The Polkadot price rocketed higher on Thursday after the developers announced the date for the much anticipated parachain auctions. The DOT token jumped to a multi-month high of $41, which was about 310% above the lowest level in July this year. This jump brought its total market capitaliation to more than $40 billion, making it the 8th biggest cryptocurrency in the world.
Parachain auction date announced
Polkadot is a blockchain project that was built by Gavin Wood, who is best known for being the co-founder of Ethereum. The platform’s goal is to create a platform that interconnects private and consortium chains, public and permissionless networks, and oracles.
In the end, it helps developers to build quality decentralized applications (DAPPs) and decentralized autonomous organizations (DAOs). To achieve that, the platform uses Kusama, another decentralized platform that acts as a playground. All apps that move to Polkadot must first move through Kusama, whose token is known as KSM. It has a market capitalization of more than $3 billion.
The Kusama and Polkadot price is rising today after the developers announced the date of the parachain auctions. The auctions will start on November 11th this year.
For starters, parachains are diverse, specialized blockchains that connect to the Polkadot Relay Chain. They constitute the multichain aspect of the network’s technology. Therefore, the fact that these parachains are launching is notable since they represent the final phase of Polkadot’s multiphase launch process.
The auctions process will be a relatively long one and will be divided into two batches. The first batch will have five auctions, which will start on November 11 and end on December 9th. The second batch will start on December 23rd and end on March 3rd next year.
Polkadot price prediction
The daily chart shows that the Polkadot price has been in a major bullish trend in the past few weeks. It has jumped by more than 300% from its lowest level in July. It is now trading at $41, which is about 16% below the all-time high.
Another notable thing that happened is that the price managed to move above the key resistance at $38.77, which was the highest level in September. The price moved above the 25-day and 50-day exponential moving averages while the MACD is above the neutral line. Therefore, the path of least resistance for the DOT price is to the upside, with the next key level to watch being at $50.
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