The Polkadot price soared to a high of $42 during the weekend. Since then, it has lost some of the gains but it is still trading 45% above where it was in the past seven days. Also, its total market cap is at $34 billion, making it the fourth-biggest digital currency in the world after Bitcoin, Ethereum, and Binance Coin.
Polkadot is a blockchain network developed by a co-founder of Ethereum. The network helps developers build blockchain projects that solve key world projects. In its whitepaper, it describes itself as the “next-generation blockchain protocol that unites an entire network of purpose-built blockchains.”
Users say that the network is faster, secure, and easy to use than its competitors like ethereum. It also allows “heterogeneous sharding, scalability, upgradeability, and transparent governance and cross-chain composability.”
As a result, the number of projects built on Polkadot has been rising. Among the notable ones are Acala, Moonbeam, KILT, and Plasm, among others.
The Polkadot price has been on a strong upward trend in the past few months. And during the weekend, it rose to a high of $42.
Since then, it has formed a relatively narrow descending channel on the four-hour chart. The price has also moved slightly lower than the upper side of the ascending channel shown in black. It has also formed what seems like a bullish flag pattern.
Therefore, there is a probability that the DOT price will break-out higher as bulls target the next resistance at $50.
