As a seasoned crypto investor with a knack for spotting promising assets, I’ve been closely monitoring the market and I can confidently say that Polkadot’s current bull run is nothing short of impressive. With my years of experience, I’ve learned to read between the lines and the charts, and the parabolic rise of DOT is a clear sign of a strong trend.
In just 30 days, the price of Polkadot‘s DOT token has surged by a whopping 130%. This pre-2021 cryptocurrency is gaining traction, with its recent breakthrough past the $10 mark adding fuel to the momentum in the ongoing Polkadot recovery rally. The 24-hour volatility stands at 5.0%, while its market cap is a substantial $15.57 billion and daily trading volume amounts to $1.62 billion.
As it surges beyond several barriers of resistance, the robust expansion and increasing side chains are fueling a positive market momentum.
Polkadot Breakout Rally Crosses Key Resistance
The pattern of Polkadot’s price over the past week has undergone a significant shift, moving from a gradual upward trajectory to a steep ascent that resembles a parabola. This change is particularly noteworthy because it marks Polkadot’s fifth consecutive bullish week. As a result, the overall increase in its price since this bull run began has reached an impressive 186.79%.
Source: Tradingview
Initially priced at $3.6979, the price surge has surpassed the 38.20% Fibonacci mark, reaching $10.262. This swift and dramatic increase culminates a double-bottomed turnaround from the base level of $3.60.
Right now, the ongoing price surge is attempting to break through the support line (neckline), which aligns with the 38.20% Fibonacci retracement level. Additionally, the weekly price movement is approaching a test of its 52-week high at $11.89.
At present, the weekly candle seems poised to close above the significant resistance line (neckline). If this happens, it would confirm a bullish breakout, enhancing the likelihood of a fresh upward trend in prices.
The MACD and signal lines are now moving upward due to the strong growth, indicating an increase in the strength of the trend. Additionally, the rising bars on the histogram show an escalation in the trend’s momentum.
Polkadot Relay and Parachains Hits New Highs
As market figures strengthen, Polkadot shows an increase in network activity expansion. This growth has propelled Polkadot to a fresh 30-day high in terms of new addresses on the Polkadot relay chain, reaching approximately 3,500 – surpassing its previous maximum of 2,800 set in November.
In November 2024, the Polkadot relay chain saw approximately 56,220 new addresses added monthly, representing a significant increase of over 100% compared to the 25,660 addresses in September.
As an analyst, I’ve been tracking the average daily transfers on the Relay chain, and over the past week, this figure has averaged approximately 14,550. Notably, the monthly parachain transfers for Polkadot have hit a record high, reaching 9,070,000, surpassing the previous peak of 8,810,000 set in October.
Will Polkadot Surge 2x?
Based on Fibonacci ratios, potential price increases for the bull run could reach approximately $19.49 (which is 61.8% above the current level) and $30.78 (78.6% above the current level). If the double bottom pattern breaks out past its neckline at around $10.262 with a weekly close, it might suggest that we could see further gains in the following week.
As a researcher observing the current market trends, I find myself drawn to the escalating parabolic rally that’s propelling us into an unprecedented bull run. This momentum seems poised to extend our gains by at least two to three times in this bullish phase. It’s noteworthy to mention that the digital asset I’m referring to is Polkadot, currently boasting a market capitalization of $16.21 billion. The substantial trading volume of $1.42 billion associated with it serves as the fuel propelling this rally forward.
To sum up, the increasing use on relays and parachains suggests a surge in adoption, and Polkadot presents encouraging statistics and price patterns that align with a potential upward trajectory.
Read More
- W PREDICTION. W cryptocurrency
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- ZK PREDICTION. ZK cryptocurrency
- XVG PREDICTION. XVG cryptocurrency
- Is there preload for Path of Exile 2? Yes, but with a few caveats
- ARB PREDICTION. ARB cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- Over $500 Million Wiped Out From The Market As Bitcoin Price Fluctuates Heavily
2024-12-06 13:18