Polkadot (DOT) has seen fairly consistent momentum as it is currently trading at $7.92 and eyeing the next key resistance at $8.07. The DOT/USD pair is predictably seeing a sharp rise or further gains up to $8.50.
The DOT/USD pair gained around 1.38% overnight, which pushed the price of the coin to $7.92 and is expected to reach the $8.07+ level.
The token which has a market capitalization of $7.73 billion is currently ranked as the 10e Highest cryptocurrency, based on market capitalization. The DOT/USD pair currently enjoys a 24-hour trading volume of $750 million.
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DOT is generally bullish
DOT price analysis shows a robust uptrend seen over the past 24 hours. The token has been bullish, which has pushed prices relatively higher. On the other hand, if the bears suddenly take over the market, a decline may be apparent at the support level of $7.24 or lower. This, however, is considered short-lived.
Overall, the trend has been generally bullish and the Relative Strength Index (RSI) for DOT/USD has risen and is trading above the moving average indicator signifying a bullish trend and shows accelerated gains.
Image - Analytics Insight
Prices look good and are trading above the key support level of $7.70. In fact, judging from the 4-hour chart, the DOT has created a bull flag pattern or consists of higher highs and lower lows that show a continuation of the bullish streak.
The recent price surge has caused the DOT/USD pair to break above the 50-day moving average, which is a good sign as the RSI is rising and trading near the 60 level, creating more room for further moves. gains in the market. The bulls should push the prices higher.
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DOT total market cap at $7.32 billion on the daily chart | Source: TradingView.com
Polkadot KPI is constantly growing
Despite the erratic crypto environment and heavy selling, Polkadot’s KPIs have been consistent every quarter. In fact, the buying pressure helped the coin maintain its positive above long-term support.
Polkadot is an innovative multi-chain network that enables scalable, limitless, and future-proof blockchain technology to bring to life a multitude of Web 3.0 protocol visions.
The DOT has received tremendous support from the community, especially with the launch of new parachains. More so, Polkadot also increased the total volume of DOT staked by up to 3.5%. In fact, the second quarter of the year was a happy one for DOT with its 435,000 users, over 293 million monthly DOT transfers, an increase of around 288 million from the first quarter.
Featured image from The Drive, chart from TradingView.com