Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

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 the Polkadot price (DOT) is up 5.92%, or $8.02. The current market cap for Polkadot (DOT) is 7,916,976,700 at the time of writing.

After touching lows of $6.52 on Tuesday, the DOT price is now under sustained and strong buying pressure. The $6.50 support level has been successfully broken.

Can the DOT spike to $8.50

Coin has been steadily recovering as shown in the previous two sessions. It has also attracted massive investor interest, resulting in a significant price rise and much greater investor interest. Gains for the DOT would be reinforced if it breaches $8.00.

The daily chart shows that the resistance to DOT’s price is close to the line that runs from $9.5. But, there are signs of weakness near the $6.25 area. Strong buying pressure is required to break through $8.05 resistance.

The price of Polkadot is extremely volatile, and the price movements are unpredictable. The bulls continue to try and push the price further down the trendline.

The price of DOT/USD could rise to $8.50 as it nears the Exponential Moving Average (50-day EMA) or Exponential Moving average.  RSI is also at the average line, and may jump even higher. RSI currently stands 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 means that the buying pressure for DOT is near its lower limit.

Bulls are in Control, Conquer Mode

Histogram bars appear to fall with the MACD indicator, indicating a downward bullish tendency. RSI can be either positive or neutral, and is neither bullish nor bearish.

DOT can be seen as optimistic when viewed over a longer period of time. It still looks negative when viewed from a shorter timeframe. You might be better off waiting for confirmation before you push through with more aggressive bids.

The bulls control the DOT price, which shows that they have done so since September. Market has seen a series of slopes that have included higher highs or lower lows. This suggests that bulls also hold the upper hand on DOT prices. In the past, DOT prices had been seen merging within the $6.42 to $7.2 range.

DOT’s RSI is above 50 which strongly indicate that the coin is bullish. If Polkadots prices fall below $6.61, it would indicate that the bulls have taken over the market.

The bulls seem to be in control and have the upper hand. Polkadot will continue its bullish momentum triggered by positive market sentiment.

 Source: TradingView.com| Source: TradingView.com

Featured image taken from VOI.id and chart from TradingView.com

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