Cryptocurrency Daily Thefoxposts.com

The cryptocurrency market is witnessing quite a surge. Altcoins, in particular, are experiencing massive gains. Polkadot (DOT) has dipped 0.9% correction in the daily charts but is in the green in the other time frames. The asset has rallied 25.2% in weekly charts, 76% in the 14-day charts, 164.8% over the previous month, and 78% since December 2023. Source: CoinGecko Also Read: MATIC: After Rising 150%, Can Polygon Double Your Money Again? Why Are Altcoins Rallying? With Bitcoin (BTC) stagnating at the $96,000 level, investors could be moving their funds to other assets. Market participants may be trying to make gains with other cryptocurrencies, such as DOT, Cardano (ADA), Ripple’s XRP, etc. Source: Unsplash The altcoin surge also comes amid WisdomTree’s recent S1 filing for a spot XRP ETF (Exchange Traded Fund). GrayScale has also filed for a spot Solana ETF. This development may have led investors to hope for more altcoin-based ETF products. Polkadot (DOT) and other altc...

The Polkadot price surged 55% in the last week and 4% in the last 24 hours to trade at $9.21 as of 03:06 a.m. EST on trading volume that plunged 56% to $1.9 billion. Polkadot Price Gearing Up For More Massive Gains The Polkadot price is in a strong upward trend, as evidenced by the sharp rise in price and the steep slope of the 50-day Simple moving average (SMA). DOT price has broken out of a prolonged consolidation range (marked in the white box) and is now trading significantly above both the 50-period MA (blue line at $6.67) and the 200-period MA (red line at $4.96), according to data from GeckoTerminal. This indicates bullish momentum. The Relative Strength Index (RSI) is close to the overbought zone (above 70), currently at 69. This indicates strong buying momentum but also warns of a potential pullback or consolidation in the near future. Historically, when RSI approaches these levels, a retracement or sideways movement often follows as buyers take profits. Moreover, the MAC...