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Polkadot (DOT / USD) price rose to a major resistance level as cryptocurrency prices surged on Thursday. DOT rose to $ 28.35, which was the highest since May 21. It has a market capitalization of more than $ 25 billion (£ 17.6 billion) and is the eighth largest cryptocurrency in the world.
Polkadot chart
Polkadot rises
Like most altcoins, Polkadot’s price dropped sharply on May 21 as investors were concerned about Chinese regulations and high interest rates in the United States. At the time, the cryptocurrency was down by more than 72% to a multi-month low of $ 13.90. Since then, the price has risen more than 105%.
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For starters, Polkadot is a relatively popular blockchain project that was built by Gavin Wood, who was also a co-founder of Ethereum. Polkadot is a project that is relatively similar to Ethereum in that it allows developers to build decentralized projects, also known as Dapps.
In recent years, many developers have selected Polkadot as their platform of choice. They love it because it is relatively scalable, fast, and relatively secure than Ethereum. Most importantly, the projects built on the platform can work alongside those of other chains.
Some of the most popular projects created in Polkadot are Kusama, Chainlink, and Ontology. The three projects have a market capitalization of more than $ 3 billion, $ 14 billion, and $ 1 billion, respectively.
Polkadot’s price is rising after Master Ventures launched a fund to support developers who are building on the ecosystem. The $ 30 million fund will support projects competing for parachain slots.
The price is also increasing due to the general demand for digital currencies. In the last 24 hours, cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and Cardano have risen more than 5%.
Polkadot Price Analysis
Returning to the four-hour chart, we see that the DOT price has rebounded after falling sharply in May. The token has managed to move above $ 26.14, which was the highest point on May 28. It was also the neckline of the inverted head and shoulders pattern.
It has also moved above the 38.2% Fib retracement level at $ 27.44. At the same time, it has risen above the 25- and 50-day exponential moving averages (EMAs). Therefore, the Polkadot price is likely to continue to rise as the bulls target the next key resistance at $ 31.70, which is roughly 12% above the current level.
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