Important Test for Polkadot (DOT) Ahead After Being Listed on the Frankfurt Stock Exchange
DOT showing bullish signs recently as Polkadot exchange-traded products (ETPs) list on the Frankfurt Stock Exchange
Ripple coin has been bearish since May last year, making lower highs, while Polkadot turned bearish in November and lost two thirds of its value, as the sentiment in the cryptocurrency market deteriorated, due to the continued crackdown. But, the crypto market is here to stay, and it is expanding fast, as cryptocurrencies reverse higher after the bearish period, with Polkadot and particularly Ripple showing some bullish signs recently.
Polkadot Daily Chart Analysis – Can DOT Push Above the 50 SMA?
DOT to Turn Bullish If Buyers Push Above the 50 SMA
Polkadot has lost considerable ground since trading at $56 in early November, before falling to $16 in January. The 50 SMA (yellow) turned into solid resistance, and if we look at the chart history, this moving average has been defining the trend for Polkadot. Each time the price has moved above this level, DOT/USD has been bullish and vice versa.
Now, the price has been below the 50 daily SMA since November, and the latest attempt to push above it earlier this month failed, like the ones before it. However, Polkadot is now reversing higher pretty fast, which suggests that the bearish period might be over, and soon, buyers are likely to push the price above the 50 SMA.
Polkadot Coin DOT Live Chart
Polkadot consumes around six times the amount used by an average US household, which is the lowest amount of energy consumed among the leading blockchain networks. For example, Ethereum consumes 1.6 million times what a normal household uses, and Bitcoin gobbles up 8.6 million times as much as a family home, according to a report by Crypto Carbon Ratings Institute (CCRI). Polkadot is also trying to encourage developers, with its Polkadot Pioneers Prize, which should help increase developer activity on the Polkadot network.
Recently, Crypto.com, which is one of the leading crypto exchanges, launched Polkadot deposits and withdrawals on its ecosystem via the Cronos chain, while Polkadot exchange-traded products (ETPs) have been approved to be exchanged on the Frankfurt Stock Exchange (Boerse Frankfurt Zertifikate AG). These events should help make Polkadot more visible to new clients, especially now, with the release of the parachains.
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