Polkadot (DOT) is up 30% in 7 days – Here is why this uptrend will continue?
Polkadot (DOT) has followed the entire crypto market in posting gains this week. But the chain has done even better, surging over 30% in the last 7 days. In fact, DOT has been the best performing coin among the largest ten cryptos by market cap. But we think that this uptrend is just getting started. Here are some highlights first:
After a market-wide crypto correction in December, most coins are surging, with DOT gaining over 30% in the last week.
The coin has broken various resistance levels in its chart and is expected to see more gains in the near term.
Polkadot (DOT) also joins other Ethereum rivals like Solana (SOL) and Avalanche (AVAX) in posting sizable gains this week.
Data Source: Tradingview.com
Polkadot (DOT) – price action and prediction.
At the time of writing, DOT was trading at $31.44, up nearly 7% in intraday trading. In this recent surge, analysts were watching to see if the coin would break past its overhead resistance of $29.81, and it seems it has. We are currently seeing some consolidation around $31, and the next hurdle would be to surge beyond $33.85.
If DOT can move past that threshold and manage to consolidate around that price, then we could be seeing a super uptrend that will last longer than expected. Also, we have seen massive surges in trading volume. In fact, at press time, the 24-hour trading volume for DOT was up 81%. This could suggest there is a lot of bull interest in the coin.
Should you buy Polkadot (DOT)
The answer is yes. Polkadot (DOT) is not just one of the most promising blockchain projects right now; it has also been one of the leading performers this year. There is still a lot of long-term value to be unlocked here, and the sooner you buy, the better.