Polkadot Increases 4% And Eyes $9, What’s In Store Next?
July 30 2022 - 12:00AM
NEWSBTC
Polkadot has surged on its chart by 4% over the last 24 hours. In
the past week, DOT remained quite optimistic as it registered a 7%
increase in its value. The price momentum has held on to bulls at
the moment. After moving past the rigid resistance of $8, the bulls
have regained strength. Technical outlook also pointed towards a
positive price action for DOT. Buying strength of the altcoin has
also noted an increase, which has contributed to rise in price. If
demand remains consistent in the market, it would be easy for
Polkadot to cross its next resistance mark. As Bitcoin continued to
inch northwards and was trading above the $23,000 mark, altcoins
have been positively affected by this price movement. Currently,
the bulls are trying to maintain the recovery mode that DOT had
displayed on its chart. The global cryptocurrency market cap today
is $1.14 Trillion, with a 0.6% negative change in the last 24
hours. Polkadot Price Analysis: Four Hour Chart DOT was trading at
$8.20 at the time of writing. The altcoin has managed to break past
its tough resistance mark of $8. This has made the bullish force
stronger in the market. The demand for the coin has also helped
with the recovery. Overhead resistance for the altcoin was at $9
and incase DOT manages to trade above that level, it could soon
enter the double-digit price zone. A fall from the current price
level will however make DOT land up at $7.20 first and then at
$6.87. Amount of Polkadot traded in the previous session fell
slightly indicating that selling pressure might be trying to make
an entrance on the chart. Technical Analysis The altcoin was quite
bullish on the short time frame. It recently traded in the
overbought zone as the coin staged a rally over the last 7 days.
The buying strength has remained in the positive and has taken over
selling strength too. The Relative Strength Index displayed a tiny
downtick in buying pressure, although, the buying pressure remains
a lot more than selling pressure at press time. Polkadot was above
the 20-SMA line, a sign that the buyers were driving the price
momentum of the altcoin. DOT was also above the 50-SMA and 200-SMA,
a depiction of increased demand and bullish force in the market.
Related Reading | Impressive Rally Puts Bitcoin Above $24,000, But
Is $28,000 Still Possible? DOT’s technical outlook reflected a
surge in demand on the four hour chart. Moving Average Convergence
Divergence reads the price momentum and possible shift in the price
action. MACD underwent bullish crossover and gave rise to green
histograms above the half-line indicating bullishness and buy
signal. Directional Movement Index reads the price direction and
movement on the chart. DMI was positive as the +DI line was above
the -DI line. Average Directional Index (Red) was above the
40-mark, this meant that the current price action was strong.
Related Reading | Polkadot (DOT) Grinds 15% Higher Amid Sustained
Buying Featured image from Invezz, chart from TradingView.com
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