- In the last 30 days, only 12 green days have been seen in Polkadot crypto.
- DOT crypto has performed positively when compared to its token sale price.
Polkadot is a unique blockchain network that allows users to launch their blockchains atop its relay chain. DOT is its governance token, enabling holders to stake, vote on upgrades, and secure the network.
Founded in 2016 by Gavin Wood, it’s designed for interoperability and offers a sandbox environment through Kusama.
Polkadot crypto price is trading 170% above its all-time low price, and the current trading price of the crypto at press time is $7.30. Also, the all-time low price of the crypto is $2.69.
The volume activity of the crypto has also advanced in the last 24 hours from the time of writing, which shows that traders are gaining interest in the crypto. This further results in a traded volume ranking of #41 in the global cryptocurrency market.
Following the advance in the trading volume of the crypto, the market cap has also advanced by 2.9% in the last 24 hours. Moreover, the crypto’s volume/market cap ratio is 2.2%.
The market cap value of the Polkadot is $10.47B, and it is the 14th largest cryptocurrency with a market cap dominance of 0.30%.
The sentiment of the Polkadot is neutral, and the price of the crypto is also trading in a range. Despite this, the price volatility is very high, resulting in 10.25%.
The circulating supply and the total supply of the crypto is 1.437B DOT, while the maximum supply is infinite. Also, Polkadot’s fully diluted market cap is $10.47B, which is close to the crypto’s market cap.
Polkadot Crypto Derivatives Analysis
The derivatives trading volume of Polkadot crypto has also advanced by 56.6%, which shows that the derivatives and the spot are both witnessing significant activity.
The open interest rate has also advanced by 5.04% in the last 24 hours from the time of writing, which has resulted in $269.46M.
The derivatives further seem to support bulls as higher short liquidation is recorded over the last 24 hours. Against this, the long liquidation is worth $132.82K.
Open Interest In USD Vs. RSI for Polkadot Crypto
The open interest of the DOT can be seen slowly advancing over the last few days. This shows that more positions are opening in the market, and more traders are holding the crypto.
The RSI is also advancing to higher levels, showing the advance in the momentum of the crypto price.
DOT Crypto Technical Analysis
The DOT crypto price is trying to advance to higher levels and is currently pausing at $7.70. Despite this, bullish candlesticks can be seen in the daily crypto chart.
If the price breaks above the given level, it might surge to the next resistance level.
The primary trend of the crypto is bearish as lower lows are formed on the chart, but the break above the consolidation can lead to a change in trend to bullish in DOT crypto.
DOT/USD Chart by TradingView
The price of the DOT crypto is currently trading at the 200-day EMA on the daily chart, while the 50 and 200-day EMAs are still in the golden cross. It shows that the price still has the chance to shoot towards the higher levels.
The MACD and the signal lines further are trying to advance to higher levels from the negative territory. Thus, unless the following metrics break above zero, the crypto trend might stay intact to bearish.
The RSI also resists the 50 levels at press time, and if it breaks above the same level, a further surge in the price might be seen.
Summary
Polkadot’s crypto price remains consolidated, with 170% growth from its all-time low. Despite 12 green days in the last month, it trades in a range, with high volatility at 10.25%.
While derivatives activity is up, sentiment is neutral. The following data shows uncertainty in the crypto price, and one must wait for the price to break in either direction. $4.80 and $6.00 are acting as the support levels while $9.060 and $11.550 are acting as the resistance levels
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.