Polkadot DOT/USD has advanced from $14.05 to $23.85 since February 24, and the current price stands at $23.19.
Polkadot can easily upgrade itself to changes
Polkadot is an open-source project that enables cross-blockchain transfers of any type of data or asset, not just tokens. Polkadot is often called a “blockchain of blockchains” because it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain.
Users can create a custom blockchain in just several minutes by using the Substrate framework, and as a result, Polkadot has become a growing ecosystem that competes with other smart contract networks such as Ethereum and the Binance Smart Chain.
Polkadot’s design is unique, and it allows it to become a network of blockchains with secure transactions and varying features, all while using the resources of its relay chain.
It is also important to say that Polkadot can easily upgrade itself to changes without hard forks as better technologies become available, and this ease of development helps Polkadot’s network grow.
Dr. Gavin Wood, Peter Czaban, and Robert Habermeier are founders of Polkadot, while Web3 Foundation provides grants for the development of the ecosystem. Polkadot is continuously working on new features and upgrades, while Dr. Gavin Wood added:
More than any year yet, 2022 is the beginning of our next chapter in Polkadot’s story. We’ll see the prospect of scaled hyper-connectivity under a single security umbrella which Polkadot provides come to life as the more parachain teams win auctions and join the Polkadot party.
DOT is the native cryptocurrency of the Polkadot network, and this token can be used for voting, staking, bonding, and securing the network.
Polkadot token holders have complete control over the protocol, and they can influence the project’s governance by voting on changes.
Holders can stake their DOT tokens to secure the network, and Polkadot rewards them with newly minted tokens based on the amount they are staking.
Many important projects have already partnered with Polkadot, and according to the latest news, New York-based exchange-traded product sponsor WisdomTree has announced that its Polkadot exchange-traded products were listed in France and the Netherlands.
$25 represents the first resistance level
The cryptocurrency market has been advancing last three weeks, Bitcoin has stabilized above $45000, and this situation also positively influences the price of Polkadot (DOT).
The first resistance level for Polkadot (DOT) stands at $25, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to $27 or even $30.
The current support level stands at $20, and if the price falls below it, the next price target could be at $18.
Summary
Polkadot (DOT) has been advancing last several weeks, and according to technical analysis, bulls control the price action for now. The first resistance level for Polkadot (DOT) stands at $25, and if the price jumps above this level, the next target could be at $27.
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from Market Analysis – Invezz
