The Polkadot price is gaining momentum as sentiment in the crypto industry improves. The coin has jumped by more than 5% in the past 24 hours, bringing its total market capitalization to more than $16 billion. It is the 9th biggest cryptocurrency in the world. The total market cap of all cryptocurrencies has risen by more than 1.18% in the past 24 hours.
Polkadot news. Polkadot is a leading blockchain project that was developed by a co-founder of Ethereum. Like Ethereum, the network helps people build decentralized applications. Some of the biggest projects built using the ecosystem are Kusama, ChainX Bridge, and Acala Network. Developers love Polkadot because of its cross-chain interoperability. It is also a stable network built from the ground up using proof-of-stake technology.
The Polkadot price is bouncing back after falling to a multi-month low in June. Its price is about 30% above the lowest level in June. This trend is mostly because the price of Bitcoin has remained solidly above $34,000. It is also because of the upcoming Ethereum London hard fork that will happen later this month and the overall decline of the 10-year yield. So, what next for the DOT price?
The four-hour chart shows that the Polkadot price formed a double-bottom pattern at around the $14.50 level. The neckline of this pattern was at $16.54, which it has crossed today. At the same time, the coin has moved above the 50-day volume-weighted moving average and is approaching the important resistance at $17.07.
Therefore, in my view, the DOT price will likely have a bullish breakout in the near term. If this happens, the next key level to watch will be at $21.66, which is at the intersection of the 23.6% Fibonacci retracement level and the descending blue trendline. On the flip side, a move below the lower side of the double-bottom will invalidate this trend.
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