Polkadot (DOT) stands at $36.35, at the time of writing. Polkadot crypto’s price has increased by 0.65% in the past twenty-four hours while the daily trading volume has gone up by 25%. Polkadot is the 8th largest cryptocurrency with a market capitalization of $33 billion. DOT coin has established its all-time high at $48.36 two weeks ago and after market corrections, the coin appears to be picking up the pace again.
Poladot (DOT) Technical analysis
The technical indicators for Polkadot coin are standing at a neutral position as the bulls and bears both vie for dominance in the market. Out of the 26 technical indicators, thirteen are giving out a buy indication with eight standing at neutral and only five indications of sell.
A trader has given a bullish analysis for the coin. Per the trader, Polkadot crypto is set towards the moon. Polkadot can be observed to be operating above the 18-day Moving Average – indicating a rise in the price level. The immediate resistance level facing Polkadot coin lies at the 0.618 Fibonacci retracement level – at the price level of $39.46 – followed by $44 and $50. The trader has set a price target for Polkadot above $100 with the possibility of going even higher. However, if the bears dominate the market then Polkadot will be able to find stable support at 0 Fibonacci retracement which lies parallel to the price level of $26.
Osprey’s Polkadot trust
The cryptocurrency asset management firm Osprey Funds has announced the creation of a Polkadot (DOT) fund in order to allow their customer base to invest in the cryptocurrency. The trust’s management fee of 2.5% is also said to be exempted before 2023. Polkadot trust will be available at by private placement at $25,000 and above to qualified investors only.
Greyscale Investments had taken a lead in creating a Polkadot fund along with others; however, the final details of Grayscale’s Polkadot trust are yet to be finalized which makes Osprey’s Polkadot trust the first of its kind in the market. The announcement of the fund may have been what accounted for the bullish momentum in DOT coin’s market.