InstaForex

September 2, 2021

Polkadot Gets Attention Predicted to 'Rocket' Again?

 The Polkadot network continues to get attention from most investors about its stately technology and projects and is often linked as a competitor to Ethereum.


Polkadot has been showing quite encouraging price movement in recent times, producing a 32% jump reaching its latest high of $ 33.85 in 2 days.


Some of the factors that have driven the price movement soared, among them is the ‘parachains slot auction’.


Can be observed on the DOT/USDT price movement chart.


The August trading session, DOT seems to have managed to produce over 93% jumps!



From a technical point of view, the DOT price movement is seen hovering in the $ 33 resistance zone, either making a correction or continuing to rise higher.


If the price movement shows a bullish pattern, it will break the $ 33 resistance zone and in turn will make consecutive highs.


However, if the price movement shows a bearish pattern, the $ 29 RBS (resistance become support) zone will be tested again to either make a rebound or continue the decline to a lower level.


At the time of writing, the DOT is trading at the $ 32 price level jumping over 6% in the last 24 hours.