Polkadot Goes Up by 4%, Looking at $9

Polkadot Goes Up by 4%, Looking at $9

July 30, 2022 0 By Jeanine Sanchez

Polkadot has gone up by 4% within the past 24 hours on its monitor chart. DOT was relatively optimistic last week as it recorded a 7% jump in value. The momentum of its price is firmly in bullish territory now.

Breaking Stiff Obstacles

Once the stiff $8 resistance level was broken, bulls are now in solid control. Technical analysis equally indicated a positive price movement for the Polkadot token. Its buying strength has increased considerably, which was a factor that added to its price increase.

If Polkadot’s demand in the market keeps being consistent, then it would be easy for it to run over the next resistance. Bitcoin keeps moving upward and is currently trading above $23,000. Altcoins are also positively influenced by the movement.

As it stands, bulls want to maintain DOT’s recovery mode as it is displayed on the chart. The general cryptocurrency market has had a 0.6% drop in the last 24 hours to now be at $1.14 trillion.

Polkadot traded at $8.20 as of the time of this report. It was a celebratory mood as the altcoin broke beyond the $8 resistance mark. This made bulls absolutely stronger in the market.

A steady factor that aided the recovery is the coin’s demand in the market. The current overhead resistance is $9. If DOT trades above that level, then it would enter into the double-digit zone at any moment further.

SMAs and Higher Buying Pressure

However, any lower moment from its current position will take it first to $7.20. The next support line after that is down at $6.87. 

The amount of DOT traded in the last session dropped just a bit. This might be an indication that its selling pressure could be attempting to enter a new level on the chart.

The altcoin had a good bullish run within a short time. It traded in the overbought area while the coin put up a rally in the past 7 days. The purchasing strength is on the positive side while it has also overtaken selling strength also.

The relative strength index showed a little downtick in the purchasing pressure. The purchasing pressure is much more than the selling as of press time. Polkadot is above the 20-period simple moving average line, which shows buyers are driving the altcoin’s price momentum.

It is equally above the 50 and 200-period simple moving averages, which shows increased demands and a bullish market. The technical perspective over the asset shows increased demand on its four-hour chart.