Polkadot rallies to a new all-time high above $54

After a long period of relative inactivity, Polkadot is finally on the comeback trail. In the past month alone it has surged more than 10% from its previous price point and is up around 70% year-to-date. What’s been driving this rally?

Polkadot is a new blockchain that was designed to be scalable and secure. It has been rallying since it’s ICO, reaching an all-time high above $54. Read more in detail here: why polkadot will be huge.

In recent weeks, a number of cryptocurrencies have established new all-time highs, including Polkadot, which just surpassed $54.

Earlier today, Polkadot hit a new all-time high of $54.86. Over the last 24 hours, the cryptocurrency’s price has risen by more than 30% to a new all-time high. DOT is trading at $53.51 at of this writing, down 2.8 percent from its all-time high earlier today.

Polkadot’s climb to a new all-time high is due to a blockchain update that will allow for a parachain auction. On the Polkadot network, a parachain is a standalone blockchain. Its auctions will enable DOT developers to register their projects on the blockchain and raise cash for them after the governing Polkadot Council approves them.

Developers will be able to earn cash via the Parachain upgrade in order to establish their own use case inside the Polkadot ecosystem. The value of DOT has been increasing in recent weeks as a result of the significance of this update, and the cryptocurrency achieved a new all-time high earlier today.

Levels to keep an eye on

The 4-hour chart of DOT/USD is now positive, with the cryptocurrency rallying by more than 30% in the last 24 hours. The MACD line is now positive, and the RSI of 68 indicates that DOT is approaching overbought territory.

Polkadot has established a solid support level at $44 above its 100-day simple moving average (SMA), enabling it to aim higher prices in the next hours.

What to Be Aware Of

As traders and investors anticipate the introduction of the Parachain update, the DOT/USD pair might rise higher in the next hours. If it sustains its present pace, DOT might climb towards its first resistance level around $59 in the coming hours.

If the cryptocurrency is to hit the $65 barrier point in the next several hours, it will require the assistance of the larger crypto market. If there is a drop, DOT might defend the $45 support level until the overall market sells out for a lengthy time.

The “polkadot coin” is a cryptocurrency that has rallied to a new all-time high above $54.

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