Polkadot (DOT price) reveals that extreme bullish movements pushed the price up to $9.54
- The DOT price is extremely bullish. Set to test $9.88 as key resistance.
- The $9.29 area has support.
- Polkadot raised its price by $9.54
DOT’s price trendline has spiked for the past couple of weeks following the coin’s overwhelming gains over the past few days.
Today, DOT/USD tries to break the key resistance of $9.87. That is quite strong. If bulls keep pushing, DOT won’t have any problems crossing the critical resistance zone.
Prices for DOT have risen to $9.54
The price of DOT has seen a rise in value over the past 24 hours, as it increased its price to $9.54 just a few minutes ago.
CoinMarketCap says DOT now trades at $9.49 and is showing a dramatic spike of 2.2% as of writing. Although the DOT price fell a little in the last few hours, it is still up. As evidence of the continuation of bull runs, the DOT/USD pairs has seen a 10.05% increase in value over the last week.
However, DOT’s trading volume fell dramatically by 12.66%. This shows that there are some weakness in momentum.
As seen in the Bollinger Band expansion, the USD/DOT pair has increased volatility. This price trades at $9.99 and $6.84 as key resistance. The lower band, or $6.84 is the current support zone.
This is a sign of strong market buying pressure. The EMA has been spotted at $9.10, with RSI at64.
Polkadot Price Correction Anticipated
The four-hour period shows that the DOT price broke upwards. This was evident at the beginning and ended of trading sessions. It subsequently jumped to $9.58. But, as selling pressure returned to the market, it also fell in the final hours.
The 4-hour chart shows a mild volatility for DOT. The upper band can be seen at $9.84 while the $8.73 band can be found at 8.73. The EMA is trading at $9.35 with the RSI showing a slight downtrend. It continues to trade at index 62 driven by immense selling pressure.
The DOT price shows that the coin is trying hard to overcome the $9.87 key resistance, even though the market is trading in the green. The coin is likely to correct its price in the short term or within a matter of hours, before it retests key resistance again.
If the bears win over the bulls, then DOT might hold $9.29 as its next support area.
Source: TradingView.com| Source: TradingView.com Featured image taken from Bitcoin Addict. Chart by TradingView.com