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Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

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Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

Polkadot has been one of the breakout stars of 2022. The cryptocurrency has managed to thrive in a market where most digital assets are taking a beating and losing value rapidly. With its breach of $8, the cryptocurrency has taken another step as it cements its position as one of the largest contenders in the space, dethroning the beloved Dogecoin in the process.

Polkadot Takes 10th Place

Meme coin Dogecoin has been able to maintain its position in the crypto top 10 by market cap over the last couple of weeks. However, this changed this week with the recent Polkadot rally. The digital asset had more than 7% in the last seven days to bring its trading price higher than $8.5, and this pushed its already impressive market cap over the $9.4 billion mark.

The result of this was that the market cap of DOT surpassed that of Dogecoin. Polkadot is now ranked as the 10th largest cryptocurrency by market cap, but that’s not all. Even as the market is recording a retracement, DOT remains one of the only cryptocurrencies to mark green over the last 24 hours and one-week timeframe.

At the time of writing, DOT is currently trading at $8.52 with a 24-hour recovery of 6.15%. It’s interesting that the digital asset is trading this high, given that its trading volume is actually down. With $427 million in trading volume over the last day, it is down more than 8% in this regard.

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DOT trending at $8.3 | Source: DOTUSD on TradingView.com

As a general rule, Polkadot looks to be following the recovery trend of Ethereum. This breakout in the largest decentralized finance (DeFi) network had spread to other networks, causing them to see the largest recovery during this time.

DOT Eyes $9

The recovery in the price of Polkadot has set it on an incredibly bullish path. It has now hit important technical levels, which propose that the recent rally may still have some steam in it. Most prominent of this has been the digital asset’s climb above its 50-day moving average of $7.4.

Since investors are willing to buy the cryptocurrency at higher prices, the buying pressure is mounting, especially as sellers experience fatigue during this time. Additionally, with the recent high rates of inflation, more investors are moving into the decentralized finance market in a bid to find suitable hedge for wealth.

DOT also has some free range to grow, given that the next significant resistance point lies at $9. This price point is incredibly attractive for bulls as it puts DOT on a platform to contend for 9th place with DeFi competitor Solana.

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Featured image from Phemex, chart from TradingView.com

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Altcoins

Assessing the odds of Polkadot [DOT] sustaining its growth

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Assessing the odds of Polkadot [DOT] sustaining its growth

Polkadot has been grabbing headlines recently with its performance. The latest updates on the network have added fuel to DOT’s uptrend in the crypto market.

This has made DOT the highest performing crypto asset among CoinMarketCap’s top 10 tokens. DOT, at press time, was trading at $9.01 after gaining a significant bull charge over the week by 16.35%.

The token has, however, lost momentum since 8 August and has taken a hit of 3.34%.

Dotting the map

According to data from Lunar Crush, Polkadot has scaled new heights during this week. In a weekly review update, Polkadot Insider has provided information to support this claim.

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Social signals of the network suggest that Acala, Moonbeam, and Astar are the most influential projects on Polkadot right now.

Social mentions of Polkadot have clocked around 211.29k while social dominance has racked up at 0.40% over the period under review.

Impressively, social engagements surrounding Polkadot have crossed more than 700 million during the first week of August.

Source: Polkadot Insider/ Twitter

Furthermore, the Polkadot-based Astar network has announced a partnership with Alchemy Platform to accelerate dApp development.

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This news release will certainly be a boost for Polkadot as it will promote user growth on it.

Another Polkadot-based network, Phala, has launched a stake pool description function on its application.

It will allow pool owners to access social channels such as Discord and Twitter directly from the application.

1/ Last week the Polkadot ecosystem continued building, deploying and growing. Check out some of the announcements from the ecosystem and hear the latest news from the parachain teams, infrastructure providers, and wallets in this week’s #PolkadotRoundup.

Read the 🧵below

— Polkadot (@Polkadot) August 8, 2022

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Well, Polkadot has certainly shown growth in several on-chain metrics. The market-wide sentiment has provided a timely boost to support Polkadot in its future.

However, a report suggests that DOT could yet see a near-term setback. It followed bears at press time after noting a negative change in the past day.

A sudden setback has shifted the course of network volume which was still 36% up on 9 August.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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Analysis

Biggest Movers: FLOW Moves To Highest Point Since May, DOT Fast Approaching $10 Level

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Biggest Movers: FLOW Moves To Highest Point Since May, DOT Fast Approaching $10 Level

Flow was in the green to start the week, as the token climbed to its highest point since May. The surge has seen prices rise by as much as 15% on Monday, as recent gains were extended. Polkadot was also higher, as it too cemented multi-month highs.

FLOW

FLOW was one of Monday’s most notable movers, with prices of the token increasing by as much as 15% in today’s session.

After trading at a low of $2.59 on Sunday, FLOW/USD rallied to an intraday high of $3.13 to start the week.

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This move saw FLOW rise to its highest point since May 11, when prices were trading above $4.00.

FLOW/USD – Daily Chart

Looking at the chart, today’s peak comes as the token broke out of its long-term resistance at $3.00.

The surge comes as price strength continues to climb, and as of writing, is tracking in overbought territory.

Currently, the relative strength index (RSI) is at a reading of 75.28, which is close to its highest point since April.

This could be a positive for bears anticipating imminent price declines.

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Polkadot (DOT)

Whilst FLOW moved to a three-month high, polkadot (DOT) moved to its highest level in close to two months.

DOT/USD raced to an intraday peak of $9.36 to start the week, less than 24 hours after residing at a low of $8.54.

As a result of Monday’s surge, DOT moved briefly above its price ceiling of $9.30, which is one of the last lines of defense to a move above $10.00.

DOT/USD – Daily Chart

Since hitting earlier highs, gains in polkadot have somewhat eased, as bulls likely moved to secure profits.

This drop in momentum coincides with the 14-day RSI hitting a resistance level of its own near the 67 mark.

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Should DOT want to extend its move towards the $10.00 mark, then relative strength will need to overcome this obstacle.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect polkadot to surge to $10 this week, despite being overbought? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Dragos Asaftei / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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btcusd

Polkadot Loses Steam As DOT Sheds 10% After Weekly Gains

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Polkadot Loses Steam As DOT Sheds 10% After Weekly Gains

Another tumbling block for Polkadot (DOT) as its price has declined by over 10% touching $7.70 after closing July in flying colors. Further, DOT seems to hold on to the support zone above $8 especially as the coin will encounter hurdles at $10.

Just when it thought it was bound for the home run, the ETH killer succumbed and slumped after wowing everyone with an impressive bullish streak. More so, Polkadot was seen to have a bearish movement and has tanked to $7.70.

DOT Price Spikes 12% Then Drops 10% Overnight

As July was nearing its end, DOT harbored support coming from the bulls. Dubbed the top performer among all altcoins, DOT is winning by over 40% as seen from July 26 to 31 showing five successive green candles. Impressively, DOT’s powerful performance helped the coin tick off previous resistance levels.

CoinMarketCap data shows that DOT was able to bounce back from an intraday low on July 26 that registered at $6.53 jumping to as high as $9.21 by July 31.

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DOT price soared by 12% on August 1 but hit a juncture on the road and fell flat by 10%.

DOT Making Some Gains at $8.22

As of this writing, DOT was able to recover and made some gains seen at $8.22 which shows a price pump of 4.72% according to the CoinMarketCap daily chart. Despite the gains, DOT is facing hurdles at $10. It is believed that if the bulls pushed harder, it could breach the current level and escalate further.

DOT seems to be putting a tight grip on the $8 support zone to stop further decline. Meanwhile, the DOT price should stay afloat or above the critical support level of $8 because if it inches below that zone, the coin will have to target a lower support level or around $6.

According to Piers Ridyard, Radix CEO, Polkadot was negatively impacted by the recent attack on the Nomad chain which took out a sum of roughly $190.7 million. Consequently, after the attack, Nomad was crippled and lost roughly $190 million of TVL. 

With DOT price trying to brave the current and deter a further decline, the rest can anticipate if the bulls will give DOT the needed push to wing it in the next coming days. 

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DOT total market cap at $8.07 billion on the daily chart | Source: TradingView.com    Featured image from PreventionWeb.net, chart from TradingView.com

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