Polkadot (DOT) Continues Bullish Moves Ahead of Parachain Auctions

Polkadot is enjoying the bullish ride early on Thursday, eking out over 13% gains over the past 24 hours alone, powered by an upbeat mood

Aiswarya Gopan•Thursday, June 3, 2021•2 min read

Polkadot (DOT) Continues Bullish Moves Ahead of Parachain Auctions

Polkadot is enjoying the bullish ride early on Thursday, eking out over 13% gains over the past 24 hours alone, powered by an upbeat sentiment in the overall crypto market. At the time of writing, DOT/USD is trading at around $27.

In addition to the market sentiment, the uptrend in Polkadot has been supported by excitement in the crypto community over the upcoming parachain auctions on its network. With the growing popularity of the DeFi ecosystem, investors are eagerly waiting to see the traction the auction of more than 50 slots on Polkadot and Kusama generate.

DOT received a further boost in the previous session following the announcement of a fund for crypto projects looking for a parachain slot on the Polkadot blockchain network. Master Ventures, an Asia-based private VC firm has unveiled a $30 million fund to invest in the most promising projects on DOT’s network as well as on Kusama.

Founder & CEO at Master Ventures, Kyle Chase, notes about his Polkadot VC Fund, “In our current portfolio of incubated projects led by the PAID Network, we’ve also committed significant research & development resources to build on Polkadot. As such, we’ve gained amazing proprietary knowledge and insight into the current progress and future evolution of both projects and we believe Polkadot will be one of the clear long-term winning blockchains and ecosystems due to its cross-chain functionality, ease of development & deployment as well as the strength of its development community.”

Key Levels to Watch

On the H4 chart of DOT/USD, most of the moving averages and leading technical indicators MACD and momentum are suggest a bullish bias, pointing to the continuation of the current uptrend. The next key level of interest sits at $30 level, where buyers could face some resistance.

However, a break above this opens up the possibility of testing the $40 level. Although, before that, they could encounter more resistance just short of this level, at $39.

BUY DOT/USD

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ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.