Polkadot Price Moves Above $8, Sets Eye On $9
04 Août 2022 - 06:00AM
NEWSBTC
Polkadot price has steadied itself above the $8 price mark. The
coin seems to be extending the price recovery as DOT looks at
moving past its next price ceiling. It also formed a bullish
pattern on its daily chart. The cup and handle pattern that
Polkadot has been forming for the past two months indicate that the
bulls were strong in the market. The cup and handle pattern usually
indicates a bullish continuation of price. Over the past week,
Polkadot price surged over 24% marking strong recovery. DOT has
been among the highest gainer within the top 10 cryptocurrencies
based on market cap. In the last 24 hours itself, Polkadot price
rose 6%. Technical indicators have painted bullishness on the chart
with DOT exhibiting chances to break past $9 price ceiling.
Polkadot has struggled for a significant amount of time as price of
the asset remained below the $9 price mark. Buying strength despite
a recent fall shot up indicating that bulls were in control of the
price. If DOT manages to break past the aforementioned price
ceiling, then the uptrend would invalidate chances of bears
reclaiming the price. The global cryptocurrency market cap today
was $1.13 Trillion and it noted a 1.1% increase over the last 24
hours. Polkadot Price Analysis: Four Hour Chart DOT was trading for
$8.38 at the time of writing. A slight push from the bulls can send
Polkadot price above $9 price mark. Ever since the middle of June,
Polkadot struggled to break past the aforementioned price ceiling.
If DOT manages to trade above the $9 price mark for a significant
amount of time, it could attempt to trade in double digits. A fall
from the present price level will cause the altcoin to touch the
$7.40 support line. Polkadot price has formed higher highs on the
four-hour chart, so chances of a price correction cannot be ruled
out. Volume of DOT traded fell considerably in the previous trading
session which was a sign of decreased buying strength. At press
time, however, the technical outlook pointed towards an increase in
buying pressure. Technical Analysis The altcoin Polkadot was
positive on the four-hour chart as the major indicators pointed
towards the same. As the asset formed higher highs, buying strength
also resurfaced. The Relative Strength Index was pictured above the
half line as buyers regained confidence signalling bullishness. A
tiny downtick on the RSI is visible, which meant that going forward
DOT may lose its current price momentum. If buying strength remains
consistent, a move above $9 is certain. Polkadot price was just
above the 20-SMA line which signals that buyers were driving the
price momentum in the market. Related Reading | Polkadot Loses
Steam As DOT Sheds 10% After Weekly Gains DOT continued to indicate
positive price action on the four hour chart. Moving Average
Convergence Divergence depicts momentum and price direction. MACD
painted a green signal bar which is the beginning of a buy signal
after undergoing a bullish crossover. Bollinger Bands determine the
price volatility and possibility of fluctuations in the same. The
bands remained parallel which is a sign of constricted price action
with less price volatility. Increase in buying strength can help
Polkadot price to break its immediate price ceiling. Related
Reading | Solana Hot Wallets Suffer Ongoing Attack, Roughly $5M
Stolen Thus Far Featured image from PixelPlex, chart from
TradingView.com
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