The blockchain industry is developing rapidly, and many cryptocurrencies have evolved from being merely alternatives to fiat currencies to becoming important players in the decentralized finance (DeFi) space. Polkadot is one of the blockchains vying for dominance in the DeFi space. The network is one of Ethereum’s main competitors, and its native token DOT has also benefited from this.
Currently, DOT is trading at $27.80, up 10.5%.
The past month has seen increased market volatility, and DOT has experienced its ups and downs. While it has made significant gains, there have also been some declines, which have had an impact on the value of DOT.
The current buying pressure is likely to continue, after which we may see DOT retest the $28 resistance level. This level has been reached in the past 24 hours but quickly fell back. If these bulls have their way, DOT may rise above $30, after which the coin may strive to regain its all-time high.
On the other hand, we may also see DOT heading for a downtrend. If the market support weakens, the next support level that DOT will test is $24. This support level could spark another bull run if some buyers decide to buy during the dip. DOT has retested the $24 support level several times before breaking out to higher levels.
The recent boom of Polkadot as an alternative network that solves the scalability issues faced by Ethereum developers has been attributed to the price increase. Polkadot offers scalability and speed, which has led to the launch of various DeFi projects on the network. One of the most notable projects on Polkadot is Parallel Finance. The project recently raised $22 million in a Series A funding round. This shows that there is a huge potential for projects launched on the network.
If you want to buy DOT, you can create a cryptocurrency exchange account on the following platforms:
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Gate.io is another exchange that supports DOT. This is also another leading trading platform. Gate.io supports a wide range of cryptocurrencies and trading pairs. It also supports a wide range of cryptocurrencies and trading pairs.
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