Polkadot (DOT) is showing fairly consistent momentum as it currently trades at $7.92 and is looking for the next key resistance at $8.07. The DOT/USD pair is predictably showing strong growth or further growth, which could reach $8.50.
The DOT/USD pair is up about 1.38% overnight which pushes the price of the coin to $7.92 and is sure to rise to $8.07 and above.
The token, which has a market capitalization of $7.73 billion, is currently ranked 10th.th the highest cryptocurrency based on market capitalization. The DOT/USD pair currently has a 24-hour trading volume of $750 million.
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DOT is generally optimistic
DOT price analysis shows a steady uptrend seen over the last 24 hours. The token was bullish, which pushed prices relatively higher. On the other hand, if the bears suddenly take over the market, a decline could be evident at or below the $7.24 support level. However, this is considered short-lived.
Overall, the trend has generally been bullish, with the Relative Strength Index (RSI) for DOT/USD increasing and trading above the moving average indicator, indicating a bullish trend and showing accelerated growth.
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Prices look good and are trading above the key $7.70 support level. In fact, based on the 4-hour chart, the DOT has created a bullish flag pattern or is made up of higher highs and higher lows that show the continuation of the bullish band.
The recent surge in prices has seen the DOT/USD pair deviate from the 50-day moving average, which is a great sign as the RSI rises and trades near the 60 level, creating more room to maneuver for further market gains. Bulls are expected to push 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 gaining momentum
Despite the volatile crypto environment and massive selloffs, Polkadot’s KPIs remain the same every quarter. In fact, the buying pressure helped the coin to stay above long-term support.
Polkadot is an innovative multi-chain network that enables scalable, borderless, and future-oriented blockchain technology to bring many Web 3.0 protocol concepts to life.
DOT is getting huge support from the community, especially with the launch of new parachains. What’s more, Polkadot also increased its total DOT staking volume to 3.5%. In fact, the second quarter of the year was a happy one for DOT with 435,000 users, over 293 million DOT transfers monthly, or about 288 million more than the first quarter.
Featured image from The Drive, chart from TradingView.com
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