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Polkadot has been among the leading coins in the cryptocurrency market in terms of gains during the past 24 hours. Currently, Polkadot is the eighth largest cryptocurrency in the market in terms of market capitalization. Moreover, it is inching closer towards creating a new all-time high.
Polkadot is trading at $41.66 at the time of writing after a 17.4% gain in 24 hours.
Polkadot Price Analysis
Polkadot has been on a major uptrend over the past 24 hours. The gains correspond with what has been happening across the broader market. During the same timeframe, Bitcoin has gained from the lows of $55,000 to $57,000.
If the gains made by DOT are increased, we could see the altcoin testing the upper resistance level of $42 and $44. Over the past two weeks, DOT has gained by over 50%, which shows that the uptrend could be maintained over the coming weeks. DOT’s all-time high stands at $49, and we could see DOT reaching these heights if buyer and market support continue to hold.
On the other hand, we could see DOT heading towards a dip if it fails to hold the significant highs made in recent days. Dipping will make DOT test the lower support level of $38 and $36. The asset was trading at these levels during the past 24 hours; hence if market and buyer support fail, these levels could be tested again.
The recent Polkadot rally is being attributed to the parachains auctions, expected to debut next month. The sale of these parachains auction slots has always created a rally for DOT, and it seems like this is happening again. Hence, there is a high chance of DOT reaching record high levels due to the buzz surrounding these Polkadot parachains.
Before the date for the parachains auction was set, the Polkadot blockchain held a governance vote for the date of this parachains auction. The governance team also voted on several recommendations for this auction.
Where to Buy DOT
If you want to buy DOT, you can open a cryptocurrency exchange account on eToro. eToro recently started offering support for DOT. The exchange supports a wide range of cryptocurrencies and trading pairs. Some of the friendly features of this exchange include low trading fees and commissions. The platform also has a user-friendly interface that makes it easy to use.
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