NewsBTC
2023-01-14 09:34:08

Polkadot Shows No Sign Of Slowing, As DOT Gains 33% In Last 7 Days

With Bitcoin surging past $20,000, altcoins like DOT (Polkadot) have been riding the broader crypto rally which started since the beginning of 2023. According to CoinGecko, the token is trading at $5.94, and has risen by more than 12% in the past 24 hours and 33% in the weekly. This was caused by market optimism caused by positive Consumer Price Index (CPI) data that was released Thursday. With the main components of the CPI going deflationary, the market may continue the sharp rally that it started the year with. Related Reading: TRON Snags No. 2 Spot In TVL As Revenue Spikes Despite Bear Market Pressure DOTs Connected Polkadot, as an ecosystem, has been on a roll lately. According to Santiment, Polkadot has been seeing a strong development activity in recent days, adding on to the already bullish momentum of the overall crypto market. Polkadot also reached over 1 million DOT in nomination pools, making staking on-chain more viable. Crypto.com also released a recent post regarding the current market. Polygon ranked 4th place in TVL with a 5% change in the past seven days. Image: Polkadot Insider This can be associated with the recent developments on-chain and the recent crypto market rally. Accompanying these are the improving macroeconomic trends. With the CPI dropping to 6.5%, DOT can continue its momentous climb in the next few weeks or months if the momentum continues. Although some analysts are pessimistic that this rally is for the long term, the overall on-chain performance of the ecosystem will be supporting the token and breaking further resistance. Polkadot: Going To The Moon? With the token’s current momentum, it is possible that DOT will continue to make higher highs. DOT may be in a position to continue its climb. The token’s high correlation with major cryptocurrencies will also pull the token upwards. With Bitcoin testing the $21,422 resistance, the coin’s upward momentum will be a wave for DOT to ride in the next few weeks or months. This means that the token would benefit with improving macroeconomic trends. Short and medium term, DOT can cross the current $6 resistance price range to reassure investors and traders that the rally will continue. DOT total market cap at $6.8 billion on the weekend chart | Chart: TradingView.com Related Reading: BONK Tumbles 66% – Can The ‘Dogecoin Killer’ Live Up To Its Name? With improving macros and an overall bullish outlook on crypto, DOT should be able to reach $7 resistance with ease. However, if BTC will enter a correction phase, the token can experience a momentary loss in upward momentum. Investors and traders who are holding DOT are currently facing great gains in a very short period of time. With this in mind, holders of the token should be monitoring the DOT’s charts as this high of a rally can be faced with a tight correction phase. -Featured image by EURACTIV

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.