Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying
29 Luglio 2022 - 02:05PM
NEWSBTC
There’s no stopping Polkadot (DOT) price as it continues to
locomote up. It’s the second consecutive day of winning streak for
Polkadot as it spiked by 15% in gains. According to
CoinMarketCap, Polkadot (DOT) price is currently up by 5.92% or at
$8.02. It currently has a total market cap of 7,916,976,700 as of
this writing. DOT price has experienced sustained and robust buying
pressure after touching on lows on Tuesday at $6.52. The coin has
successfully bounced back from the $6.50 support line. Can DOT
Spike To $8.50? The coin has recovered steadily as seen in the past
two sessions and has also generated heightened massive investor
interest and price hike. A breach above the $8.00 level would
reinforce gains for DOT. Looking at the daily chart, DOT price has
been experiencing resistance close to the sloping line that
stretches from $9.5.But, the downside is seen close to the $6.25
zone. Breaking through the resistance level of $8.05 requires
strong buying pressure. Polkadot price is looking extremely
volatile and continues to be unpredictable in terms of price
movement. Meanwhile, the bulls are trying to jab the price pushing
it further the descending trend line. As DOT/USD nears the 50-day
EMA or Exponential Moving Average, the price could potentially
shoot for $8.50. Additionally, RSI has also traversed the
average line and could jump higher. RSI is currently at 56. With
the hourly time frame, DOT price hints more gains or higher than
15% from yesterday’s $6.73. After retesting at $7.93, DOT price has
retraced and swerved way up with the current session’s high. This
implies that buying pressure is close to the lower zone. Bulls In
Command, Conquer Mode The histogram bars seem to plunge with the
MACD indicator revealing a downward bullish trend. RSI is showing
positive or is neutral and neither bearish nor bullish. DOT is
definitely looking optimistic when perceived on a higher time
frame. However, on the lower time frame, it still shows negative in
perspective. So, it would be wise to hold your horses and await
validation before pushing through more aggressive bids. DOT price
shows that the bulls have been manning its price since September
this year. The market has witnessed slopes or combinations of
higher highs and higher lows, which implies that the bulls have the
upper hand too on DOT price. DOT prices were previously seen to be
merging in the $6.42 and $7.2 range. DOT’s RSI is above 50 which
strongly indicate that the coin is bullish. On the other hand, if
Polkadot prices plunge to $6.61 and under, this would hint that the
bears were able to take over the market. It seems the bulls are in
command and conquer position. Polkadot is set to continue with its
bullish momentum as triggered by an overall positive market
sentiment. DOT total market cap at $7.8 billion on the daily chart
| Source: TradingView.com Featured image from VOI.id, chart from
TradingView.com
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