With its all-time high at $41, Polkadot (DOT) coin is facing major resistance at the price level of $40. Ever since the establishment of the all-time high level, Polkadot crypto has tried numerous times to break the resistance but had been unsuccessful every time. During the 24-hour timeframe, the cryptocurrency topped at $38 and with some major fluctuations went as low as $35. At the time of writing, the Polkadot coin has stabilized at the price level of $37.
The market sentiment for Polkadot coin continues to be bullish. Ten of the technical indicators stand at a neutral position while fourteen are giving out a signal of buy and only two are at sell position. The market is dominated by buyers as the positive future outlook for the cryptocurrency continues. Where the oscillators are bearish, the Moving Averages are giving out a strong buy indication.
A step closer to its vision
The vision of Polkadot is to facilitate the interoperability and interconnectivity between block chains. The organization believes that no single block chain is the solution and every block chain has a unique offering which is why it is crucial for all the block chains to work together towards the multichain future.
Polkadot recently revealed that it has entered into a partnership with six distinct protocols to work towards its goal. The protocols include: Interlay, Darwinia, Snowfork, ChainX, Centrifuge, Bitfrost. The end goal of the project is to increase the inter-blockchain compatibility. From building bridges from Ethereum and Bitcoin to Polkadot, to cross-chain tokens and NFTs, the project is destined to take Polkadot to the next level.
Polkadot is the project of Web3 Foundation – a Swiss firm working towards a user-friendly decentralized web. With keeping its goals in mind, all the bridges are completely decentralized and trustless.
Polkadot (DOT) addition to Bybit
Bybit – the leading derivatives trading exchange – has now added Polkadot cryptocurrency to its platform along with Uniswap and Cardano. The users of the platform will now have access to perpetual contracts margined with USDT. Bybit has been regularly adding more pairs to its exchange platform due to increased customer demand. The recent addition of the three pairs are expected to help maintain the liquidity of the exchange.
Amidst all the recent developments, Polkadot (DOT) cryptocurrency has been garnering increasing interest. The platform has a unique offering and as the decentralized web gains exponential adoption, the solution that Polkadot has to the woes of the block chain are going to become important. Polkadot (DOT) has risen very quickly and is currently ranked at 6th in terms of market capitalization – which is a testament to its potential. It would be fair to expect the cryptocurrency to continue to thrive and grow.