CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2025-03-01 15:57:48

Polkadot price stuck at a key support, pointing to a 170% surge

Polkadot price remained above its make-or-break level this week as Bitcoin and most cryptocurrencies crashed. Polkadot ( DOT ) fell to a low of $4, slightly higher than the critical support level at $3.60, where it has failed to fall below several times since 2022. The token has held steady above this support level for two main reasons. First, Grayscale and 21Shares have filed for a spot DOT exchange-traded fund , which they hope will be popular among Wall Street investors. Spot Bitcoin ( BTC ) and Ethereum ( ETH ) ETFs have done fairly well among investors, as they attracted a combined $40 billion in assets. Second, Polkadot price has remained steady as the network prepares to launch Polkadot 2.0 which will introduce new changes. It will introduce features like agile coretime, elastic scaling, and asyncronous backing. The upgrade’s goal is to reduce the average block time to just 6 seconds and allow dynamic scaling, which will make it one of the fastest layer-1 networks in the crypto industry. Polkadot 2.0 will also lower the barriers to developers aiming to build on the chain. It will do that by introducing an Ethereum Virtual Machine, or EVM, which will enable developers to build dApps without going through the expensive and time-consuming parachain auction process. Polkadot 2.0 will also have JAM, which will enhance its capabilities, transforming it from an interoperable blockchain into a complete suite for building all types of Web3 applications. Dr Gavin Wood – Wrote Ethereum yellowpaper in 2014 – Wrote Polkadot whitepaper in 2016 – Now released JAM graypaper in 2024 The foundation of future Polkadot 2.0 ⭕️ It will combine the strength of Polkadot & Ethereum A Mega Thread on the future of Polkadot 🧵 [1/19] ⬇️ pic.twitter.com/eRCqcAbCkK — Emil Kietzman🐂⭕️ (@EmilKietzman) April 18, 2024 You might also like: Polkadot launches JAM course to empower web3 developers Polkadot price analysis DOT price chart | Source: crypto.news The weekly chart shows that the DOT price avoided dropping below the support at $3.60, even as most altcoins crashed. That price is a crucial one since DOT has formed a quadruple bottom since 2022. Like a double bottom, a quadruple one is a highly bullish sign in technical analysis. Polkadot price has also formed a small falling wedge pattern, which happens when there are two falling and converging trendlines. These two lines are now nearing their confluence levels, pointing to an eventual rebound. The first target for this price action is $11.72, the highest swing in November last year and 170% above the current level. The second target will be at $23.80, the 38.2% retracement level. Read more: NFT sales plummet 28.9% to $107m, Pudgy Penguins sales drop 80%

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.