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BTC $43517.97 (3.00%)
ETH $3027.68 (4.53%)
USDT $1.00 (0.03%)
BCH $540.95 (2.38%)
BSV $152.58 (2.31%)
LTC $160.14 (3.70%)
BNB $376.74 (4.89%)
ADA $2.23 (8.55%)
DOGE $0.22 (6.16%)

Polkadot Partners With Binance, Triggers DOT Price Surge

Polkadot Partners With Binance, Triggers DOT Price Surge
  • Polkadot has received a $10 million investment from Binance.
  • Polkadot (DOT) skyrocketed with its bullish price.

The crypto industry has created many potential cryptocurrencies in the past years. As a result,  the number of investors that invest in cryptocurrencies increases every day. Recently, Polkadot (DOT) partnered with one of the biggest decentralized in the crypto industry: Binance. This partnership made Binance release $10 million to support Polkadot on its project developments.

Also, the developers in the DOT network will have access to the Binance ecosystem. Hence,  DOT developers can now use the Binance ecosystem to support them in their project developments. In terms of market standing, DOT ranks as one of the top 10 cryptocurrencies in CoinGecko.

DOT ALMA and MACD souce TradingView
DOT ALMA and MACD (Source: TradingView)

The graph above displays the rocket high price of the crypto. Today, DOT trades at a high price of $7.67 with a growth rate of +39.3% in the past 7 days. Therefore, traders can expect that DOT will end the year 2020 in the bull’s territory.

However, traders must not overlook the relative strength index (RSI) of the crypto that is already in the overbought stage. This means that any moment from now the crypto might trigger a price pullback. If it does, the crypto price might decline and may not be a good start for the year 2021.

Regardless, the crypto industry has done a good job this year despite the economic crisis due to the Corona pandemic. This is an indication that the crypto market is now ready more than ever in facing whatever the year 2021 brings.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.