Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

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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.

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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.

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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.

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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.

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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.

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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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Author: Jet Encila

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