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Polkadot [DOT] can witness some upside thanks to this upgrade

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Polkadot [DOT] developers recently launched a new network upgrade to modify the Polkadot Runtime to v9270. After the upgrade was launched, DOT’s price corresponded and started gaining upward momentum.

DOT recently witnessed a plunge in its price as it went to as low as $6.7 on 7 September. However, the recovery has been quick. At press time, DOT was trading at $7.64, registering 6.42% 24-hour gains with a market capitalization of $8,515,538,465.

What’s working in favor of DOT? 

Recently, DOT’s hourly social volume skyrocketed as it surged by more than 100%. This is a positive signal as it indicates increased interest of investors and traders in the token.

Furthermore, the altcoin has also been performing well in the last few days. Additionally, the development of happening in the blockchain also gave it the push to increase its social dominance.

Moreover, Bill Laboon, head of education and grants at Web3 Foundation, also mentioned Polkadot in a recent interview with Blockchain.com.

In the interview he said, “Polkadot is basically a meta platform for developing your own blockchain. The idea is that there’s no single solution to solve all problems, so it allows developing blockchains which can be specialized for some specific purposes.”

The metrics in play

A few metrics also supported the DOT’s recent northbound movement. For instance, DOT’s volume increased in the last two days along with its social dominance. 

This indicated that the uptick could be stable in the near future. However, a steep decline was seen in the blockchain’s development activity, which doesn’t compliment the price hike. 

Source: Santiment

Looking forward

A look at DOT’s daily chart told a promising story as several indicators suggested a northbound breakout in the coming days. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) registered upticks, indicating a possible price surge soon.

The Exponential Moving Average (EMA) Ribbon also painted a similar picture. This is because thegap between the 20-day and 55-day EMA reduced considerably increasing the chances of a bullish crossover.

Moreover, the Bollinger Bands (BB) also showed that DOT’s price was in a crunched zone. This further increasedthe possibility of a northward breakout. 

Source: TradingView

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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