Polkadot (DOT) Sets New ATH, Enters Top 5 in Market Capitalization

Quick take:

  • Polkadot (DOT) has set a new all-time high of $12.86 – Binance rate
  • Polkadot has edged out Litecoin from the number 5 spot
  • Only $2.26 Billion separate Polkadot and XRP on CoinGecko
  • Polkadot’s bullish momentum could see DOT take the number 4 spot from XRP

The digital asset of Polkadot (DOT) has just set a new all-time high of $12.86 – Binance rate. With this new milestone, Polkadot has edged out Litecoin from the number 5 spot on CoinGecko and is only $1.697 Billion away from taking XRP’s number 5 spot.

Below is a screenshot of the top 6 digital assets on the tracking website further demonstrating the meteoritic rise of Polkadot (DOT).

What the DOT/USDT chart says

To edge out XRP from the number 4 spot, Polkadot need only be valued above $14.37. A quick look at the daily DOT/USDT chart reveals that such a feat might be possible as shall be explained below.

To begin with, Polkadot’s trade volume is very much in the green with the daily MACD crossing in a bullish manner above the baseline. Furthermore, the MACD’s histograms have just switched to green hinting that DOT’s bullish climb might continue.

Secondly, the daily MFI and RSI are in the slightly overbought territory of 76 and 77 respectively. However, the crypto markets are experiencing significant bullish momentum courtesy of Bitcoin that is about to cross the $40k price ceiling. This general bullishness could very well translate to Polkadot continuing on its bullish climb towards higher levels.

$10.70 Should Provide an Area of Support for Polkadot

As with all analyses of altcoins such as Polkadot, traders and investors are reminded that parabolic moves such as the one seen by DOT above, usually end with a quick correction. Such a correction was witnessed after Polkadot set the previous all-time high of $10.70. This area should provide some level of support in the event that Polkadot does not push higher.

Source: Read Full Article