Polkadot Price Prediction: Is it in a Bullish Trend Reversal?

Summary:

The latest Polkadot price analysis shows DOT moving past the $7.4 resistance level following yesterday’s strong and aggressive bullish trend.

The latest Polkadot price analysis shows DOT moving past the $7.4 resistance level following yesterday’s strong and aggressive bullish trend that resulted in a 10 per cent surge in value. Today, the prices have peaked from where yesterday’s strong and aggressive bullish move left, and the DOT is already up by 3 per cent. Moreover, the current trend is also looking aggressive and bullish, indicating that it might close higher.

Part of the reason for the current surge in its prices is due to its recent Q2 data, which showed the platform has continued to improve amidst a strong and aggressive bearish trend in the cryptocurrency industry. In addition, the data showed that the platform had approved over 400 grants by the Web3 Foundation. The grants would go towards helping tech startups build new blockchains.

Polkadot’s Q2 report also showed that the number of developers had increased to 1,400. This was a 75 per cent increase year-on-year and is an indication of the platform’s continued growth. There was also an increase in the platform’s core contributors, bringing the total number to over 500.

Additional parachains were also added to the network. According to the data, there were 621 forkless upgrades across all substrate-based blockchains. This included Kusama and Polkadot Parachains. The platform also recorded an average of 293 million DOT transfers per month. This figure surpassed that which was recorded in the first quarter, 288 million transfers.

Polkadot Price Technical Analysis

Polkadot saw a huge spike in its price in yesterday’s trading session, which resulted in a 10 per cent increase in the markets. The surge also saw prices break out of the $7.4 resistance level. Today, the trend looks to be continuing and approaching the next resistance level of $8.8.

There is a high likelihood that we will see the price hit the resistance level and trade above it. However, should the price retreat and trade below the $7.4 price level again, then my bullish analysis will be invalidated. As a result, the bearish trend will also have resumed.