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Price Analysis

Can Polkadot (DOT) Stay Above $10?

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Polkadot has declined over 70% since it touched an all-time high in early November 2021. DOT has been struggling to gain strength, just like any other cryptocurrency.

Polkadot and many other sponsors are keen to sign up with Barcelona before their contracts with Rakuten and Beko end in six months. Despite the Nou Camp’s financial difficulties, the LaLiga club continues to attract commercial interest, and a potentially lucrative bid may even be enough to significantly relieve their off-field problems. The entire value of the sponsorships might approach $90.1 million, with Barcelona still seeking for firms to front their shirts as well as having their emblem on their sleeves and training outfit.

Polkadot’s offer, as fees climb, can only be regarded as a calculated move – with the network seeking to attract new retail investors as DOT attempts to restore its spot among the top 10 cryptocurrencies (by market cap).

Key Takeaways (DOTUSD)

  • Acala, an Ethereum-compatible DeFi protocol for scaling dApps, has outlined what lies ahead for the project following its successful debut on the Polkadot Mainnet this week. Acala stated earlier this week that it has launched its DeFi-focused network on the Polkadot mainnet, with its native coin, ACA, currently trading.
  • With their Karura parachain, Acala won Polkadot’s inaugural parachain auction. As a result, it gained a seat on the Polkadot ecosystem with over $1.3 billion in DOT provided by over 81,000 excited supporters from around the world. According to Acala’s plan, the entire rollout of its network will take place in stages, with the first phase allowing users to send and receive ACA as well as engage in project governance. Acala has now released over $600 million in total value locked (TVL) in Liquid Crowdload DOT (LCDOT) tokens and has over 200,000 unique token holders worldwide.

Price Analysis of DOTUSD

Fear & Greed Index: 24, Extreme Fear

All-time High: $55.00

ROI: 537.04%

24h Change: -1.10%

7d change: -21.17%

Market Cap: $17,501,361,629

Circulation Supply: 987,579,315 DOT

Total Supply: 1,103,303,471 DOT

Weekly Chart Breakdown of DOTUSD

DOTUSD Price Analysis

Source: TradingView

Polkadot is following a rising trendline on a weekly timeframe. If the bulls succeed in rebounding the market above $17, we might see a rally towards $25. On the other hand, a break below this trendline and $17 will push the market towards $10.

Daily Chart Breakdown of DOTUSD

DOTUSD Price Analysis

Source: TradingView

Polkadot price is following a falling channel on the daily timeframe. The DOT price has been consolidating near the support for the past few days. Buyers are struggling at this demand zone to push DOT back $25. A break below $17 will push the market towards $10.

1 Hour Chart Breakdown of DOTUSD

DOTUSD Price Analysis

Source: TradingView

DOT’s has been moving in the range between $17 and $19 in the past week. A break on either side will clear the direction of the upcoming move.

Final Thoughts

2022 started with major slumps in cryptocurrency markets. Investors are fearful and hopeful at the same time. Polkadot had a tremendous 2021. Will it have a good 2022? We’ll see….

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

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