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Polkadot Price Prediction: DOT Price Surges As BTC Rallies

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Polkadot Price Prediction: DOT Price Surges As BTC Rallies
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Dot price was in a downtrend since the middle of April when the price faced rejection at $6.94 and began forming lower lows. The cryptocurrency’s price fell by approximately 38% from its $6.94 high. During June, polkadot price formed a support level at $4.30 and began its journey to recover from the losses. 

The price has been struggling to rise above $5.60 since the start of July. The level was rejected by the price twice. The previous candle closed bullish which led to the formation of a support level at $5.17. The current candle broke the high of the previous candle and is currently headed toward the resistance level of $5.56. 

Polkadot Price Prediction: DOT Price Surges As BTC Rallies
Source: DOT/USDT By TradingView.

If bulls can push the price above $5.56, it might rise toward the next resistance level of $5.86, which would result in a gain of roughly 5.40%. Traders should wait for the candle to close above $5.56. 

Quarter 2 Report Of Polkadot

Polkadot has remained committed to developments and expansion of its network throughout Quarter 2. Some of the milestones achieved during this period include the launch of OpenGov, which is an advanced governance model. Another milestone was the introduction of XCM V3 on the Polkadot mainnet. 

Polkadot reported a revenue of $81,000, decreasing 32% quarter over quarter. Polkadot also saw a decline of 16% quarter over quarter in market capitalization, decreasing from $7.74 billion to $6.24 billion. The revenue of polkadot tends to be lower than its competitors due to its network structural design. 

The upcoming events of Polkadot are System parachains, Para threading, and Asynchronous backing. The implementation of these features will further enhance the network’s functionality, interoperability and scalability. 

Will Dot Price Rise Above $6 In July? 

Polkadot Price Prediction: DOT Price Surges As BTC Rallies
Source: DOT/USDT By TradingView.

The cryptocurrency’s price has positively crossed the 20,50,100 and 200-day EMAs, implying that the price is in a bullish momentum. Chaikin money flow score is 0.05, indicating strength in the market. The relative strength index (RSI) has crossed the 50 mark and is currently at 58.09, suggesting that there is a strong presence of bears in the market. 

The price is currently headed toward the upper band of bollinger which resides near the resistance level of $5.56. The long/short ratio of Polkadot is 1.05 with 51.34% longs and 48.66% shorts, signifying higher buying positions in the last 24 hours. 

Conclusion

As BTC started to rally, the altcoins are also moving in an upward direction. Technical parameters also paint a bullish picture with the moving averages and with the RSI indicating bullish signals. The market structure and price action of Polkadot are also bullish as BTC rallies. 

Technical levels

Major support: $5.17 and $5.00

Major resistance: $5.56 and $5.80 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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