The price analysis of Polkadot (DOT) dictates the continuation of the bullish trend. The refreshed price of Polkadot one month ago was as high as $8.80. On the other hand, the total market capital of cryptocurrency has dropped by 22.63 per cent to $76.84 billion. Therefore, the traders and investors presume that DOT is under the bull’s spell and shall continue to be in the limelight for some more time.
The price of DOT has risen higher than expected, sustaining the purchasing pressure and making the market optimistic about the future price predictions of DOT. Today, the price of Polkadot is $8.66, 5.84% higher for the day. In addition, the trading volume has also increased in the past few days while the capital market has gained 9%.
As the bulls are back in action, the price trades of Polkadot have remained high for the last five days. Looking at the daily frame, the price of Polkadot will likely show a breakout of inverted head and shoulders patterns.
Also, the average volume of DOT indicates that it shall ignore any bearish sentiment for the upcoming few days. According to the data of Coin Market Capital, the price of Bitcoin is at a decrease of 0.009% for the day.
Despite this, the crypto coin stands at dominance of 41.39%. At present, the price of Bitcoin has risen above 19 lakhs. The price of Polkadot is facing a substantial resistance hurdle of $8.80. If the price closes above this benchmark, you can expect a bullish momentum upto $10, followed by the $10.45 benchmark.
Along with this, the technical indicators are also supporting the bullish trend. Also, the price is trading at a 50-day moving average. RSI and MACD also show a positive attitude towards the daily time frame, indicating signs of continuing the trend.
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