- DOT/USD next major target on the upside is near the $50.0 round figure.
- ICON blockchain core developers integrate Polkadot Ecosystem
Polkadot (DOT), a blockchain ecosystem that aims to be a scalable, sharded variant of Ethereum, is off to a good start in 2021. Even though the token was only released last year for active trading and transferability, the project has rapidly grown in value. DOT is the 5th largest asset on the Coinmarketcap table, with an estimated market cap of $41.77 billion. DOT, the native token of Polkadot, at the time of writing is trading for $45.19. It has increased by around 43 percent in the last 7 days.
Interoperability is one of the most important things for developers and blockchain networks. ICON (ICX) and Polkadot (DOT) are now working together for developers to be able to build decentralized cross-chain applications.
DOT/USD Daily Chart
The DOT/USD pair rebounded from a support level formed by the moving average (MA 50) at $32.48 on March 24. There was a bullish break above sellers confluence zone in the prior day at $41,03 level where a continuation pattern evolved to hit all-time highs at $47.19 at the time of this post. On the upside, the bulls are likely to gain strength if there is a clear break above the $47.19. DOT/USD next major target on the upside is near the $50.0 round figure.
Although bulls are taking a breather beneath the new all-time high at $47.19 and $50.0 round figure, with consolidation on extended daily candlesticks in the positive region likely to precede fresh weakness. Corrective downticks should be limited at $41.03 former supply zone turned demand zone to keep bears intact. The relative strength index (RSI) on the daily time frame is now issuing a strong buy signal, following the prior day’s leap above the $41.03 level.
- Supply Levels: $53.00, $50.00, $47.19
- Demand Levels: $41.03, $39.41, $35.66
Overall, any sudden loss of the $41.03 level remains attractive and will prompt DOT/USD dip-buyers to take advantage of the lows pushing price past the $50 round figure.