The DOT cryptocurrency hits a new all-time high as the Parachine Auctions launch date approaches…Details here
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Answer The DOT cryptocurrency hits a new all-time high as the Parachine Auctions launch date approaches…Details here
The DOT cryptocurrency has increased by 14% in the past 24 hours as the DOT cryptocurrency price reached a new all-time high of $50.87.
The reason for this rapid rise can be attributed to a currency whose price movement was slow due to the approaching start of Albarachen auctions.
The DOT cryptocurrency price rose nearly 24% on Monday to hit a new record high of $50.87, above the May record of $49.35.
The increased functionality of the Polkadot blockchain network is acting as the tailwind driving the upward trend of the DOT.
Parity Technologies, the company behind Polkadot, has announced that Parachin will join the network on October 13.Read:Learn about the losses of the Korean Bithumb hack
Parachain (Parallel Blockchain Networks) refers to the complete blockchain that will be integrated into the Polkadot network to help validate and secure transactions.
Polkadot’s goal is to increase the interoperability of blockchain networks.
After announcing the end of the upgrade, the demand for Polkadot increased as the DOT price and trading volumes increased.
Before yesterday, the price had held steady in a narrow price range between $40 and $45.
DOT cryptocurrency price rises 14% to new record highs:
DOT price rebounded from the demand area (green band) at $40.56 at the end of the weekend as indicated by the long lower wick in the Sunday candle.
This is an indication that investors have stepped in and hunted lower.
This boosted Monday’s DOT bulls that pushed the DOT cryptocurrency price up 14% in the past 24 hours, seeing the coin hit a new record high of $50.87.
However, the bears are determined to drag the DOT price down.
If the DOT cryptocurrency price drops below the current price around $48.56, it will find support at the $46.30 level.Read:Ireland Holds First Bitcoin Auction
Therefore, DOT is expected to take a breather at the end of the supply zone at $46.30 after which resumption of the upward movement to new record highs above $50 will be the next logical step.
On the downside, a slide below the $46.30 level may lead the DOT cryptocurrency price to decline to identify the 50-day simple moving average at $36.76.
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