Polkadot (DOT) Climbs Higher After Coinbase Listing: $30 in Sight?
Polkadot (DOT) is making slight gains but the sentiment among traders seems upbeat on the back of the digital asset being listed on Coinbase
Early on Thursday, Polkadot (DOT) is making slight gains but the sentiment among traders seems upbeat on the back of the digital asset being listed on Coinbase – one of the most popular cryptocurrency exchanges worldwide. At the time of writing, DOT/USD is trading at around $23.87.
Coinbase has made DOT available for trading against BTC, USDT and leading fiat currencies USD, EUR and GBP. With this, Polkadot becomes one among 50 cryptocurrencies being offered to trade on the exchange’s website, mobile apps and even on its exclusive platform for professional traders – Coinbase Pro.
Interest in the potential Ethereum killer is also on the rise lately over parachain auctions on its network and its canary network, Kusama. Earlier this week, Kusama’s first round of parachain slot auctions were kicked off, heightening interest in both networks and driving the value of both DOT and KSM higher as a result.
The parachains are a key strength for the Polkadot network and will enable it to take on market leader Ethereum in the DeFi space. The technology behind the concept will allow projects to benefit from the power of interoperability among multiple blockchain networks, unlocking scalability, flexibility and wider access to tools and features.
Key Levels to Watch
On the 4-hour chart of DOT/USD, most of the moving averages as well as leading technical indicators MACD and momentum are suggesting a bullish bias. The price is sitting above the pivot point at $22.
The next level of interest is at $25, where buyers could encounter some resistance as they try to take Polkadot’s price higher. A break above this can see DOT make an attempt at the key $30 level, but not before another round of resistance at $31.
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