Polkadot Price Analysis: DOT Token successful in sustaining above the $30 range

By September 7, 2021Polkadot
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DOT Token
  • Despite the volatility persisting amongst the crypto-verse, DOT Token price was able to sustain above the $30 level
  • The press time price of DOT/USDT is $33 established on the back of a 0.72% decline in the past 24 hours
  • Cream Finance to collaborate with Polkadot with the help of Moonbeam

DOT Price to reclaim the $31 support cushion

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Polkadot kickstarted the month of September by climbing above the critical barrier of $30. However, after that, the price went on a purification spree as short-term sellers booked their profits. This resulted in the altcoin accumulating above that particular zone, followed by formulating a swing high of $34.

The gradual rise in the trend has contributed to the Relative Strength Index of Polkadot exhibiting bearish divergence on the charts. The very noticeable divergence is the prime reason behind the speculation that DOT token price will soon reclaim the support cushion of $31. The occurrence of this scenario will be accompanied by a resurgence of buyers, who will further enter long positions.

While a rebound scenario holds the most accountability, the clearance of the $35 resistance will be the first target objective. A break above the swing high will open the gateway towards the overhead resistance $38, which stands at an elevation of 10% from the breakout level.

The worst-case bearish scenario suggests that the loss of the $31 support cushion will give DOT bears an opportunity to catch up with the support trend line. Keeping in mind that the support trend line is bolstered by the 20 Exponential Moving Average, a weekly close will trigger an 8% decline. The bearish possibility comes at the cost of narrating the ability of the bulls to survive above the $30 zone as a potential threat for a bull trap.

Nonetheless, the Polkadot price trend is hovering inside an uptrend while staring at the controversial resistance of $40. Even though the current price is at a low of 30% from its ATH, bulls have emerged this trend as the mark of a successful uptrend.

Cream Finance to launch on Polkadot through Moonbeam

Cream Finance, a multi-purpose Defii protocol has exploited the core features of Decentralised Finance. Lending and borrowing being the heart of Decentralised Finance, will now be a part of Moonbeam.

Moonbeam is a Polkadot-based smart contract para chain that operates through the native Glimmer token (GLMR). The integration between Cream Finance and Polkadot will come with lending and borrowing services on the Moonbeam protocol. Through this integration, users will be given the liberty to use Cream Finance’s services, which mainly include depositing assets as collateral or lending them out.

SUPPORT : $30

RESISTANCE : $40

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