Polkadot (DOT) Eyes $9 Amid Bullish Market Trends

2024-5-23 19:00

Polkadot’s (DOT) price is on track to continue its ongoing recovery after noting corrections over the past two months.

This is supported by the investors who have been exhibiting bullishness towards the asset.

Polkadot Traders Pour Money

Polkadot’s price at the time of writing is observing the impact of DOT holders changing their behavior. The evidence of the same can be seen in the Open Interest in the Futures market.

Open interest (OI) refers to the total number of active derivative contracts, such as futures or options, that have not yet been settled. In the case of DOT, this OI has risen by more than $63 million, bringing the total to $284 million from $221 million in merely three days.

Polkadot Open Interest. Source: Coinglass

While a rise in OI does not necessarily mean that the move is bullish, the positive funding rate suggests that long contracts dominate over short contracts. 

Additionally, the Moving Average Convergence Divergence (MACD) is also observing a surge in bullishness. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price, helping to identify potential buy and sell signals.

Read More: What Is Polkadot (DOT)?

Polkadot MACD. Source: TradingView

The indicator has avoided a bearish crossover twice this month now, and the green bars on the histogram confirm that bullishness has taken precedence. This could be reflected in Polkadot’s price as well, assisting a rise.

DOT Price Prediction: Another Rise After a Monthly High

Polkadot’s price trading at $7.50 is close to breaching the resistance at $8.0. Flipping this resistance into support can push the price further up, as it previously served as support before a past uptick.

This could result in an uptrend towards $9.0, marking a 22% rally for the cryptocurrency.

Read More: Polkadot (DOT) Price Prediction 2024/2025/2030

Polkadot Price Analysis. Source: TradingView

However, if the breach fails, Polkadot’s price could fall back to $6.8, where it might face consolidation. A drop below this would send DOT to $6.3, marking a 14% drawdown, invalidating the bullish thesis.

The post Polkadot (DOT) Eyes $9 Amid Bullish Market Trends appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Polkadot [IOU] (DOT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.28 %, 7d: -19.29 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 DOT

polkadot bullish trends market amid dot eyes

Источник: beincrypto.com

polkadot bullish → Результатов: 126


Фото:

Ethereum Co-Founder Reveals Why He Is Incredibly Bullish On Polkadot & Cardano

Ethereum co-founder Anthony Di Lorio has revealed he’s a big fan of both Polygon and Cardano and is confident in both their futures on the basis of their creators’ reputations. Having been part of Ethereum’s development, Di Lorio is quite familiar with Polygon founder Gavin Wood, as well as Cardano creator Charles Hoskinson. The entrepreneur […]

2021-6-13 15:40


Фото:

Asian VC Firm Launches $30 Million Polkadot, Kusama Fund

Master Ventures, an Asian private-venture capital firm has unveiled a $30 million fund geared toward crypto projects eyeing for a parachain slot on Polkadot and Kusama. Bullish on Parachain Projects According to a press release issued today, $1 billion-valued blockchain incubator & private venture capital company Master Ventures has launched a $30 million venture capitalRead More

2021-6-3 01:00


Фото:

Polkadot at new all-time highs: DOT eyes $20 as it enters price discovery mode

Polkadot’s (DOT) price has reached new all-time highs as it broke out its sideways trading pattern. The cryptocurrency is currently eyeing the $20 level, and is trading just under it. Is this a good time to buy some DOT? Fundamental analysis: steady fundamentals strengthened DOT’s bullish sentiment The fourth-largest cryptocurrency by market capitalization reached new […] The post Polkadot at new all-time highs: DOT eyes $20 as it enters price discovery mode appeared first on Invezz.

2021-2-4 22:18


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Is Polkadot (DOT) Price Undervalued as Institutional Interest Grows?

Polkadot price marked a bullish reversal pattern, but the altcoin is still far away from its target. However, this may be achievable with the help of institutions. The post Is Polkadot (DOT) Price Undervalued as Institutional Interest Grows? appeared first on BeInCrypto.