength and has the potential to dominate the market in the upcoming weeks. The price appears to be stabilizing in a secure position, and the volatility bands do not pose a substantial threat to the prevailing bullish sentiment. If the bulls strategically maneuver, they may establish a long-term regime and retain control over the market.

Polkadot price analysis, the Relative Strength Index (RSI) is currently at 48, indicating a relatively stable state for the cryptocurrency. This RSI value places Polkadot in the central neutral region, suggesting dominant selling pressures.

Polkadot Price Analysis Conclusion

The analysis of Polkadot’s price indicates a noteworthy potential for positive movement in the cryptocurrency market. Currently, there is a steady upward trend, indicating sustained positive activity. Moreover, there seems to be ample room and potential for further upward movement in the future. Based on this analysis, the outlook for Polkadot is considered favorable.

#POLKADOT #crypto2023 #Binance #BinanceTournament

The price of Polkadot has been trading sideways within a narrow range of $5.7 to $6.6 in recent days, with a slight uptick of only 0.7% in the past 24 hours indicating consolidation. The weekly chart shows a decline of 1.7%, and the technical outlook is bearish with decreasing demand and accumulation.

Although buying pressure is still present above the $6.10 mark, the ongoing consolidation has caused a decline in buyers’ confidence. If buyers fail to act soon, Polkadot could drop below its current price level and reach its local support level.

Similar to Polkadot, other altcoins have also exhibited a lack of decisive price action due to Bitcoin’s indecisive movement between $26,800 and $28,800 over the past few weeks.

Should Bitcoin continue to trade in this range, altcoins may remain stuck under their immediate resistance levels. The market capitalization of DOT declined to indicate a rise in demand for the altcoin.

Polkadot Price Analysis: One-Day Chart

At the time of writing, Polkadot’s native token, DOT, was trading at $6.18, with immediate overhead resistance levels at $6.30 and $6.60. If DOT manages to break past the $6.30 resistance level, where selling pressure is currently intense, it could potentially attempt to trade above the $6.60 mark.

However, a decline from the current level would bring Polkadot down to $6.10, which could bring bears back into the market and potentially drag the altcoin down to $6.

In the previous session, the amount of Polkadot traded declined, which indicated a fall in demand for the altcoin on the one-day chart. This, coupled with the ongoing consolidation, has caused a decline in buyers’ confidence.

Technical Analysis

In the previous session, buying strength in the Polkadot market had been attempting to recover. However, despite these efforts, the DOT token was trading laterally, failing to break out of its current range.

At the time of writing, the Relative Strength Index (RSI) had fallen below the half-line, indicating that sellers were currently outnumbering buyers in the market. Nevertheless, with just a slight push from the buyers, DOT could potentially rebound and travel back into the positive buying zone.

Similarly, the price of the asset had also dropped below the 20-Simple Moving Average (SMA) line. This reading suggested that sellers were driving the price momentum in the market, with demand falling on the daily chart. However, the 20-SMA can act as a support level for the asset in the event of a further drop in price.

As the buying strength declined, DOT began exhibiting sell signals on its daily chart. The Moving Average Convergence Divergence (MACD) displayed red signal bars, indicating a sell signal for the altcoin.

This suggested that the price momentum was gradually shifting in favor of the bears. Meanwhile, the Bollinger Bands, which reflect price volatility and fluctuations, remained narrow, pointing towards range-bound movements for DOT in the upcoming trading sessions.

#DOT #POLKADOT #crypto2023 #crypto #Binance