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:
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After a market-wide crypto correction in December, most coins are surging, with DOT gaining over 30% in the last week.
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The coin has broken various resistance levels in its chart and is expected to see more gains in the near term.
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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.