Polkadot's Daily Double-Digit Gains – What's the Catalyst?



Polkadot (DOT) seems to have benefited from the recent crypto market upswing immensely. The price actions had the altcoin notching up a double-digit gain on Monday. That came as investors gained confidence due to the surges that Bitcoin has seen lately. While writing this, DOT/USD traded near $15 after gaining over 11% in a day.

Bitcoin started surging higher last week after struggling with bearish moves for several weeks. The prominent coin saw some volatility during the weekend, resulting in a 20% increase since the previous week. For now, Bitcoin looks to prepare to test the vital levels around $40,000. Such moves came after Elon Musk encouraged investors with his comments at the B-Word event. The CEO hinted that Tesla might resume BTC transactions in the future.

However, the overall market received a boost from the recent news that Amazon might dive into Bitcoin waves, allowing its users to pay for goods using their BTC. That had most analysts claiming that the market crash is now over, anticipating higher highs.

Most cryptocurrencies gain ground whenever BTC registers bullish moves. For instance, DOT has ridden smoothly over the past few days. Meanwhile, DOT had more support due to the launching of a DEX platform on Polkadot's network. Kaura Swap, a programmed market maker, is the first DEX to complete crypto transactions using its unique DEX solution, parachain tied to Kusama's mainnet. You probably know that Kusama is DOT's canary platform that launched its initial parachain services almost one month ago. The network aims to improve interoperability in different Blockchains. That feature can ensure that crypto projects enjoy substantial scalability.

Polkadot has witnessed multiple developments that can increase its use cases recently. For instance, Switzerland's SEBA Bank partnered with Valour and 21Shares to launch the SA1 DOT ETH. The functionality enables trading on the six exchanges in Swiss.

Vital Levels to Watch

According to the DOT/USD 4-hr chart, the altcoin has lots of bullishness in its network. Most MA and the MACD suggest the Polkadot has a massive bullish outlook for now. Its price holds over the pivot level at $12.73, attempting to test the initial resistance at $15.08.

A break over the vital level at $15 might witness buyers taking Polkadot over the $20 levels. However, the altcoin has to defeat the $16.42 resistance for such moves.

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