|Performance after Wednesday 01-Feb|
Polkadot (DOTUSDT) price for the week to-date dropped -1.16% or -0.077 lower to 6.53. At time of writing into Thursday’s trading session, Polkadot has increased by 4.34% over the past 24 hours. For the record, DOTUSDT is -88.12% below all-time high of 54.98. On Wednesday, DOT rose 3.31% to 6.47.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising, our analysis is that there is bullish momentum and price could continue to go higher.
End of January, DOT is up by 50.08% or 2.158 higher.
What can we expect from Polkadot today?
Looking ahead for the day, immediate upside resistance level at 6.63 (R1) while on the downside, we are looking at daily low of 6.03 as an important support. Break below this level could weaken the current bullish momentum.
Polkadot need to break on either side to indicate a short-term bias. A break above 6.49 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Polkadot is falling as the pair posted lower, down by -1.16%. Prior performance for the week ending 2023-01-29 was 6.51%.
Key levels to watch out:
Last updated: 01:53 am UTC, 02-Feb 2023
Polkadot is a platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable heterogeneous multi-chain technology.Polkadot is heterogeneous because it is entirely flexible and makes no assumption about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.Many of the native parachains of Polkadot will be written using a Polkadot Runtime Environment SDK (e.g. Parity Technologies’ Substrate).