DOT Jumps 35% In 5-Day; Is 10.00 In Offer?

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Published 20 mins ago

The Polkadot price analysis dictates the continuation of the bullish trend. The price refreshed a one-month high above $8.80. DOT has been under the bull’s spell for the past few sessions and is expected to continue further. The price opened higher and sustained the buying pressure making the market optimistic about further price action. The Polkadot price today is $8.66, up 5.84% for the day. The trading volume has increased multiple times over the past few days whereas the market cap gained 9% to $8,547,989,293.

  • DOT price extends the previous session’s gains on weekend marking the fifth day of upside momentum.
  • A daily candlestick above $8.85 will confirm further upside in the coin.
  • The momentum oscillator favors the bullish outlook in the coming few session.

DOT price exudes positive vibes

Source: Trading view

 DOT price trades higher in the last five days as the bulls are back in action. On the daily time frame, the price is about to give a breakout of an inverted head and shoulder pattern. The price is near the highs of June 11, thus forming a triple top formation, indicating bearishness.  However, the average volume indicates that the price might ignore any bearish sentiment as of now.

 DOT price faces a strong resistance hurdle around $8.80, if the price closes above this level on daily basis, then we can expect a bullish momentum up to $10.00 followed by the $10.45 mark. 

Technical indicators are also supporting bullishness. The price is trading above the 50-day moving average, as well as MACD and RSI are also showing positiveness in the daily time frame, indicating signs of continuation trend i.e. Uptrend.  

1-hour chart supports the long-term trend

Source: Trading view

DOT on the hourly chart formed a bullish flag and pole pattern and recently gave a breakout at $8.45. The expected move according to this pattern is around $8.80, which is also a strong resistance on the daily chart. Thus, a crucial level to trade.

Conclusion:  

DOT is showing bullishness in all time frames, but there is a slight hurdle around $8.80, if the price closes above this given level, then we can enter a buy trade.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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