Polkadot price rallied overnight as part of the general rally of digital currencies. The DOT/USD rose to an all-time high of $10.63, bringing its market cap to more than $9 billion. This makes Polkadot the 7th biggest digital currency in the world.
Polkadot performance: Polkadot price has rallied by more than 240% in the past 12 months, making it one of the fastest-growing currencies in the world. This performance has been because of the overall bullish performance of Bitcoin and other altcoins.
Experts believe that the low-interest-rate environment and the overall environment by the Federal Reserve have fuelled this growth.
Polkadot price has also risen because of the strong performance of its network. In the past few months, the number of developers and participants in the network has been on a steady increase.
For starters, Polkadot is a protocol that allows data to be moved across other blockchains. It can also move this data across the public, open, private, and permissioned blockchains. As a result, developers can build applications that get permissioned data from the private blockchain and move it to the public blockchain.
Polkadot price technical outlook
On the two-hour chart, we see that DOT/USD has been on an upward trajectory in recently. This has seen it jump to an all-time high. It is also being supported by the 50-day moving average. The price has also formed a small ascending channel and is now at its middle. Also, the accumulation and distribution and money flow index have continued to drop.
Therefore, the Polkadot price may resume rising as bulls target the upper side of the channel at $10.53. However, a move below the lower side of the channel will invalidate this trend.
DOT/USD technical chart