Polkadot was displaying bearish pressure starting in November, even more so than the rest of the crypto market, as it kept making lower highs and lower lows until February, printing a low of $14, while the crypto market stopped declining in January. But, since the beginning of March, we have noted a sustainable increase. This bullish move has pushed DOT towards its 2-month long resistance of $23.21.

The sentiment in the crypto market Bitcoin has seen an improvement during last month. This price action pushed BTC to not only close above $44,600 but also helped it rally further to cross $48,000 on the charts. That helped altcoins and Polkadot was one of the beneficiaries as it saw significant appreciation too.

Polkadot Daily Chart – Will the Resistance Be Broken Soon?

DOT returns to the resistance after finding support at MAs   

Polkadot ETPs Being Liton on Exchanges

Polkadot is a very energy-efficient blockchain in comparison to Ethereum and Bitcoin which consume millions of times as much energy. Polkadot exchange-traded products (ETPs) were listed on the Frankfurt Stock Exchange earlier this year. But there were no signs of life in DOT/USD until last month. New York-based exchange-traded product sponsor WisdomTree has announced that its Polkadot exchange-traded products have started trading in France and the Netherlands after debuting in Germany and Switzerland earlier.

Wormhole Bridge Polkadot

Polkadot auctioned parachains late in 2021 which are supposed to connect it to other blockchains and form th basis for the WEB3. Now, the Polkadot parachain Acala and its Kusama-based counterpart Karura are integrating with cross-chain bridge Wormhole. This will bridge its decentralized finance (DeFi) ecosystems with 8 major Layer 1 blockchains such as Ethereum, Solana. Terra, Binance, Avalanche etc.

Now, with cross-chain interoperability, users of Acala and Karura, which serve as DeFi hubs for Polkadot and Kusama, can access over $200 billion in liquidity. Besides that, 9 Polkadot parachain teams launched a $250 million Ecosystem Fund to support early-stage startups on Polkadot and Kusama-based dApps.

All this has improved the sentiment for Polkadot, which has been making decent gains since the beginning of March, pushing above the 50 SMA (yellow) which was acting as resistance on the daily chart. pushing the highs lower. DOT/USD pushed above the 100 SMA 9green0 as well, but the previous support from January turned into resistance and rejected the price. Although moving averages turned into support and now DOT coin is pushing above the resistance, which shows bullish pressure, so further gains are expected.

Polkadot Coin DOT Live Chart