Polkadot (DOT) is one of the most prominent cryptocurrencies in the market and has garnered considerable attention from investors and analysts alike. Polkadot is currently trading at $8.92, up by 3.49% over the past 24 hours.
The past month has seen Polkadot register a decline of 19.25% over the past 30 days. However, the long-term picture is a much more positive one, with the cryptocurrency having registered an increase of 134.65% over the past six months and currently displaying a 46.60% increase over the past year.
Polkadot’s current market capitalization of $12.7 billion makes it the 14th largest cryptocurrency in the market. When it comes to supply dynamics, Polkadot has a circulating supply of 1,431,103,017 DOT.
Polkadot (DOT) Technical Analysis
source: Trading view
DOT has found strong support at $8.35 and bounced up, crossing the $9 line. During this upward trend, the price managed to break above the downward trending line on the back of three consecutive bullish sessions. On the upside, we have three Fibonacci Retracement levels at $9.05 (50%), $9.30 (61.8%), and $9.48 (70.6%). If the buyers overcome these levels, a move back above the $10 psychological level is certainly in the cards. Poldadot’s price has been under the $10 mark since the 19th of March.
The moving average convergence/divergence (MACD) shows that the market momentum is currently bearish. However, if the MACD line crosses over the signal line, market momentum will flip from bearish to bullish, indicating further positive movement for DOT. However, if the MACD doesn’t flip, it’s hard to see DOT breaking past immediate resistance and reaching the $10 line.
Bottom Line
Looking at the factors we have discussed, DOT has a good chance of pushing toward the $10 price level if market sentiment remains positive. However, for any substantial price movement to occur, DOT must push past the resistance levels at the Fibonacci retracement levels ($9.05, $9.30, and $9.48). If it is unable to move past $9, we could see the price drop to the $8.36 support wall.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
