Polkadot (DOT) has surged 30% in the last seven days and it is expected to continue its upward trend. This crypto coin is in step with the crypto market that has surged as a whole last week. In fact, DOT has performed better than other coins by gaining more than 30% in this term. This superb performance has made it the best performing crypto asset by market capitalization. There are many reasons why this upward trend will continue.
Factors behind This Gain
The Crypto market made some corrections in December. DOT has gained more than 30% this week when the crypto market was surging ahead. In recent times, it has crossed various resistance levels, and all indicators indicate it will continue to gain strength in the coming weeks and months. In making these gains this week, it is following the same upward trends seen in its ethereum competitors like Solana and Avalanche.
DOT had reached $31.32 on December 27. Analysts were guessing if it would break the overhead resistance level of $29.81. It has clearly done so. Now some consolidations are taking place around $31. Its next resistance can come at $33.85. A major super gain can take place if it can cross this threshold and consolidate. The trading volume in it has also been high. High-volume trading in this coin shows lots of interest from bulls.
Polkadot is a promising blockchain project. It is expected to become one of the best-performing coins this year. Investors are yet to unlock its long-term values. Crypto experts suggest buying DOT as it is expected to gain more strength in the near future.