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Altcoin Thursday: Polkadot

30th December  2021 | ZebPay Trade-Desk

Polkadot is an open-source multi-chain partitioning protocol that offers cross-chain transfer of any type of data or asset, not just tokens, making various blockchains interoperable. This interoperability aims to create a totally decentralised and private web, controlled by its users, and to simplify the creation of new applications, institutions, and services. The Polkadot protocol connects public and private channels, unauthorised networks, oracles, and future technologies, enabling these independent blockchains to reliably share information and transactions through the Polkadot relay chain.

At the time of writing DOT is trading at $26.67.

DOT after taking multiple support around $25 started moving up and rallied up to $32.83. However, the bulls failed to manage the grip on the asset as Dot made a ‘Shooting Star’ candle and the prices witnessed correction forming the ‘Lower Top Lower Bottom’ pattern. Dot has a strong support zone from $25 to $23, if the price bounces from these levels then we can expect the bulls to resume the up move. A break below the support can lead to further downfall and the asset can slide to the next support level which is at $19.

Support 2Support 1AssetResistance 1Resistance 2

Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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