After a gloomy market, Cryptocurrency reappearing. On Wednesday, the Polka Dot (DOT/USD) recorded his 7% gain and returned to the $6.48 resistance. Polkadot is one of many tokens that have recorded profits. Ethereum is the top earning coin among the top cryptocurrencies, up 14% in one day. Bitcoin rose 7% on the same day.
Wednesday’s rally is a testament that crypto investors are still active. Notable developments were not driving proliferation. Instead, the cryptocurrency built on previous developments to revive. It wasn’t that big.
As for Polkadot, we know that blockchain is positioned to be the smart contract platform of choice. In particular, the Polkadot parachain has been touted as the key to blockchain interoperability. At his Token2049 conference in September 2022, Parity Technologies CMA Peter Ruchatz shared his thoughts on Parachains. He said blockchain will grow through interoperable systems, referring to Polkadot’s parachain.
Ethereum’s POS shift occurred in September. Ruchatz explains that multiple blockchain participants are looking to connect to his Ethereum via his Polkadot. Polkadot and its native token, DOT, could benefit from his Ethereum merge.
DOT recovers to or slightly above $6.48 resistance
Source – TradingView
Technically, the DOT has crossed the short-term downtrend line. The price moved higher but reached resistance at $6.48.The resistance coincides with the 50-day moving average. The DOT has never recovered above its 50-day moving average since mid-August.
Should I buy DOT?
There is no doubt about the DOT’s long-term bull market. Blockchains are garnering praise for their ability to enable blockchain communication. Therefore, given the low price from previous highs, value investors will find his DOT attractive.
The DOT’s litmus test shifts to whether the cryptocurrency can successfully clear $6.8. Don’t get me wrong, the cryptocurrency is trading at $6.51 but the price has yet to be recognized as a breakout.
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