Polkadot Coin Targets $6 Level As Crypto Bull Run Takes Hold

Updated: 14 July 2023

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Polkadot (DOT) price is edging closer to the $6 threshold, target. This comes after the July 13 crypto market rally, steered by the Ripple (XRP) victory against US Securities and Exchange Commission (SEC).

Polkadot is a cryptocurrency platform that connects different blockchains, allowing them to work together effectively. It offers developers and projects the ability to create and customize their own blockchains.

Polkadot aims to improve the overall functionality and efficiency of the decentralized ecosystem. This is by enabling seamless communication between blockchains.

Polkadot Price Rallies On Ripple Effect

The cryptocurrency market is showing a significant surge following a rise in the price of XRP. This surge has generated positive sentiments throughout the crypto market, as Ripple recently won in a legal case against the U.S. SEC.

Ripple Labs notches landmark win in SEC case over XRP cryptocurrency https://t.co/DIOyNb4vNm pic.twitter.com/LVzgZ9RYCa

— Reuters U.S. News (@ReutersUS) July 13, 2023

Investors are viewing this positive development as an indicator of a more favorable regulatory environment for cryptocurrencies. As a result, they are exhibiting increased confidence and enthusiasm, leading to a surge in the overall crypto market. Resultantly, the total market capitalization is up 5% to $1.25 trillion.

Polkadot 2.0 Update Sparks Anticipation and Potential Impact on DOT Price

Apart from the overall crypto market, Polkadot price has another reason to achieve $6 target. The network has an upcoming update that has the potential to reshape the blockchain landscape.

Polkadot changed their vision from being a blockchain to becoming a blockspace.

Polkadot 2.0 will introduce computing resources rental, decentralised framework to execute smart contracts, app centric middleware to establish communication between parachains, and development of… pic.twitter.com/Lt0109x6z5

— hitesh.eth (@hmalviya9) July 7, 2023

Polkadot 2.0, the new update, aims to deliver enhanced flexibility to developers through the introduction of two types of sales- bulk sales and instantaneous sales. This revolutionary feature has caught the attention of the crypto community and sparked anticipation for its release.

The impact of the upcoming Polkadot 2.0 update on the price of DOT could be significant as it will improve capabilities for token sales and enhance the utility of DOT tokens.

DOT Price Analysis

Polkadot is up by 8.93% in its value over the past day. The current price of DOT stands at $5.59, after positive crypto market sentiments. In terms of market ranking, Polkadot holds the 13th position on CoinMarketCap, with a live market capitalization of $6.8 billion. Currently, there are 1.2 billion DOT coins in circulation.

Polkadot Price — TradingView: DOT/USD 1-Day Chart

The DOT/USD daily price chart reveals a notable increase of 8.93% in gains on July 13. Presently, the price is fluctuating near the 50% Fibonacci Retracement level, positioned at $5.60. If this initial resistance is surpassed, it will likely propel the prices toward the target of $6, which coincides with the 61% Fibonacci Retracement level.

Encouragingly, both the MACD and Relative Strength Index (RSI) technical indicators are signaling bullish trends. This further supports the expectation of reaching the $6 target in the near term.

While the Polkadot coin is showing signs of reaching $6, another coin is experiencing similar growth potential.

Promising Alternative to DOT

Thug Life coin has generated significant buzz in the cryptocurrency market due to its highly anticipated launch. This has captivated investors with its distinctive branding and impactful marketing strategy.

Thug Life coin finds itself amidst an impressive presale phase, with only three days remaining for interested individuals to get in. The presale has already achieved an impressive sum of $1.5 million, firmly establishing its status as a trending coin in today’s market.

During this presale period, prospective investors have a remarkable opportunity to acquire $THUG tokens at a price of just $0.0007. This is through Ethereum (ETH) or Tether (USDT) as their preferred currency.

What distinguishes this presale is the absence of minimum or maximum investment thresholds. There is also the lack of subsequent presale stages. With only two days remaining until the conclusion of the presale, time is of the essence.

Hey hommies we are running the street @thug_life_token , its gonna be bomb wooo. $THUG presale ending soon bro, hurry join the movement bro. pic.twitter.com/gJ1VgfcTWO

— gabriel042 Tabi (@GabFred2) July 13, 2023

The Thug Life team has set the presale hard cap on $2.058 million, aiming to expedite the token’s introduction to the open market. The objective is to establish a robust foundation and generate momentum for Thug Life’s future growth and prosperity.