Polkadot (DOT) Gets Busy, Makes Big Gains – Time to Get in on the Action?

Polkadot (DOT) appears to be experiencing somewhat choppy trading early on Friday after rising steadily over the past couple of sessions, becoming one of the biggest daily gainers in the crypto market. At the time of writing, DOT/USD is trading around $13.

The bullish moves have been triggered by a pick-up in the sentiment among investors towards market leader Bitcoin, which has reclaimed the key $32,000 level. The market volatility is also picking up as we approach the weekend, which indicates that investors are jumping back into crypto assets at the moment, which could keep the momentum going and send Polkadot towards higher levels in the near-term.

Polkadot is likely to enjoy additional support from leading digital asset exchange Bitrue listing it among its “Leverage tokens”. The platform is especially popular among XRP holders and DOT’s inclusion in its bearish and bullish modules can drive up interest in trading the cryptocurrency and send its price higher.

In addition, the potential Ethereum killer has also earned praises from Keith Bliss, President at Capital2Market – a fintech solutions provider who anticipates significant growth in Polkadot over the next three years. Bliss points out the blockchain network’s bridges make it more scalable, letting developers work on apps without building into the main blockchain of Polkadot while also connecting to other networks via this bridging system.

Key Levels to Watch

On the H4 price chart of DOT/USD, most of the moving averages are suggesting a bearish bias in the pair. On the other hand, leading technical indicators MACD and momentum are pointing to interest building up among buyers as well.

The price is well below the pivot point at $19 but is holding above the immediate support at $10. If buying interest strengthens, we could see DOT strengthen and rise above the key $20 level until buyers face resistance at $25.