NewsPrice Analysis

Polkadot Price Breaks Out Amid the New Parachain Governance Framework!

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Highlights

    Polkadot price procured a strong bullish momentum and smashed the ATH in the early trading hours

    The jump in the price leads to a flip in the cryptocurrency market ranking, with Polkadot securing fourth place outshining Tether

    Projects being built on the Polkadot ecosystem are expected to boom in the coming days, extracting huge profits

Bullish Divergence Follows Polkadot Price

Polkadot price manifested bull ride vibes a couple of days before indicating a possible initiation of a Polkadot Season. The bull run may escort the asset to enter the top 5 cryptocurrencies outshining Tether.

Despite both lost their positions, DOT successfully regained the lost position and currently is the sixth-largest cryptocurrency according to market capitalization.

The Polkadot ecosystem is anticipated as the upcoming blockchain platform addressing the issues of the current trending ethereum ecosystem. And hence, many projects are scheduled to be released in 2021 which may rally the DOT price to the next level. 

However, the projects currently working on the Polkadot ecosystem like Kusama(KSM), Polkastarter(POLS), Polkacover(CVR), Polkabridge(PVR), etc are performing exceptionally with a notable surge. 

As mentioned by a popular analyst, Top AIM Stock, the new Parachains governance framework will trigger DOT price at $36.8. Interestingly, it appears to have happened.

DOT price Flys High!

The DOT price was trending in a narrow ascending channel for a couple of days, which compelled the price to remain below $35. However, the price broke the ascending channel and surged high to smash new ATH in the early trading hours.

dot price jumping

The DOT price at the time of writing is on the verge to test the levels around the ATH yet again, within a very short timeframe. This indicates the strong bullish momentum the asset holds and also manifest the impassive run to form new higher levels.

Currently, the DOT price is $38.97 with a jump of 7.53% in the past 24 hours. The bull run seems to break the $40 mark forming a couple of ATH and hence flying high further.

On the contrary, the RSI levels are trending in the overbought area above 70 levels and hence a slight pullback cannot be ruled out. Yet the Polkadot price may rebound within a small timeframe and hit the target set at $100.

The Polkadot price, however, is on the verge to test the levels around the ATH yet again. This indicates the strong bullish momentum the asset holds and also manifest the impassive run to form new higher levels.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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