Poolkadot value was above its make-or-break level this week due to bitcoin and most cryptocurrency crashed.
Polkadot (DOT) fell to a low of $ 4, which is slightly higher than the significant support level at $ 3.60, where it has failed to fall down several times since 2022.
The token has kept stable above this support level for two main reasons. First, Grassscale and 21Shares have filed a spot dot for exchange-traded funds, which they hope will be popular among Wall Street investors.
Spot Bitcoin (BTC) and Ethereum (Eth) ETF have greatly done well among investors, as they have attracted a combined $ 40 billion in property.
Second, the Polkadot price has been stable as the network prepares to launch the Polkdot 2.0 which will introduce new changes. This agile will introduce features such as chortime, elastic scaling and asynchronous backing.
The upgrade aims to reduce the average block time by only 6 seconds and allow dynamic scaling, which will make it one of the fastest layer -1 network in the Crypto industry.
Polkadot 2.0 will also reduce obstacles for developers for the purpose of constructing on the chain. This will be done by introducing an ethereum virtual machine, or EVM, which will enable developers to manufacture DApp without undergoing expensive and time -taking parachen auction process.
There will also be a jam in Polkadot 2.0, which will increase its abilities, converting it into a full suite from an interopeable blockchain for the creation of all types of web 3 applications.
Polkdot price analysis
The weekly chart suggests that the price of the dot avoids falling below the support at $ 3.60, even most altcoins crashed.
This price is one important because DOT has formed a quadruple below since 2022. Like a double bottom, a quadruple is a very rapid sign of a technical analysis.
The Polkadot Price has also formed a small falling veg pattern, which occurs when two falls and transformed into trendline. These two lines are now near the level of their confluence, which indicates a final retaliation.
The first target for this price action is $ 11.72, the highest swing and 170% above the current level in November last year. The second target will be at $ 23.80, 38.2% at the retracement level.
