Polkadot is not only outperforming other altcoins, but is also the most improved of the top 10 digital currencies. Polkadot has gained support from the entire cryptocurrency market, driving its value higher. As of this writing, Polkadot is trading at around $23.
A major factor affecting the rise of Polkadot is the recovery of Bitcoin prices. Bitcoin's recovery to around $37,000 has led to the rise of other alternative coins. Most cryptocurrencies entered the rising zone at the end of trading on Thursday. Polkadot rose by 14% in the past 24 hours.
Polkadot price analysis
Source: TradingView
Polkadot Price: Indicators Turn Bullish
Polkadot price analysis shows that the coin has improved significantly according to moving average data. The 100-day Simple Moving Average (SMA) and the 50-day SMA show that Polkadot is currently above key levels. If the coin can maintain its trend above these levels, its price could eventually reach $28.
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The Moving Average Convergence/Divergence (MACD) indicator also shows that when Polkadot reaches $28, the coin could remove selling pressure, pushing DOT above $30. The MACD indicator is used to assess the trend of an asset and is used to display buy and sell points.
The Relative Strength Index (RSI) also shows that Polkadot is in a strong long position. If the RSI moves towards the overbought area, it shows that the bulls are becoming more aggressive. However, this indicator can also be used as a signal to investors to be cautious when investing in Polkadot as the market may correct at any time.
Kusama (KSM) parachain pushes up Polkadot price
Polkadot’s upward momentum is not expected to stop anytime soon. Kusama, an early version of Polkadot and a platform used by developers to experiment on Polkadot, is expected to launch a parachain auction next week.
The auction for the parachain is scheduled to begin on June 15. Once the Polkadot network is fully deployed, it will be more expensive for developers to win a slot. Each auction for the Polkadot parachain will last for a week and will require at least 1 million Polkadots, which is about $2.3 billion at today's price. It is expected that the demand for Polkadots will trigger more buying during this auction.
One of the leading institutions that has already reserved a slot for Polkadot’s parachain is Master Ventures. The Asia-based private venture capital firm has set up a $30 million fund to purchase a slot for Polkadot’s parachain.
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