Dear Readers,
Even though there is some slight sideways movement here and there, the overall condition is there is a wide range of bullishness.
There are various good news came in from across various coins.
We have also witnessed a heavy bull run invariably in all the meme coins- both old and new after a long time. This makes the meme coin investors a super happy. During and before Covid, we have happened to hear that the meme coins have made many investors millionaires. SHIBA Inu and DOGE Coin were so famous during that time. With this heavy upside movements, after a long time, SHIBA Inu retained its 10th position in marketcap which is a good news.
At this point in time, a highly noticeable coin was Polkadot (DOT) has surpassed $10, a strong resistance area.
Polkadot is a blockchain platform and cryptocurrency. The native cryptocurrency for the Polkadot blockchain is the DOT. It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third-party. It aims to connect different blockchains and make the transactions faster and cheaper. The main Polkadot blockchain is known as the “relay chain”. Thus, Polkadot is considered as an unique among the other leading blockchain solutions in providing scalability through sharding, the pooled security of a central relay chain and adaptable consensus, and the interoperability of a multi-chain networks.
Polkadot (DOT) is currently ranked at 12 according the coinmarketcap.com website.
Having crossed the $10 was acted as a strong resistance for Polkadot (DOT) trades at $10.34, a up of 3.78% from yesterday and 17.11% on a weekly basis. It is to be noted that with this current price, Polkadot is trading >50% on a monthly basis. It is currently trading at a lower of 81.24% from its All Time Price of $ 55 which was hit on November 4, 2021.
The recent fantastic movement has not made DOT coin to cross the stiff resistance above USD 10, the 100 day Simple Moving Average and Fibonacci retracement levels shows that DOT is prepared strongly which is likely poised for a upward movement. This is also supported by both MACD and the RSI confirms the bullishness in the coin. While we can also expect some slight sideways movement or slight dump, there is broadly a positive thing for Polkadot.
Moving average convergence/divergence (MACD, or MAC-D) is the wide trend-following momentum indicator that shows the relationship between two exponential moving averages (EMAs) of a security's price. The MACD line is calculated by subtracting the 26-period EMA from the 12-period EMA.
If it moved forward, we can expect its price to be reached to $12.
It is to be noted that Polkadot staking is increasing steadily while we go through the IV Quarter 2023 report analysis.
Apart from this the scalability, operations, growth in eco-system, its para chain projects, technical upgrades of Polkadot found impressive.
There is a bright future for Polkadot and the price would definitely go beyond its ATH in the future.
Whenever there is a dip, add slowly in your portfolio.
