Polkadot is one of the fastest-growing and scalable blockchain platforms poised to be the ‘Ethereum killer.’ In June, Polkadot came into the limelight following the parachains auction, which contributed to immense gains. However, some of those gains were shed off after the recent volatilities in the market.
DOT is trading at $18.55 at the time of writing after a 0.7% gain.
DOT Price Analysis
Looking at DOT’s chart, the token has made significant strides to reach a higher level. The token has maintained an uptrend in the past week, which could be because of the support garnered from the broader cryptocurrency market. With ethereum gunning for $2500, we could see DOT’s bulls become even stronger.
If the uptrend persists, we could see polkadot heading towards the $21 resistance level. If traders remain optimistic at this point, we could see the coin moving to even higher ground, where it could jump to $26.
Currently, bitcoin and altcoins are facing resistance and fighting to maintain their levels. If this continues, we could see a slump in DOT prices to retest lower levels at $11. If a crash happens at this point and DOT is pushed to below $10, we could see massive selloffs that could resume strong bears.
Polkadot recently had a big win after hosting one of the fastest-growing DEX platforms. dTrade, a next-generation decentralized exchange dealing in derivatives, announced that it had deployed smart contracts on Polkadot’s Moonbeam.
A week before the dTrade announcement, Karura Swap, a decentralized exchange, also launched on the Polkadot ecosystem with $3.4 million in total locked value.
If Polkadot continues to gain adoption among DeFi developers, DOT could be headed towards an uptrend, and it will be in a position to compete with Solana and Polygon to be the next Ethereum platform.
Where to Buy DOT
If you want to buy polkadot, you can create a cryptocurrency exchange account on the following platforms:
One of the platforms that support Polkadot is eToro. eToro is a leading cryptocurrency exchange, and it supports a wide range of cryptocurrencies and trading pairs. Besides, it charges low trading fees and has supportive features such as a demo trading account and copy trading, which come in handy for beginner traders.
The other platform where you can buy DOT is Binance. Binance is also another leading exchange in terms of trading volumes. Binance charges low trading fees and supports a vast range of trading pairs.
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