Polkadot Jumps 9% As Markets Bleed, But What’s Behind This Rally?

Polkadot Jumps 9% becoming one of the biggest gainers in the past day even as other top altcoins reported losses as we can see in the latest crypto news DOT today.

Polkadot’s native cryptocurrency DOT was among the biggest gainers over the past 24hours as the DOT/USD pair exchange rate increased by 9% and hit a $4.93 intraday high during the European trading session. The rally emerged out of nowhere with no concrete fundamentals that backed it as a catalyst which left traders focusing on the pair’s technical prospects. One analyst on Twitter called it a breakout above the crucial technical resistance level at $4.50 stating that he would open fresh long positions at the flipped support starting a short-term bullish outlook on the DOT market:

“I didn’t buy on the initial break out as price action wasn’t exactly clean. Now that the $4.50 resistance has been broken, things are looking much better. [I am] looking for a retest of the level as support to enter.”

In the meantime, another analyst saw the latest DOT move as a breakout above the medium-term descending trendline resistance. He placed the price action on the Fib retracement graph which churned out a set of ideal supports and a resistance as the DOT price continued increasing. The analyst said:

“Dot is still performing a good come back as you can see by his multiple bounces on a forming uptrend Line. Like always the King is controlling those coins by his dominance so you always have to check BTC before entering a trade and exit fast if a dip happens.”

Market analyst Scott Melker who iterated the DOT price target against BTC by about 15% higher from where it was trading, it turned out that the trader believes the DOT/BTC pair will break above the Descending Trendline to target the 49,553 SAT. As of now, the pair was trading at 35,871 sats above the trendline resistance. As Polkadot jumps 9%, the parent protocol stands among the tallest ETH rivals on the market. They started earlier in 2017 with a bigger investor base and has earned a dedicated supporter base. The total of five decentralized projects that run on top of Polkadot’s blockchain raised about .
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5 million and the sum is lesser than the procured by average ETH-based projects which show that Polkadot is growing in the right direction according to Messari:

 “There’s ample opportunity outside of Ethereum, and new Layer-1s can stand out by targeting niche sectors (think Flow and gaming) and bringing radically different designs to the table (the unparalleled flexibility afforded by modular frameworks like Polkadot and Cosmos.”