Polkadot price has one of its best days in history. The currency is up more than 33% in the past 24 hours and has grown its market cap to over $ 10 billion. This makes DOT the fifth largest cryptocurrency in the world after Bitcoin, Ethereum, Tether and Ripple.
What’s happening: The Polkadot price has rallied strongly. Today it hit an all-time high of $ 11.7150, 65% above the start of the year. It has increased by more than 300% since August last year.
For starters, Polkadot is a network launched by one of the co-founders of Ethereum. The network helps solve the problem of scalability, security and innovation in the blockchain industry. This is achieved by connecting private and public blockchains together in a similar way to Chainlink. His light paper describes it as follows:
“Polkadot is a next generation blockchain protocol that brings together an entire network of purpose-built blockchains and enables them to work together seamlessly on a large scale. Since Polkadot enables all types of data to be sent between blockchain types, a large number of real use cases are unlocked. “
Like all digital currencies, Polkadot fell as part of the overall crypto sell-off earlier this week. It fell to a low of $ 7.16 on Monday and then rebounded in the past few days. Other altcoins like Chainlink, Monero and Dash are also on the rise today. This has helped bring the total market capitalization of all digital currencies to more than $ 1 trillion.
Technical outlook on the Polkadot Prize
On the four-hour chart, we can see that the polkadot price was in an uptrend. It managed to break past the previous resistance level of $ 10.54 overnight.
Price has also moved above the 25-day and 15-day exponential moving averages, while the Relative Strength Index (RSI) has risen above 70. Hence, DOT / USD is likely to continue rising as the bulls target the next resistance level at USD 12.00.
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DOT / USD technical chart