Polkadot (DOT) the Only Bullish Crypto, Despite the Retreat in the Market
Skerdian Meta • 2 min read
In the last two months, since the bullish reversal in the crypto market, different cryptocurrencies have taken the lead in pushing the bullish trend higher. Axie Infinity (AXS coin) was the first to signal the bullish reversal in July, then Solana and Fantom became the market favourites. And now, Polkadot has taken the lead in the market.
The developments in the Polkadot network have been fuelling this bullish momentum in DOT coin, and it seems like this cryptocurrency is going to remain bullish. There have been a few updates in this network recently which are positive for Polkadot and will continue to fuel this uptrend. PolkaBridge’s multi-chain automated market maker has been running on the ETHEREUM network, but it is soon going to be transferred to the Polkadot network entirely.
Besides that, the 6th Parachain auction ended last Wednesday. The Kilt model won the slot, which means that a new type of business model will take place in the verification of transactions. Moonbeam, which is another parachain in Polkadot, will be integrating with Lido to offer liquid staking on Kusama and the Polkadot ecosystem.
So, the developments have been supporting Polkadot, and buyers remain in control, while the rest of the market has been retreating lower recently. On the H4 chart above, we see that smaller moving averages, like the 50 SMA (yellow) and the 100 SMA (green) were pushing the price higher, but the 200 SMA (purple) came into play after the flash crash in the market last Tuesday. The price bounced off that moving average and it remains bullish, despite the minor pullback today.
Polkadot Analysis – DOT/USD Daily Chart
Polkadot Bounces off the 50 daily SMA
On the daily chart, we see that the 50 SMA (yellow) held its price during that crash, and DOT/USD bounced off that moving average. Polkadot made new highs after that, which shows that buyers are in control again, and this latest pullback should be a good opportunity to buy Polkadot. Actually, I would have liked to buy Polkadot at the 200 SMA (purple), so we’re following the price action.