The DOT cryptocurrency, native to the Polkadot network, is now poised to set new all-time highs. A percentage gain of 18.56% yesterday confirms that this is the most likely scenario.
At the time of this writing, DOT is trading at $ 41.20. During the session today the price has been falling slightly, losing 1.21%. Its market capitalization surpassed the $ 40 billion barrier again, remaining solid in the TOP 8 of the market.
Parachains want to push Polkadot price to new all-time highs
After 5 years of protocol development with the vision of developing a heterogeneous multi-chain framework, finally the parachains are ready to be launched in Polkadot.
The scheduling of the first auctions to obtain a slot in the Polkadot network is a reality. This process is expected to begin on November 11.
To put ourselves in context, parachains are parallel chains, which are connected to each other through a main book called Relay Chain. Because they work in parallel, transactions can be processed simultaneously, while being recorded in a main ledger that can communicate with other chains.
5 years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper, parachains are now ready to launch on Polkadot. Motion 118, to schedule the first auctions, has passed council & now gone to public referendum.https: //t.co/8pt3aT4vO3
– Polkadot (@Polkadot) October 13, 2021
Right after the announcement was made, positivism took over the DOT market, generating a fairly relevant rally, which now creates a bullish scenario for the near future.
DOT technical analysis
On the chart with daily candles we see a very good outlook, thanks to the increasingly higher lows and highs, speaking of a short-term uptrend.
Today the momentum appears to have run out, which could be making way for a correction in the next few hours. The closest support is at $ 37.37.
However, we may only be seeing minimal break before the momentum spreads further. It is not a very good idea to expect declines while the dominant trend is bullish.
From this time frame we see that Polakdot is determined to set new all-time highs.
The continuously higher lows and highs have remained intact, signaling an upward trend in the medium term.
In addition, the rise in recent months is signifying the development of long-term momentum, after this larger trend corrected strongly since mid-May.
It is quite likely that the new rally will take the price of Polkadot towards new all-time highs, well away from the current one.
Now the price seems that it could go to challenge the last most relevant resistance, close to $ 44.31. When you cross it, the terrain will be totally clear and volatility could increase considerably.
Polkadot prepares to set new all-time highs. Chart Source: TradingView.
All our publications are informative, so in no case should they be followed as investment advice.
Did you like the content? Share it