Polkadot Price Rallies 28% To New All-Time High At $54 – Time To Buy DOT
- The Polkadot price has risen 7% over the last 24 hours as DOT hit a new all-time high at $54.28.
- The Polkadot network moves toward increased functionality as parachains loom.
- DOT looks strong enough to continue the bull run and set new record highs above $54.
The Polkadot price rallied approximately 28% on from $42.56 on October 31 to set a new record high at $54.58 earlier today, surpassing Monday’s $50.87 record high.
Increasing Functionality Bolsters DOT price
The current rally in Polkadot price is fuelled by increasing functionality of the Polkadot network.
Parity Technologies, the company behind the Polkadot blockchain announced on Monday November 01 revealed that the passage of a proposal to enable registration and crowd loans for developers was successful. The announcement was done via the Polkadot team’s official Twitter handle indicated that the proposed upgrade to the network would give developers an opportunity to register parachains and seek crowdloan funding.
The motion to enable parachain registration and crowdloans has passed Polkadot's council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc
— Polkadot (@Polkadot) November 1, 2021
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This follows an October 13 announcement that the Polkadot parachains were read to be launched, setting November 11, 2021 as the take-off date. In addition, the first set of parachain auctions will take place for weeks with one auction taking place per week. There will be approximately 11 auctions released in two batches.
Against the background of these news, the demand for Polkadot increased as both the DOT price and trading volumes skyrocketed. However, prior to yesterday, the price was held in a tight price range between $40.12 and 46.15.
The Polkadot Price Rally Is Waiting For No One
Bouncing off the support at $40.12 on October 31, the DOT price has displayed an impressive rally that has seen it hit a new record high around $54.28. The long lower wick seen on Sunday’s candlestick is an indication that investors were getting in on the dips.
This increased investor appetite which saw DOT rise approximately 28% since October 31 to new record highs.
The entry of the Relative Strength Index (RSI) into the overbought zone points to the strength of buyers indicating that the bullish momentum is set to continue for the short term.
DOT/USD Daily Chart
On the flipside, if Polkadot turns down from the current price around $51.75 it will find support at the $46.15 level.
Therefore, Polkadot price may correct back towards the $46.315 support wall and pause there before resuming the upward movement to new record highs above $54.
On the downside, a slip below the $46.15 level could see the Polkadot price drop to tag the $40.12 support level or the 50-day SMA at $36.76.
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