Polkadot Price Analysis – Will the double-digit rise continue?

By July 26, 2021Polkadot
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Polkadot Price Analysis

Polkadot News: In this article, we will give general information about the current status of Polkadot (DOT) and how it can be followed.

With the recent mass upswing in the crypto market, it has greatly benefited Polkadot (DOT) as Bitcoin is posting double-digit daily gains. At the time of writing, DOT/USD is up more than 11%, trading around $15.

After a few weeks of bearish movements, Bitcoin (BTC) started climbing higher last week, gaining over 20%. Crypto kingpin BTC looks set to test the key $40,000 level soon, bolstering comments from Elon Musk, who hinted that he might consider resuming payments in cryptocurrencies soon.

Another boost has raised the odds that e-commerce giant Amazon may consider accepting payments in digital currencies after its latest job posting, which calls for “an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.” .

Aside from bullish moves in Bitcoin and other leading cryptocurrencies supporting the rise of other altcoins, DOT is getting additional support from the launch of the first DEX in the Polkadot ecosystem.

Dex: Decentralized exchanges are a type of cryptocurrency exchange that allows direct peer-to-peer cryptocurrency transactions to be conducted online securely and without the need for an intermediary.

Polkadot’s blockchain has been getting updates to various use cases lately. Recently, Switzerland-based SEBA Bank, in partnership with 21Shares and Valour, launched the SA1 Polkadot ETP for trading on the SIX Swiss Exchange. Also, Pontem, an experimental network system for Facebook’s own digital currency startup Diem, has recently partnered with an infrastructure provider on another blockchain, PinkNode, to deploy Diem on Polkadot’s network.

Such partnerships are bound to provide strong support for Polkadot.

Polkadot detailed price forecast

On the 4-hour chart of DOT/USD, most of the moving averages are showing a strong bullish trend, in addition to the leading technical indicators MACD and momentum. The price remains above the pivot point at $12.73 and looks ready to test the first resistance at $15.08.

A break above the key $15 level could indicate that buyers are ready to push the price above $20. However, to do so, it must break the next resistance level at $16.42.

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