Is $20 the next stop for Polkadot [DOT]?

Polkadot [DOT] didn’t stand down despite being a fairly new asset. After its market cap delivered notable performance its price seems to be taking over
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Move over Dogecoin [DOGE], Polkadot [DOT] seems to be taking over the crypto-verse. The fairly new coin made its debut not long ago, but it proved to be a promising coin. DOT crept under the crypto spotlight after it made its way into the top ten cryptocurrencies in terms of market cap. The altcoin even flipped prominent assets like XRP, Litecoin [LTC], Cardano [ADA], and an array of other assets. The coin currently stands as the fifth-largest coin with a market cap of $16.77 billion, waiting to flip XRP, which very wasn’t far away.

The price of the altcoin was on an uptrend. Recently, the asset broke its records and noted new all-time highs. Last week, DOT hit an all-time high of $19.32. At the time of writing, the coin was once again at $19 with a 24-hour price change of a positive 13%.

Polkadot Eyes $20 As Bulls Make An Entry

Source: TradingView DOT/USD daily chart (Binance): Feb 3, 2021

The volume in the DOT one-hour price chart was extremely high. The Parabolic SAR indicator restricted the possibility of a downward breakout which was a bullish move. The daily moving average indicator followed a similar trend by forming a bullish crossover. The 50 daily moving average [blue] was above 100 daily moving average [red]. The DOT market seemed to have been enjoying this bullish crossover for quite a while now.

More recently, DOT came as close as $19.32 but failed to move past this. The continuation of this trend could aid the coin’s journey beyond $20.

While DOT is on its own journey, the world’s first Polkadot exchange-traded product [ETP] made an appearance. The prominent issuer of crypto ETPS, 21Shares AG will be rolling out a DOT ETP on 4 February 2021 on the Swiss stock exchange. Speaking about the same, the CEO of 21Shares AG, Hany Rashwan said,

“After investors purchase their first Bitcoins through our ETPs, there is a natural transition to invest in other crypto assets. […] We benefit from trusted partners for the liquidity provision and upon continued institutional demand, we are launching the DOT ETP to give investors a safe, regulated, and easy way to obtain exposure to this exciting new blockchain technology. In the next 3 months, we aim to add 2 to 3 more innovative ETPs as well as new European exchange listings.”

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