$ 19,084.68
$ 1,331.37
$ 1.00
$ 0.460567
$ 0.487539
$ 1.00
$ 0.000228

Polkadot Price Analysis: DOT rooting for $10

Saad Murtaza
Polkadot Price Analysis - 8th August 2022

Polkadot came as the new advent in the consensus mechanism, quickly rising to power owing to the global anti-money laundering policies. Our Polkadot price analysis reveals that the cryptocurrency is rooting to break past the $10 mark and maintain the high. The proof of authority-based cryptocurrency stands for its authority on the ranking charts at number 10, enjoying the 10th largest market capitalization.

DOT price reached the year-to-date (YTD) high on the 2nd of January, just like the Binance Coin and Solana, the top three contenders to break past the top 5 ranking mark on the charts. In a similar movement, the price fell within a week to the $16 range. Just like Solana, DOT price also saw a rise to $23 in April to fall back down below the $20 mark in May. 

Polkadot price chart - YTD - 8th August 2022
Polkadot price chart by CoinMarketCap

Since April 2022, Polkadot price has been following the market trend with a near identical price movement as the other top rated cryptocurrencies and tokens. The bearish trend is finally breaking as the Q4 approaches and Polkadot being a Web3 Foundation lead project enjoys some level of stability in its brand placement.

Polkadot Price Analysis: DOT stabilizing after rise, $10 likely

The original proof of authority cryptocurrency saw a small flash rise in the hours prior to writing and has been more stable than other cryptocurrencies in the top 10 list. The DOT price jumped from $8.30 to the $9.30 range in the early hours of 8th August 2022.

The flash rise happens at the same time as the relative strength index (RSI) showcases an oversold score of 86.33, indicating high DOT purchase volume. It is very likely that an institutional whale moved into the Polkadot investments pushing the price up; nevertheless, the news is good for day traders and hodlers alike.

Polkadot Price Analysis 8th August 2022
Polkadot price analysis chart made with TradingView

Polkadot is enjoying good levels of support after small corrections since the flash rise in the price, and the RSI is also indicating a stable score of 51.46. The RSI score is also quite close to the monthly RSI moving average (MA) found at the 53.14 mark. DOT price displays a more stable price movement, but the overall buy/sell trend owing to global inflation is apparent on the RSI chart, with both the oversold and overbought threshold lines touched briefly in the past week.

At the time of writing, the DOT price stands at the $9.25 mark enjoying three levels of strong support. The Bollinger Band average (BB: basis) presents the first support level at the $9.24 mark, while the moving average (MA) presents the second support level at the $9.20 mark. The Bollinger Band lower limit is presenting the strongest support at the $9.14 mark.

Bollinger Band upper is the only resistance indicator at the time of writing, present at the $9.35 mark, and any more strong buying trends in the coming week can throw the price up to the $10 level. Once the $10 high is breached, the DOT price is primed to maintain the $10 high unless a major market event sways the price movement.

Take Aways

  • Polkadot price see $1 flash rise on the 8th of August.
  • DOT maintaining the flash rise, institutional investment likely.
  • DOT price is priming to breach the $10 high.
  • DOT is primed to maintain the $10 high once achieved.

Disclaimer: The information provided on this page is most accurate to the best of our knowledge; however, subject to change due to various market factors. Crypto-Academy encourages our readers to learn more about market factors and risks involved before making investment decisions.

Also read:

Related News

Ethereum Price Analysis - 8th September 2022

Ethereum Price Analysis: ETH Rises With Ethereum Merge

The queen of cryptocurrency, Ethereum, is going through the biggest change of its history. Ethereum price analysis reveals that the queen saw a sharp fall on the 6th of September following the king Bitcoin, only to stabilize and rise up quickly. While the king took a sweet while to rise past the $19,000. Ethereum price fell down to the $15,00 mark on the 7th of September only to quickly rise

Read More »
Bitcoin price analysis - 7th September 2022

Bitcoin Price Analysis: BTC stabilizes after fear fall

Bitcoin price analysis reveals that the king of cryptocurrency is facing a sharp drop after a 1996 BTC whale movement, $125 million in liquidation, and massive fear of BTC drop driven by the reports of a possible clamp down on the cryptocurrency in the United States. Reports of a venture capital $500 million liquidation became a cause for concern coupled with the rumors of a drop-down to the $15,000 to

Read More »
Bitcoin price analysis - 5th September 2022

Bitcoin Price Analysis: US Taxation Not A Worry Factor

The king of cryptocurrency, Bitcoin, has been facing a major drop in price after the recent remarks from the United State Federal Reserve to increase taxation. This Bitcoin price analysis explores the factors that can sway the BTC price down to the $14,000-$15,000 levels. Bitcoin Price Analysis: Major Factors Global Ownership There once was a time the United States was leading cryptocurrency owners with a dominating margin. But the power

Read More »

My Coins

$ 19,084.680.27%
$ 1,331.370.2%
$ 1.000.03%
usd-coinUSD Coin
$ 1.000.02%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]