Polkadot’s price has been steaming higher and it’s not stopping yet. It’s the asset’s second day of a winning streak as it climbs 15%.
Increased Buying Pressure Boosting Polkadot
CoinMarketCap has it that Polkadot’s price is currently at $8.02 or 5.92% on today’s increase. The asset has a total market capitalization of 7,916,976,700.
DOT’s price has been seeing continuous buying pressure following Tuesday’s touch of $6.52. The coin has recovered from that support line of $6.50.
DOT recovered steadily as evidenced over the past two sessions. It has also been able to generate more interest from investors. Going above the $8 mark will bring more gains for the asset.
DOT has, however, been seeing some resistance around the sloppy line that emerges from $9.5. The declining side is around the $6.25 area. It requires strong buying pressure for it to break out of the $8.05 resistance zone.
It seems Polkadot’s price is volatile and very unpredictable with regard to its price movement. Whereas bulls are trying to push the price further toward the descending trend line.
DOT/USD has gone close to the 50-day exponential moving average, the price might now shoot toward $8.50. much more, the relative strength index has equally crossed over average and might go higher. It is currently at 56.
Bullish Indications
On the hourly rate, DOT’s price shows more profits or simply more than 15%. After it retested $7.93, DOT’s price retraced and moved up with the present session’s high level. This means the buying pressure is now near the lower zone.
DOT is now looking optimistic when viewed in a higher time frame. But on a lower time frame, it is still revealing a negative perspective. Therefore, it would be better for investors to wait and await some validation before they push aggressive bids through.
DOT price relations indicate that bulls have been in charge of their price since September 2021. The markets witnessed some slopes combined with highs which all show bulls having the upper hand. The prices were initially observed to merge in the range of $6.42 and $7.2.
The relative strength index of the asset has gone above 50. It is a strong indication that the coin is bullish. On another hand, if DOT prices plunge down to $6.61 and below, it would show that bears have taken over the market.
It looks like bulls are in command. Polkadot will continue on its bullish path as a generally positive market dictates.