Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

Christian Encila

2 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

There’s no stopping Polkadot (DOT) price as it continues to locomote up. It’s the second consecutive day of winning streak for Polkadot as it spiked by 15% in gains.

According to CoinMarketCap, Polkadot (DOT) price is currently up by 5.92% or at $8.02. It currently has a total market cap of 7,916,976,700 as of this writing.

DOT price has experienced sustained and robust buying pressure after touching on lows on Tuesday at $6.52. The coin has successfully bounced back from the $6.50 support line.

Can DOT Spike To $8.50?

The coin has recovered steadily as seen in the past two sessions and has also generated heightened massive investor interest and price hike. A breach above the $8.00 level would reinforce gains for DOT.

Looking at the daily chart, DOT price has been experiencing resistance close to the sloping line that stretches from $9.5.But, the downside is seen close to the $6.25 zone. Breaking through the resistance level of $8.05 requires strong buying pressure.

Polkadot price is looking extremely volatile and continues to be unpredictable in terms of price movement. Meanwhile, the bulls are trying to jab the price pushing it further the descending trend line.

As DOT/USD nears the 50-day EMA or Exponential Moving Average, the price could potentially shoot for $8.50. Additionally, RSI has also traversed the average line and could jump higher. RSI is currently at 56.

With the hourly time frame, DOT price hints more gains or higher than 15% from yesterday’s $6.73. After retesting at $7.93, DOT price has retraced and swerved way up with the current session’s high. This implies that buying pressure is close to the lower zone.

Bulls In Command, Conquer Mode

The histogram bars seem to plunge with the MACD indicator revealing a downward bullish trend. RSI is showing positive or is neutral and neither bearish nor bullish.

DOT is definitely looking optimistic when perceived on a higher time frame. However, on the lower time frame, it still shows negative in perspective. So, it would be wise to hold your horses and await validation before pushing through more aggressive bids.

DOT price shows that the bulls have been manning its price since September this year. The market has witnessed slopes or combinations of higher highs and higher lows, which implies that the bulls have the upper hand too on DOT price. DOT prices were previously seen to be merging in the $6.42 and $7.2 range.

DOT’s RSI is above 50 which strongly indicate that the coin is bullish. On the other hand, if Polkadot prices plunge to $6.61 and under, this would hint that the bears were able to take over the market.

It seems the bulls are in command and conquer position. Polkadot is set to continue with its bullish momentum as triggered by an overall positive market sentiment.

DOT total market cap at $7.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.