Polkadot (DOT) price is outperforming on a day when the BTC price is down 0.41%. This is evident from a 5.85% surge in the DOT/BTC pair as well as a 5.44% increase in the DOT/USD pair. It is considered very bullish when a major coin rises against Bitcoin on a red day.
As a result, DOT crypto stood at $5.45 at press time after a minor correction from its 2-week high of $5.59. However, the price remains 30.8% below its yearly highs of $7.91 which can only be targeted if the bulls orchestrate a breakout above $6.
According to the latest Polkadot news, the Web3 Foundation which oversees the development of the Polkadot ecosystem, plans to invest $1 million in On-chain treasuries. The move comes as the project tries to increase its investment in real-world assets.
The following chart shows the key areas of demand and supply on the Polkadot price chart. I still believe there is a higher probability of a retest of the $6 resistance in the coming days. However, such a move might only come if the Bitcoin price remains stable.
This post was last modified on Nov 30, 2023, 21:25 GMT 21:25