This past week, the price of the Blockchain-based cryptocurrency Polkadot (DOT) reached a massive milestone : a market cap of over $200 million. This means that it has quickly become a contender to replace Ethereum as the #2 crypto, which has a market cap of over $300 billion. However, one factor must be considered: the company behind Polkadot has a dismal track record, and its CEO has a history of fraud.
Polkadot is poised to make a splash in the market come September, when its own version of the Ethereum blockchain goes live. The move by the project’s founder, Gavin Wood, represents a major change of direction for Polkadot, which has previously been associated with the Ethereum Classic (ETC) blockchain and the Ethereum Foundation. The new network, which will be known as Cosmos, will be a separate entity and will focus on the development of a scalable and scalable blockchain.
Polkadot has been hailed as the “Ethereum Killer” since its inception. The problem is that Ethereum is the leading cryptocurrency by market cap. Polkadot has certainly done well so far, breaking through $0.50 during the first half of August. But it seems to be losing steam, which could put it in danger by the end of the year.
- Polkadot manages to break beyond its resistance level.
- DOT is an open-source multichain sharding mechanism.
- If the bullish trend continues, the DOT price will shortly reach its all-time high.
Polkadot (DOT) has just broken out with a lot of volume from the $29 resistance level. At press time, the DOT price was trading at $33.06 on CoinMarketCap, with a 24-hour trading volume of $2,427,064,312.
According to the aforementioned chart, the resistance and support levels for DOT are as follows.
- $50.48 is the first level of resistance.
- Level 2 Resistance – $74.33
- Level 1 Support – $26.63
- Level 2 Support – $10.56
The graph depicts DOT’s bullish performance. If the current bullish trend continues, DOT will hit its all-time high of $49.69 before the end of September. In addition, the trend will break out and hit the $74.33 resistance level. If the trend were to reverse, DOT might fall below $10.56, indicating a bearish indication.
Polkadot is an open-source sharding multichain protocol that allows any information or asset type, not just tokens, to be transferred across blockchains, making a broad variety of blockchains compatible.
Furthermore, the interoperability aims to improve a fully decentralized and private web that is entirely controlled by its users. The platform will make it easier to create new apps, institutions, and services.
Furthermore, the Polkadot protocol connects public and private chains, permissionless networks, oracles, and future technology, allowing these separate blockchains to exchange data and transactions in a trustless manner via the Polkadot relay chain. More specifically, the Polkadot native token DOT has three distinct functions: network governance, operation, and security.
The cryptocurrency market has been on a downward trend since January. Many people have lost confidence, and some even lost their investments. The market has been fluctuating between $0.0004 and $0.0008 for many months. Many investors have lost hope and even their interest in cryptocurrencies. However, the price of the cryptocurrency Polkadot (DOT) is breaking out and it is steadily climbing towards $49.69, and if it reaches the $49.69 mark, it will break the current downward trend and hopefully reach a new, upwards trend.. Read more about polkadot price news and let us know what you think.
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