Polkadot is up by over 8% over the past 24 hours. DOT is performing similarly to the majority of the cryptocurrency market. Over the past day, the bullish trend in the crypto space has seen the overall cryptocurrency market gaining 6.3% to over $1 trillion. At the time of writing, DOT was trading at $6.45.
Polkadot price analysis
Over the past 24 hours, DOT has traded between $5.96 and $6.58, indicating substantial volatility. Bulls seem to be gaining control of DOT’s market, which could explain why the token is gaining.
During the past 24 hours, DOT’s trading volumes have increased significantly to $489 million. Given the notable uptrend seen over the past day, it is clear that buyers are overpowering the sellers, and DOT’s price could go higher.
DOT has a market cap of $7.52 billion, making it the 12th largest cryptocurrency by this metric. The token plunged by 88% since reaching an all-time high in November last year. As the broader market continues trading in the green, DOT is among the tokens that could test new highs.
The major target for DOT currently stands at $7.50, after which bulls could aim for $10. Such a bull run could see the token’s volatility increasing significantly. The bullish momentum seems to be weakening as the price stabilizes at the current level. However, the healthy amount of trading activity seen over the past 24 hours means more action is coming.
Looking at DOT’s chart, it is clear that the uptrend has weakened, which creates the possibility of the trend reversing. However, the Relative Strength Index (RSI) currently stands at 47, indicating neutrality between the token being overbought or oversold.
On the other hand, the Moving Average Convergence Divergence (MACD) line is slightly below the signal line, showing that bulls and bears are fighting in equal measure to control the market. Therefore, DOT could move sideways, and the direction the token will take is largely influenced by how the broader cryptocurrency market will perform.
Polkadot co-founder resigns
Last week, the co-founder of Polkadot, Gavin Wood, announced his resignation from Parity Technologies, the firm behind the Polkadot blockchain. Wood will be replaced by Bjorn Wagner, who will take over as the new CEO.
However, Wood will not be leaving the company entirely as he will continue being involved in assisting the community design and creating products that will allow Polkadot to achieve its mission in the web 3.0 & crypto space. Wood will do this in his new role as Chief Architect.
New cryptocurrencies continue to outperform
As the crypto market turns green today, you might consider investing in new cryptocurrencies to diversify your portfolio. Dash 2 Trade is one of the new crypto projects. The platform is committed to easing investment by providing trading signals. Its native token, D2T, is in a presale that has already raised over $2.5 million.
The other token you might also consider investing in is IMPT. IMPT is the native token for the IMPT.io project, which is committed to lowering carbon emissions. Stage 1 of the IMPT presale is sold out after raising $10.8 million. The presale is now in Stage 2.
Calvaria (RIA) is the next token to explode. Calvaria is a play-to-earn project seeking to be better than older platforms such as Axie Infinity. Calvaria is committed to making P2E gaming easier for new players. The RIA presale is in the first stage, which is almost 50% complete.
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