As we approach the conclusion of 2018, it’s time to look back at the year that was with a macro look at the largest digital currencies and tokens. We will start with the most-talked-about cryptocurrency, the ‘Internet of Things’ project known as ‘Polkadot’. The success of the project was a key factor in the growth of the cryptocurrency market and the overall market capitalisation. We will also look at the growth of some of the most-talked-about tokens, including the stablecoin ‘DOT’.
Let’s get back to what we’re talking about: the Polkadot ICO. Over the last two months, the DOT price has risen from $0.15 to a peak of $3.53 at the time of writing. All of the previous daily trading volume has also been concentrated on the last few days, thanks to the announcement of the token sale, which was supposed to begin on September 1st, 2017.
Though its blockchain is not live yet, Polkadot has shown a lot of promise and potential. With an estimated valuation of over $1 billion, it has become a wide-ranging project, with various stakeholders involved. The initial coin offering (ICO) market has been plagued by scandals with many scams having taken place, and some projects never even making it to the ICO stage. These scams have had a huge impact on the market with many ICOs failing to reach their hard cap. Not only that, but blockchain experts have criticised the ICO title as being unprofessional, with many questioning the functionality of the project.. Read more about polkadot price prediction and let us know what you think.TL;DR
- Polkadot’s price analysis shows signs of a resumption of the upward rally past $26.00.
- The bullish sentiment is reflected in volume of $2.27 billion.
- DOT/USD ready to push back up along the Bollinger Bands
- The rising price channel is even more interesting for the bulls, as it targets a high of $26.85.
Crypto-currency heatmap by Coin360 The Polka dot price chart shows renewed optimism among the bulls as the pair climbs to $26.85. The bulls are trying to push the price to new highs daily with the right technical indicators. Unlike Cardano or Bitcoin, the DOT/USD pair shows a gradual and mature price movement. The same is true for volume, which reached a daily high of $2.27 billion, reflecting the strong underlying bullish sentiment that has returned after nearly three weeks in the market. Bulls expect the current price action to continue as price moves above the Tenkan-Sen for the third consecutive day. Surprisingly, the RSI on the hourly chart is approaching the 70 level, indicating that a slight correction in the trade is imminent. According to Polkadot’s price analysis, the sharp rise should justify a similar price movement. Although it is not uncommon for the RSI to remain high in a prolonged bull market.
Polkadot’s price movement over the last 24 hours: up towards $28.00
Support at $20.00 has played a crucial role in the pair’s upward movement. According to Polkadot’s price analysis the pair is in a rising price channel due to the extremes of the Bollinger Band. The price capitulation is also evidenced by the volume increase near the primary support at $20.00. Short-term resistance for the pair is at $27.00 and then $30.00. However, given the high volume, it is likely that the DOT/USD pair will reach the $32.00 level if it continues its current trajectory. The upward trend is also supported by the moving averages on the hourly charts, which are pointing up, albeit slightly. On the daily chart, we see a divergence pattern of the dragonfly type forming, which should attract more buyers to the DOT. According to Polkadot’s price analysis, the same configuration will help the pair maintain its bullish progression for the rest of the trading session.
DOT/USD 4-hour chart: Technical indicators support price growth
Price chart Polka Dot by TradingView The RSI indicator on the hourly chart is showing slightly overbought levels. A slight correction could be in the offing, but the bulls should make it a stagnation rather than a prolonged decline. The MACD cross shows an upward trend, indicating an impending buy. Traders can expect an increase in buy orders if the pair closes above $28.00. Current volume of $2.27 billion is at a 20-day high. Still, there is buying pressure on the pair according to Polkadot’s price analysis. The daily gain of 5.8% is more than enough to force buyers to take short-term long positions on the hourly charts. Small but green candles indicate that the grind will increase in the coming sessions, according to the Polkadot price analysis. The Stochastic RSI assumes that the upward slope is synchronized with the rising price channel. Moreover, the same indicator is showing early signs of a crossover, which could bode well for the bulls. The weekly Stochastics remain in oversold territory and do not indicate significant buying. Moderately bullish technical indicators have pushed the price above $26.50.
Polka Dot Price Analysis Output: All set for transition $30.00
A convergence of technical indicators is driving the DOT towards the first significant resistance at $30.00. To break above $30.00 resistance and close near $32.00, the excessive rise needs strong support from the broader market. The MACD indicator is approaching the zero line and could go below it. This marks the end of the weekly decline and an increase in momentum. The immediate resistance is at $27.00 and the pair has been pushed off the highs of $28.00 during today’s trading session. The Bulls have a strong wind at their back, but they will have to overcome opposition on offense. The analysis of the Polka Dot price also shows that the DOT recovery could be more moderate compared to other altcoins that are experiencing stronger recovery moves. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.As part of our series we are calling Polkadot price analysis, today we are discussing the best ways to use the Polkadot token. The initial coin offering (ICO) for the Polkadot platform is still a decade away, but the future is looking bright for the project.. Read more about polkadot news and let us know what you think.
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