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The crypto market has been on an upward trend since the beginning of August. Some cryptocurrencies have made massive gains, while others have consolidated at specific levels. Polkadot is among the market gainers, and its rising values could see the coin make a new all-time high. Polkadot (DOT) currently ranks ninth in terms of market capitalisation.
Polkadot is trading at $26.56 at the time of writing after an 8.5% gain in 24 hours.
DOT Price Analysis
Polkadot is currently on a strong bullish rally where we could see prices test even higher levels. Market support remains relatively strong; hence the risk of dumps is slightly low. In this case, we will likely see prices consolidate at this level.
Market volatility for the coin is currently high; hence we could see a massive rally on either the upside or the downside. If there is a bullish rally, the coin could test the upper resistance of $28. This could increase the likelihood of DOT going beyond one. DOT is only around 45% behind in reclaiming its all-time high; hence bulls will be critical at this point.
On the other hand, if DOT fails to push higher, it could retest lower support at $22, which will allow it to gear up for a bull run. Bullish sentiment at such low levels will be triggered if there are traders buying during the dip.
One of the main reasons why DOT has become a popular cryptocurrency in the market is that the Polkadot network acts as one of the scalable blockchain networks poised to compete with Ethereum. The network promises DeFi developers if low trading fees and fast transaction processing.
Where to Buy DOT
If you want to buy DOT tokens, you can do so from the following platforms:
eToro is one of the leading exchange platforms where you can buy DOT coins. eToro is reputable for having a social copy trading feature that allows new traders to copy the strategies of expert traders, thereby increasing their profitability chances.
The other platform where you can buy DOT is Kraken. Kraken is one of the largest cryptocurrency exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. Kraken also charges low trading fees and has user-friendly features.
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