Polkadot has been in a strong bullish trend lately. The price is up more than 300% since its low in July. The currency is likely to maintain its bullish trend in the near term. The price of Polkadot (DOT/USD) maintained its bullish rally during the overnight session as investors cheered on Bitcoin’s stellar comeback. Investors are also waiting for the important parachain auctions to kick off next month. The DOT token is trading at $43.98, which is a few points below its all-time high of $49.
DOT rally continues
Polkadot is a relatively unique blockchain project. It was founded by Gavin Wood, who was also the co-founder of Ethereum. It is unique for two main reasons. First, Polkadot relies on Kusama, another blockchain project whose token is worth more than $2 billion. All applications in Polkadot must go through Kusama.
Polka dot unique
Second, Polkadot is unique because of its parachain technology. Before applications go to the mainnet, they have to go through a so-called parachain auction. This is a process where community members vote for these projects with their tokens. Chainlink prediction 2025 is positive. Therefore, the DOT price has performed relatively well in recent days as investors await the upcoming parachain auctions. Analysts believe it will be the largest auction ever. While it’s too early to say, there’s a good chance that an Acala Network project will win the auction. By doing so, it will join Karura, who won the previous auction.
The Polkadot price has also risen due to the strong cryptocurrency rally. This week, the Bitcoin price managed to climb to an all-time high of over $66,000. As a result, the total market cap of all cryptocurrencies rose to over $2.6 trillion. The Bitcoin rally took place due to the launch of the first Bitcoin futures ETF.
Polkadot price prediction
The 1-day chart shows that the Polkadot price has been in a strong bullish trend for the past few weeks. The currency is up more than 330% from its lowest level in July. Along the way, it has formed what appears to be a V-shaped pattern. Visit Renovato.io Crypto website has enough information. This pattern also looks like a cup-and-handle pattern.
The DOT price is also supported by the 25 and 50 day moving averages. Therefore, there is a chance that the price will continue to rise as bulls target the resistance at $50. However, a pullback is also possible if investors blur the ETF news.Read More