Polkadot is a scalable heterogeneous multi-chain. It provides the bedrock relay-chain confirmable global-coherent and can be hosted all together. Polkadot may be considered equal to a set of independent chains. The only two factors that set aside these chains pool security and trust-free interchain transactability.
Philosophies are guiding the design of Polkadot. The chain is designed to have minimal functionality. It is simple, in that there is no additional complexity in the base protocol that can easily be transferred into a middleware or placed into a para chain.
The protocol is set to be general to the public. The fact that the protocol is for the public is evident in how there are no unnecessary requirements, constraints, or limitations placed on the para chain. The Polkadot protocol design is robust in the sense that it is economically sound and is decentralized to minimize the vectors of high reward attacks.
One of the products of the Polkadot protocol is the Polkadot coin called DOT. The Polkadot coin has continually made significant improvements. By setting new all-time high and breaking them. With all the gains recorded by DOT, traders ask, “how high can Polkadot get this year?”
How High can Polkadot get this year?
Polkadot is a barely a month old coin, but according to CoinGecko, the coin has found a seat among the top 7 largest cryptocurrencies by market cap.
Within the past seven days, DOT amassed a market cap of more than $4 billion and exerted a dominance of 1.29%. The last seven days have also seen Polkadot all-time high of $6.30 and a trading volume of $511,265,303. At the time of writing, a Polkadot is worth $4.46, due to the recent downward movements across the crypto market.
- Key Resistance Levels: $5.50, $5.00, $6.00, $6.50, $7.00
- Key Support Levels: $4.50, $4.00, $3.00,
The coin has made much considerable progress in the last seven days, giving rise to resistance levels and support levels. The $5.00 resistance level just broke. If bulls continue to control the market, prices could test $5.00 resistance level. If damaged, prices can go as high as testing the $5.50 resistance level.
The $4.00 support level is a critical level that, if broken, will send the coin back to the $3.00 support level. The $3.00 support level is long term support that may not break soon. If the current market sentiment continues, the $3.00 support level may not be tested again.
As the saying goes, where there is support, there is resistance. The first resistance under consideration is the $6.50 resistance level. This resistance level is a force to reckon with, and the battle to break it to a support level will be a fierce one.
The $6.00 resistance level will be a support level when the $6.50 resistance level is tested. Before the time of writing, the $6.00 resistance level was tested and broken. The Polkadot coin is currently experiencing a more robust purchase than selloff, which is suitable for the coin as more resistance will be broken if the trend continues.
Akropolis Protocol is a DeFi project and a partner on the Polkadot ecosystem. Currently ranked as 156th by market cap, the Akropolis native token AKRO has made progress in recent times. In the last seven days, the coin lost 10.8%, and gained 1.7% in fourteen days, and lost 3.8% in the past 30 days.
- Key Resistance levels: .29,000 SAT, 31,000 SAT, 34,000 SAT, 36,000 SAT,
- Key support levels: 20,000 SAT, 23,000 SAT, 26,000 SAT
All the outlined resistance has either been tested or broken once or twice before writing. These resistance levels, especially the 29,000 SAT, will not be easy to break as prices seem to be forming a bullish pattern. For prices to hit the seven days high of 43,400 SAT, an increased amount of bull must be present.
The 26,000 SAT is a short-term support level that, given the current trend, maybe broken before it improves. The 20,000 SAT and 23,000 SAT are both long term support that may be untouched by the current bearish pattern.
- Key Resistance Level: $38.0,$48.0, $52.0, $54.0
- Key Support Level: $33.0 $28.0, $22.0
At the time of writing, Kusama (KSM) is worth $37.69. The $28.0 support level is not in danger. However, the $22.0 support level is a long-term support that may not be affected by short-timed bears’ control. It will take many bears to test the $22.0 support level.
Traders are looking forward to seeing the coin hit the all-time high and surpass it. All resistance levels will be broken if conditions are right. The coin may test and break the $73.0 resistance levels if it experiences a large buy.
- Key Resistance Levels: $0.13, $0.14, $0.18, $0.20, $0.22
- Key Support Levels: $0.08, $0.6
OpenANX (OAX) is currently ranked 479 by market cap, with a market cap of more than $5 million and a trading volume of more than $600,000. The almost-three-year-old coin lost about 37.6% in the last thirty days.
OAX is trading at $0.086 at the time of writing. The current price suggests that the coin is a step closer to testing the $0.13 resistance level. All things being equal, if the $0.13 resistance level is broken and enough bulls are seen, the $0.18 resistance level may also be tested.
All the support levels are noteworthy, but the $0.6 is long-term support that may not be tested if bears fully control the market.