- Polkadot has recently unveiled a major release which can push the asset price to a new high.
- Technical indicators of DOT suggests a consolidated trend. It has seen a drop of 1% in the intraday session.
Polkadot is a blockchain protocol that aims to enable interoperability between different blockchain networks. It aims to enable interoperability between different blockchain networks. It was created by a team led by Dr. Gavin Wood, who is also a co founder of Ethereum.Polkadot’s key innovation is its multi-chain architecture, which allows different blockchain networks to communicate and transfer data with each other. This is done through the use of “parachains,” which are parallel chains that run alongside the main Polkadot chain and can be customized to suit the needs of different projects.One of the major benefits of Polkadot is that it allows for greater scalability and security than traditional blockchain networks. By having multiple chains running in parallel, transactions can be processed simultaneously, reducing the strain on any one chain and increasing overall throughput. Additionally, the use of a shared security model helps to protect against potential attacks on individual chains.ood, who was also a co-founder of Ethereum.
Polkadot has a market cap of $7.2 Billion and is ranked 12th in the cryptoverse. Volume to market cap ratio of the DOT suggests a consolidated trend in price.
Bulls Of DOT Are Looking For Upside
The weekly technical chart of the Polkadot suggests a weak upside trend in price.On the daily chart it is trading near the value of $6.24 with again of 5%.The upside trend of DOT can see a halt near $10.Meanwhile the support of the price can be seen near $4.It is currently trading above the 50 and 100 DMA.It may see a positive crossover which can push the asset price to a new high.On the 4 hour chart it is seeing a strong move and can see a bullish run in the future.
Conclusion
Polkadot has recently released an update which can turn it into bullish sign. Various analysts are expecting a growth in the future.
Technical Levels
Major Support:$4
Major Resistance:$8
Source: https://www.thecoinrepublic.com/2023/01/21/polkadot-price-prediction-dot-price-halts-after-a-brief-runwill-it-bounceback-for-15/