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

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