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The recent resurgence across the crypto market, fueled by Bitcoin, has helped Polkadot (DOT) regain decent bullish ground over the past few sessions. The ninth-largest cryptocurrency gained over 22% over the past week and currently trades at $18.10.
While the overall market sentiment is not completely bullish yet, altcoins have had a better performance streak than Bitcoin and Ethereum over the past few days.
The cryptocurrency industry is getting dragged down by the growing spate of regulatory scrutiny across the globe. Also, the energy-intensive process involved in mining BTC has triggered extra declines for the primary cryptocurrency and the industry.
However, this is where crypto players like Polkadot are making significant impacts, boasting of better energy-efficient transaction procedures than others. Polkadot—touted as the ‘Ethereum killer’—has more use cases than many other digital assets, especially with the impending launch of its parachains that would give its users blockchain interoperability capabilities. DOT has recorded significant gains since the successful parachain auctions on the cryptocurrency’s canary network, Kusama.
Meanwhile, top crypto analyst ‘The Crypto Dog’ forecasts that we could see a rally in Bitcoin in the coming months, which could push DOT by 83% in the near term.
Key Polkadot Levels to Watch — August 2
Following a goodish bounce over the past week, Polkadot peaked at the $20.00 psychological resistance before correcting by more than -10% to $17.60 earlier today. That said, bulls need to facilitate a rebound from the $17.60 support back to the $20.00 area over the coming hours or risk an additional correction to the $16.00 round figure, where our ascending trendline resides.
DOT has wandered into overbought market conditions, based on the 4-hour MACD indicator, and needs to cool off soon, further confirming the possibility of a correction to the $16.00 area.
Meanwhile, our resistance levels are at $20.00, $22.00, and $24.00, and our key support levels are at $17.60, $16.40, and $14.00.
Total Market Capitalization: $1.6 trillion
Polkadot Market Capitalization: $17.7 billion
Polkadot Dominance: 1.1%
Market Rank: #9
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