The market is currently undergoing a slight pullback that has led to price dips in the past day. Polkadot is among the altcoins that have made significant losses, and it has erased some of the gains made in recent weeks.
Polkadot is trading at $23.70 at the time of writing after a 10.2% loss in 24 hours.
Polkadot Price Analysis
The price of DOT shows massive selloffs attributed to trader selloffs. This trend has pushed prices below the $24 resistance levels. The bullish trend could recover, and we could see DOT breaking past this resistance. However, increased supply from traders selling could pose a major hurdle to this uptrend.
Nevertheless, the dip in DOT prices opens up ideal buying chances for investors who might have felt left out in the recent rally. Hence, they could choose to buy at these prices, paving the way for the next DOT bull run.
In the past 24 hours, most of the broader market has made significant losses; hence we could see a further downtrend if traders sell out of fear that another recession will happen. However, this slight recession has happened in the past few weeks, and assets have recovered prices. Hence, some traders remain optimistic that prices will resume an uptrend.
Polkadot is among the scalable networks that compete with Ethereum to become notable in decentralized finance (DeFi). Polkadot has already managed to achieve a parachains working model that will implement sharding. Ethereum plans to achieve sharding after the ETH 2.0 upgrade; hence Polkadot has already positioned itself as a leader in this aspect.
Where to Buy Polkadot
If you want to buy DOT during the current dip, you can do so from the following platforms:
eToro is one of the leading cryptocurrency exchange platforms where you can buy cryptocurrencies. eToro is a social copy trading platform that allows new traders to learn from expert traders’ trading strategies. eToro is also renowned for having low trading fees.
The other exchange platform where you can buy DOT is Kraken. Kraken is one of the largest cryptocurrency brokerage platforms. Kraken supports a wide range of cryptocurrencies and trading pairs. Kraken is also reputed for charging low trading fees and for being supportive of new traders.
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