Polkadot is not only leading the altcoin pack in terms of performance, but it is also the most improved digital currency in the top 10 list. DOT coin has been gaining support from the broader crypto market, and this is propelling its value higher. At the time of writing, Polkadot was trading at around $23.
One of the main factors that has influenced Polkadot’s gains is the support provided by the bitcoin price rebound. Bitcoin recovered to around $37,000, and it brought altcoins up with it. The majority of cryptocurrencies shifted to the green zone by the end of trading on Thursday. Polkadot’s new gain registers a 14% rise in the past 24 hours.
Polkadot’s Price Analysis
Polkadot price: indicators turn bullish
Polkadot’s price analysis shows that the token has significantly improved based on the moving average data. The 100 Simple Moving Average (SMA) and the 50 SMA show that polkadot is currently beyond critical levels. If the coin can maintain its trend above these levels, the coin may finally reach $28.
The Moving Average Convergence Divergence (MACD) indicator also shows that the token may eliminate the sell-off when the token reaches $28, which may push DOT above $30. The MACD indicator evaluates the trend of an asset and is used to show the buy and sell points.
The Relative Strength Index (RSI) also shows that DOT is in a strong bull position. If the RSI moves towards the overbought region, it shows that the bulls have become more aggressive. However, the indicator can also be used as a signal to show investors they need to be cautious when investing in DOT coins because a market correction can happen at any time.
Kusama (KSM) parachain bolsters DOT price
Polkadot bulls are not expected to stop any time soon. Kusama, an earlier version of Polkadot also used as an experiment by developers who want to launch on Polkadot, is expected to launch a parachains auction next week.
The parachains auctions are slated to start on June 15. Once the Polkadot network is fully deployed, it will be more expensive for developers to win a slot. Every auction on Polkadot parachains will last for one week, and it will require a minimum of 1 million DOT tokens, whose value is approximately $23 billion, going by today’s prices. The demand for DOT coins during this auction is expected to trigger more bulls.
One of the leading institutions that have already booked a slot for the Polkadot Parachains is Master Ventures. The private venture capital firm based in Asia has set aside a $30 million fund to invest in a parachains slot for Polkadot buy buying DOT tokens.
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