- Polkadot saw a massive collapse for its record peaks.
- $15 acts as stable support.
- DOT can reverse the underperformance sessions.
Polkadot (DOT) saw its price weakening from $55 towards $16.2 since 4 November last year. While publishing this content, the alternative coin exchanges hand at $18.86. The crypto market noted sell-offs this week as BTC plummeted to $35,000. Such developments had DOT prices under pressure.
DOT Can Upgrade to Changes
Polkadot (DOT) is an open-source blockchain project enabling multi-asset transfers across different blockchains. Peter Czaban, Robert Habermeier, and Dr. Gavin Wool founded the Polkadot platform. Furthermore, Web3 Foundation offers grants to upgrade the DOT ecosystem.
The developers designed the project to connect public and permissionless platforms, consortium and private chains, and future technologies yet to come. Users can interoperate with many blockchains within the Polkadot ecosystem and build custom blockchains within minutes through the Substrate structure.
Polkadot boasts incomparable economic scalability. For instance, it ensures transactional scalability via spreading the transfers across many parallel blockchains. Meanwhile, DOT holders have control over the network. They can vote in decision-making activities about worldwide updates and Polkadot’s platform upgrades.
Polkadot presented massive gains during November 2021’s initial days, hitting an all-time high at $55 on 04 November. For now, the alt hovers over 60% lower than its ATH. However, Polkadot remains a promising project, and DOT might see its price surging towards record-high levels.
JPMorgan’s David Kelly stated the latest crash came after Fed Reserve revealed plans to impose over three rate hikes in 2022. Risk assets tend to suffer in such conditions. That is because the cost of borrowing funds becomes more expensive.
Bears Dominate DOT
Polkadot recorded weakening movements from its peak high near $55, achieved 4 November. For now, technical analysis reveals a bearish market for DOT. The alt had its dependable support at $15. Failure to keep this value area will see DOT falling towards $13. Meanwhile, an upswing past $25 will depict a massive ‘buy’ signal, triggering an upside move towards the resistance of $30.
The technical analysis reveals DOT in a bearish market. However, an upswing beyond $25 will mean reliable buying momentum, opening the road to $30. That way, the altcoin might have a dip-buying opportunity for interested individuals. However, beware of crypto risks.