The Polkadot(DOT) is showing a steady momentum at $7.92, and it’s eyeing $8.07 as the next resistance. It is expected that the USD/DOT pair will score strong gains or a stronger upside. This could lead to further gains as high as $8.50.
Overnight, the DOT/USD currency pair gained approximately 1.38%. This has pushed the coin’s price up to $7.92. It is expected to rise to $8.07 and even higher.
The current number 10 ranking is for the token, with a market value of $7.73 trillion.ThBased on market capitalization, the most valuable cryptocurrency. The USD/DOT pair has a daily trading volume of $750 millions.
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The DOT is generally bullish
The price analysis of DOT shows that there has been a strong uptrend in the past 24 hours. Bullish tokens have driven prices higher. However, bears could suddenly overtake the market and cause a drop to $7.24 or lower. However, it is considered to be short-lived.
The overall trend is bullish. Relative Strength Index for DOT/USD (RSI), has been rising and trading above the moving average indicator, which indicates a bullish tendency and showing accelerated gains.
Image from Analytics Insight
Prices are trading well above $7.70, which is the key support level. The 4-hour chart actually shows that DOT has made a bullish Flag pattern. It consists of higher highs or lower lows. These patterns indicate a continuation in the bullish streak.
The recent price spike has caused the DOT/USD pairing to exceed the 50-day moving mean. This is a good sign as the RSI indicator is rising and trading near the 60 level, creating additional market opportunities. Prices will rise due to the expected efforts of bulls.
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Market cap of the DOT is $7.32B on the daily chart. Source: TradingView.com| Source: TradingView.com
Polkadot KPI Gains Consistently Momentum
Polkadot’s KPIs have been stable in each quarter, despite the volatile crypto market and large selloffs. The buying pressure actually helped to keep the coin’s positive over the long-term support.
Polkadot, an innovative multichain network, enables a scalable and limitless blockchain technology that will bring a variety of Web 3.0 protocol visions to life.
DOT enjoys huge community support with parachain launches. Polkadot also raised the staked volume of DOT to 3.5%. With its 435,000 users and over 293 million monthly DOT transfers, the second quarter has been a joyous one for DOT. This is an improvement of 288 million from the first quarter.
Featured Image from The Drive Chart from TradingView.com