- Polkadot (DOT) price suggests a continuation of the higher momentum this week and a 12% increase.
- The Parabolic SAR indicator is moving below the current DOT price.
- The market cap of dot coin has fallen by 3.6% to $8.1 billion in the last 24 hours.
The Polkadot coin has been on an upward trend in recent days. DOT finished the week on a strong note, allowing it to revisit earlier resistance levels. In reality, this looks to be how almost all other cryptocurrencies have performed recently. However, a significant retracement may be on the way.
The DOT cryptocurrency is now trading at $8.2 per token. Buyers have been appearing aggressive in recent days, and as a consequence, the price has regained roughly 12% so far this week. Speculators identified a Shooting Star candlestick formation during the daily price candle yesterday night, during a bullish trend.
Buyers are forming a key hedge area near the 90-day low near the $6.0 mark. On the other hand, buyers are approaching the $10 conceptual round level where buyers may struggle to push the price above this level. Moreover, the price of the DOT/BTC pair is down 3.5% at 0.000348 satoshis.
Meanwhile, Polkadot’s market cap fell by 3.6% in the past 24 hours to $8.1 billion, according to CMC. The trading volume continues to increase hence making the altcoin high-low. Furthermore, in terms of the daily price scale, the Parabolic SAR indicator is moving below the current price of DOT.
RSI Broke the Parallel Channel
The RSI indicator is breaking out of an ascending parallel channel (blue) during the daily price scale. Beas, MACD is about to move above the neutral zone.
Conclusion
The Polkadot (DOT) price is resisting resistance area before reaching the conceptual round level of $10. The bulls need to push the altcoin price above the most immediate bullish barrier.
Support level – $8.0 and $6.0
Resistance level – $10 and $16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
