Veröffentlicht von • Polkadot’s price has recently broken past the resistance mark of $5.
• Over the last 24 hours, DOT increased by more than 6%, and secured double-digit gains in the past week.
• Indicators show that if buyers do not remain consistent, DOT will depreciate on its chart over the subsequent few trading sessions.
Polkadot (DOT) has recently managed to break past the rigid price resistance mark of $5. This is a significant milestone for the altcoin, as it indicates bullish sentiment in the market. Over the last 24 hours, DOT increased by more than 6%, and secured double-digit gains in the past week. As Bitcoin moved into its daily chart’s $18,000 price zone, it pushed altcoins on their respective charts, and DOT was no exception.
Although DOT has seen a positive rally in the last 24 hours, the coin is still not out of the woods yet. The technical outlook currently sides with the bulls, however, there has been a drop in the accumulation on the daily chart, indicating that demand for the coin has decreased. The current demand for DOT, however, has reached a multi-month high. This is a good sign, however, it is also important to note that after being overvalued, the coin will likely start to retrace on its chart.
Indicators show that if buyers do not remain consistent, DOT will depreciate on its chart over the subsequent few trading sessions. The market capitalization of the altcoin fell slightly in the last 24 hours, which suggests that demand for the coin has dipped. At the moment, DOT is trading 90% below its all-time high of 2021.
On the one-day chart, DOT was trading at $5.09 at the time of writing. The coin was trading within an ascending parallel channel (blue), which indicates a bullish force in the market. However, at the time of writing, Polkadot broke above the ascending parallel channel, indicating that DOT might consolidate over the subsequent trading sessions before it starts to retrace.
Overall, it is clear that Polkadot is still in a state of flux. The coin has seen a positive rally in the last 24 hours, however, it is important to note that the coin is still far from its all-time high. It is also important to note that buyers must remain consistent if they want to see the coin continue to increase in price.