Polkadot recorded a day of massive gains that brought its price above $30. However, the recent market downturn brought a massive red candle for DOT. What should you expect next, and should you buy some DOT now?
Fundamental analysis: Rococo upgrade brings more positive sentiment to Polkadot
Polkadot has experienced a major week-over-week price increase, mostly due to its incredible fundamentals. The overall market sentiment around the cryptocurrency is very bullish as its development team rolled out the Rococo upgrade. The update solved various bugs, introduced new features, and added seven parachains, namely: Tick, Trick, Track, Kiltprotocol, Plasm_Network, polkaBTC, and the AcalaNetwork.
#Rococo Development Recap – February 19, 2021
— Polkadot (@Polkadot) February 19, 2021
Key Updates
• The Rococo V1 branch was updated and the chain restarted on February 12th. Restarting allows us to iterate faster by implementing changes that would normally require writing migration code.
DOT posted week-over-week gains of 21.68%, outperforming both BTC‘s week-over-week gains of 9.92% and ETH‘s 5.16% loss. Polkadot is currently the fifth-largest cryptocurrency by market cap, boasting a value of $31.79billion.
At the time of writing, DOT is trading for $35, which represents a price increase of 112.39% when compared to the previous month’s value.
DOT/USD technical analysis: major dip brings DOT to $13
Polkadot (DOT) apparently ended (at least briefly) its uptrend after hitting a high of $42.22 on Saturday. While its price was initially considered to be in a healthy retracement mode, the price suddenly dropped to a low of $13 before pushing back up to its previous levels. With that being said, very few people actually believe that this is the short-term top for
