The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Assessing the odds of Polkadot breaching $30 in the short term

by Miki 08/23/2021
by Miki 08/23/2021 0 comment

Most of the market has been rather responsive to Bitcoin’s price action lately. But, even though a lot of altcoins have carved their own niche, the larger market is still waiting for Bitcoin’s cue. Solana, Cardano, and Terra (LUNA) set up independent rallies and made new ATHs while other top alts journeyed on the back of the larger market sentiment.

Polkadot is in the latter category. But, following the market seems to have worked out pretty well for the crypto. 

Traders’ support

DOT’s rather impressive price rally presented an almost V-shaped recovery. Even though it followed BTC’s price, Polkadot’s rally was much more sustained and straight, when compared to the king coin. The reason behind the same was strong support from traders in DOT’s market. 

Better-ranked coins including Bitcoin, Ethereum, and even Cardano (which made another ATH) had lower trade volumes in this rally, compared to their May rallies. On the other hand, DOT saw almost similar trade volumes this time. 

Bullish price action 

Polkadot has been bullish for more than a month now, with its last four weekly candles closing in the green. Polkadot’s price has risen by more than 170% from the last low of $10.3 around 20 July. On 21 August, DOT managed to test $29 but soon met with some consolidation as $28.5 acted as a strong resistance.

This was a crucial level for DOT as it acted as solid support during the last rally. 

Source: DOT/USDT Trading View

Now, at the time of writing, the price action looked more neutral than bullish. However, it was notable that DOT has constantly been making higher lows – a bullish signal and a sign of a sustained rally.

Additionally, the RSI for DOT which seemed to be falling ticked up again, presenting pressure from buyers. So, is Polkadot set to blast above $30 as it sits at $28.2 at press time?

Low development a roadblock? 

While on the price front everything looks good, DOT’s metrics seemed to be painting a worrisome picture for the alt. Polkadot’s development activity sat at an all-time low, at the time of writing. In fact, it has consistently declined after peaking on 13 July. 

Source: Sanbase

Furthermore, social sentiment, which plays a huge role in rallies, didn’t show much market enthusiasm for Polkadot. Nonetheless, this moderate market sentiment didn’t affect DOT’s ROI which was positive.

Its 7-day ROI v. USDT was +13.85%, for one month it was +102.12%, for three months it stood at +25.42% and had a +599.81% yearly ROI. Impressive, to say the least.

In the case of Polkadot, its traders could overshadow the social and developmental aspects to push its price up. A strong push from the market’s bulls in the near future could easily send its price rallying above $30.

Source link

Views: 0
AssessingbreachingoddsPolkadotshortterm
Share
0
FacebookTwitterPinterestEmail
previous post
Grayscale Tops Up Ethereum Investment To $10 Billion
next post
Hoskinson shares why ‘first-to-market’ cannot work out for Cardano

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Why Ethereum might attain $3000 earlier than Ethereum Basic reaches $100?

  • Kraken CEO Says Bitcoin Below $40k Is A Buying Opportunity

  • Bitcoin Miner Gryphon Announces the Purchase of 7.2K Antminers S19J Pro from Bitmain for $48M

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,356.000.31%
  • ethereumEthereum(ETH)$1,973.250.43%
  • tetherTether(USDT)$1.00-0.03%
  • usd-coinUSD Coin(USDC)$1.000.18%
  • binancecoinBNB(BNB)$315.004.00%
  • rippleXRP(XRP)$0.4119500.30%
  • Binance USDBinance USD(BUSD)$1.000.10%
  • cardanoCardano(ADA)$0.530.46%
  • SolanaSolana(SOL)$50.020.72%
  • dogecoinDogecoin(DOGE)$0.0849020.66%
  • polkadotPolkadot(DOT)$10.083.88%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,347.000.34%
  • Lido Staked EtherLido Staked Ether(STETH)$1,923.19-0.47%
  • AvalancheAvalanche(AVAX)$29.501.43%
  • tronTRON(TRX)$0.0739293.55%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.0000121.28%
  • daiDai(DAI)$1.00-0.01%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.590.81%
  • CronosCronos(CRO)$0.1882531.57%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.90-0.18%
  • matic-networkPolygon(MATIC)$0.641.55%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.035.32%
  • FTX TokenFTX Token(FTT)$30.040.97%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$192.080.48%
  • RareRare(RARE)$0.0461220.00%
  • stellarStellar(XLM)$0.1311094.09%