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Polkadot Could Present Buying Opportunity As Bullish Outlook Continues

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Polkadot Could Present Buying Opportunity As Bullish Outlook Continues

The Polkadot price has breached the $5 resistance mark in the past trading sessions. Over the last 24 hours, DOT has appreciated by 3.8%. The price of Bitcoin has been surging, which has caused other altcoins to also move upward on their respective charts.

When Bitcoin crossed the $18,000 price mark, other altcoins broke past their immediate resistance marks. Polkadot price momentum remains bullish in the shorter time frame. The technical outlook for DOT showed that despite a price correction, accumulation on the chart increased.

Polkadot demand also showed an increase on its chart. The asset’s price has to remain above the $5.40 support line and breach the $6.20 resistance level if the coin has to maintain a bullish stance for a longer time frame.

The daily chart of DOT also points towards an incoming fall in price, which means that traders might be presented with shorting opportunities. Currently, DOT is trading at an 89% discount from its all-time high secured in 2021.

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Polkadot Price Analysis: One-Day Chart

Polkadot was priced at $5.89 on the one-day chart | Source: DOTUSD on TradingView

DOT was exchanging hands at $5.89 at the time of writing. Polkadot had formed a cup and handle pattern, which means that the bullish momentum can continue, which is why Polkadot resumed its northbound journey on the daily chart.

Overhead resistance for the coin stood at $6. Toppling the $6 mark can take the coin to $6.20. As Polkadot was overbought, demand for the coin could trickle down.

This can cause the price to fall for a few trading sessions before it starts to rise again. In case of a price retracement, DOT will encounter its local support at $5.40 and then at $5.33.

These two levels can be an entry point for buyers, as the altcoin will rise in value after it touches these support lines. The amount of Polkadot traded in the last session was still green, indicating that buying pressure remained.

Technical Analysis

Polkadot depicted an uptick in demand on the one-day chart | Source: DOTUSD on TradingView

The asset had secured a multi-month high in registering demand in the past week. The coin was overvalued a week ago, and as a result, demand has retraced slightly. The Relative Strength Index fell back from the 80 mark, which was a sign of the asset being overbought.

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At press time, DOT again registered an uptick, indicating that buying strength was building again. On that note, the price of DOT was above the 20-Simple Moving Average line, hinting that buyers were driving price momentum in the market.

The coin was also above the 50-SMA (yellow) line. Despite that, the 50-SMA line crossed above the 20-SMA line, which signified a death cross. A death cross means an incoming fall in value. This reading corresponds to traders finding the chance to short the asset.

Polkadot showed receding buy signals on the one-day chart | Source: DOTUSD on TradingView

The Moving Average Convergence Divergence (MACD), which depicts price momentum and reversals, showed declining buy signals. This means that the price will fall over the next trading session.

The Parabolic SAR also sides with the MACD as the dotted lines were formed above the price candlestick, indicating that the asset’s price direction was starting to become negative. Overall, the bulls could continue to dominate the price action in the shorter time frame.

Featured Image From UnSplash, Charts From TradingView.com

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Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling?

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Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling?

Polkadot (DOT) is in the green (see image below) and going steady. Could this hint at price recovery? Even though Polkadot’s funding rate plunged for a while, it is showing some improvement at the time of writing.

Here’s a quick look at DOT price movement:

  •  Polkadot price is up by 14.9% in the weekly
  •  DOT low in market cap dominance
  •  DOT shows a spike in development activity

According to Coingecko, DOT price has skyrocketed by 4% in the last 24 hours, and trading at $6.50 as of press time.

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Polkadot Eco-Friendliness To Drive Positive Momentum

January was phenomenal for most cryptocurrencies that are enjoying a price rally, but DOT was seen struggling and was unable to reach its pre-FTX levels

On a positive note, DOT was the only asset that consumed the least electricity when pitted against other cryptocurrencies. This eco-friendly quality of DOT can drive positive momentum for the coin.

POLKADOT – THE ECO-FRIENDLY BLOCKCHAIN

Thanks to CCRI Report 2022, we found @Polkadot was ranked #2, only followed by US Household in terms of the total yearly electricity consumption 🚀

Let’s see more details below 👇#Polkadot $DOT #AVAX #ALGO #BTC #ETH #SOL #ADA pic.twitter.com/S5WxxvJSA0

— Polkadot Insider (@PolkadotInsider) January 25, 2023

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Even though the weighted sentiment on Polkadot remained to be negative last December, its low electricity consumption can drive a change in public sentiment, switching it to positive which is great news for Polkadot.

Image: Santiment

The low trading volumes suggest that the bears may have the upper hand. This action has the potential to push DOT prices below the $6.154 support level, putting the brakes on the recent uptrend in DOT.

DOT is predicted to spike in terms of development activity which could tick developer interest this year. In addition, DOT is said to potentially tip its pre-FTX levels in the next couple of days or weeks.  

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DOT total market cap at $7.3 billion on the daily chart | Chart: TradingView.com

In the event that this positive pattern persists, DOT’s pace of rebound is estimated to climb, which would enable bulls to charge beyond the resistance located at $6.845 and $7.235, which is the range that existed before the crypto turmoil broke out around late November.

Social Metrics Up For DOT

The number of people staking DOT has also increased by over 6.2% as seen in the past month which also hints at a positive streak for the asset. More so, social metrics have also increased for DOT.

Social mentions spiked by 7.6% with engagements shooting over 26K. Interestingly, DOT has been increasingly popular as more people are interested in and talking about it.

Polkadot social mentions. Image: LunarCrush

Additionally, there are upcoming referendums in line with runtime and governance upgrades that could increase the attractiveness of the coin to investors.

Meanwhile, the market sentiment enveloping DOT still has that air of uncertainty considering its shrinking market cap and high volatility.

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Featured image from Freepik

Christian Encila

Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.

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altcoin

Can ‘eco-friendly’ Polkadot gain public favor? This data suggests…

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Can ‘eco-friendly’ Polkadot gain public favor? This data suggests…

  • Polkadot’s eco-friendliness could positively impact sentiment.
  • Upcoming developments and a growing number of stakers could also drive interest.

According to recent data provided by PolkadotInsider, Polkadot [DOT] consumed the least amount of electricity compared to other cryptocurrencies in the market. This eco-friendliness could impact Polkadot and the sentiment surrounding the cryptocurrency positively.

POLKADOT – THE ECO-FRIENDLY BLOCKCHAIN

Thanks to CCRI Report 2022, we found @Polkadot was ranked #2, only followed by US Household in terms of the total yearly electricity consumption 🚀

Let’s see more details below 👇#Polkadot $DOT #AVAX #ALGO #BTC #ETH #SOL #ADA pic.twitter.com/S5WxxvJSA0

— Polkadot Insider (@PolkadotInsider) January 25, 2023


How many are 1,10,100 DOTs worth today?

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The sentiment remains unchanged

However, according to data provided by Santiment, the weighted sentiment around Polkadot remained negative throughout the last month. However, the lack of electricity usage of Polkadot could play a role in changing public sentiment around the cryptocurrency and nudge it in a positive direction.

Source: Santiment

The growing number of social mentions and engagements for Polkadot could also have a positive impact on the cryptocurrency. Over the last week, the number of social mentions grew by 19%. Moreover, engagements for Polkadot grew by 23.9% during the same period.

This could indicate that more people are talking about Polkadot and engaging with the cryptocurrency, which could lead to increased adoption and interest in DOT.

There have also been several upcoming referendums which could affect the network. The new referendums would deal with governance and runtime upgrades, which could make the cryptocurrency more attractive to investors. Additionally, the growing number of stakers on Polkadot, which grew by 5.9% over the last 30 days, could also indicate a positive impact on cryptocurrency.

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Source: Staking Rewards

Polkadot sees spike in transfers

Moreover, Polkadot’s daily transfer amount also witnessed a huge spike, according to data provided by SubScan. The number of transfers increased from 9.5 million to 58.4 million over the last week. This could indicate that more people are actively using and transferring their DOT.

Source: SUBSCAN


Realistic or not, here’s DOT’s market cap in BTC’s terms


However, despite these positive developments, the token’s market cap dominance declined over the past month and volatility grew by 2.76%. This could indicate that investor sentiment around Polkadot was uncertain at press time and the crypto currency’s future performance was not guaranteed.

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Source: Messari

These recent developments, although positive, may not be enough for Polkadot to see green in the short-term, but it may have a positive impact on the cryptocurrency in the long run.

The price of DOT was $6.18 at the time of writing and it decreased by 5.51% in the last 24 hours, according to CoinMarketCap.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Polkadot [DOT] ecosystem’s weekly digest and everything latest

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Polkadot [DOT] ecosystem’s weekly digest and everything latest

  • The latest edition of Polkadot’s weekly digest was released recently.
  • Metrics and market indicators remained in DOT’s favor over the last week.

Polkadot [DOT] recently published the latest edition of its weekly digest, mentioning all the notable developments that happened in the ecosystem in the last seven days. 

🔹@polkadot’s XCM version 3
🔹@SubsocialChain wins Polkadot’s 37th auction
🔹@Litmus wins Kusama’s 66th auction
🔹 $LKSM by @AcalaNetwork became a Bitcoin Vault collateral on @kintsugi_btc
🔹@ShidenNetwork burning is active
🔹$TBCD stablecoin by @sora_xor https://t.co/GxxOUokXML

— Polkadot News (@polkadotnews) January 22, 2023

The weekly digest first mentioned the approval and implementation of Referendum 96, which resulted in the Polkadot runtime being updated to version 9340.

With this, the maximum number of nominators receiving rewards per validator increased from 256 to 512. The third version of Polkadot’s XCM has been merged after 15 months of work. This enables bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking, and more.


Is your portfolio green? Check the Polkadot Profit Calculator

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Moreover, Polkadot 0.9.37 was released during the last week with medium upgrade priority, and DOT remained the second largest network in terms of developer count. 

Praiseworthy performance

Polkadot not only pushed quite a few updates last week, but its performance on the price front was also optimistic. CoinMarletCap’s data revealed that DOT registered over 5% weekly gains, and at the time of writing, it was trading at $6.31 with a market capitalization of more than $7.3 billion. 

DOT’s on-chain metrics were also supportive of the network over the last seven days. For example, except for a short decline, DOT’s volume remained consistently up.

In fact, DOT’s development activity increased considerably, which is, indeed, a positive signal. The altcoin also remained popular in the crypto space as its social volume went up. However, DOT’s one-week price volatility took a hit, which might have restricted DOT from registering over 5% weekly gains. 

Source: Santiment

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How much are 1,10,100 DOTs worth today?


Sellers led the market

A look at Polkadot’s daily chart revealed that the buyers enjoyed a clear advantage in the market over the past week. The MACD displayed a bullish crossover at the beginning of this year, and since then, the bulls have had the upper hand.

DOT’s Money Flow Index (MFI) remained above the neutral mark throughout the last week, further establishing the buyers’ edge. The Relative Strength Index (RSI) also registered upticks, but during the concluding days of the week, it entered the overbought zone. 

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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