- The price of Dot increased by 19 percent to $43.56 on Binance.
- DOT is currently just 16 percent away from reaching its all-time high of $49.39.
Following the announcement of a parachain auction date, Polkadot’s token reached $40 for the first time in five months. Thus, the interoperable multichain network will be one step closer to becoming fully operational. Its parachains may be linked to other blockchains, such as Ethereum, enabling the development of services such as DeFi and NFTs.
Polkadot has announced that its network is now ready to install parachains five years after the idea was first introduced to the world. According to the project whitepaper, parachains are the last network development milestone before deploying the network.
DOT is currently just 16 percent away from reaching its all-time high of $49.39, which was reached on May 15th of this year. DOT is currently trading at $40.44, a 15.4 percent increase from its previous close.
Announcement of the Auction
Following the announcement of the auction, the price of DOT increased by 19 percent to $43.56 on Binance. When we checked on Thursday, the stock was trading at $40.76. The currency was trading at 40.44, down 2.93 percent from its previous high.
In the last four hours, the price has dropped to $41, suggesting that the situation is deteriorating. The most recent increase was significant, pushing over the $42 barrier. If the price of DOT continues to climb, it may hit resistance levels of $42 and $44.
#Polkadot to $100+ is programmed.
— Michaël van de Poppe (@CryptoMichNL) October 14, 2021
Michael van de Poppe, a well-known trader, and expert, recently projected a Polkadot price of $100. If DOT fails to maintain recent critical highs, a decline may be on the horizon. As a result of the slide, the DOT will have to put the $38 and $36 support levels to the test. According to CoinMarketCap, the Polkadot price today is $40.44 USD with a 24-hour trading volume of $2,460,683,909 USD.
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