There was news of DOTWallet during last week adding to the frenzy to DOT’s price rise. DotWallet users will be receiving the payouts directly from and to their DotWallet. This is the step, which will prevent the users from using a third-party platform on BitBoss. Past Performance The past week has been good for Polkadot (DOT). On February 2, 2021, DOT opened at $16.38. As of February 8, 2021, the closing price of DOT was $22.98. In short, the DOT price has surged by approx. 40%. The surge in the DOT price is primarily attributed to the rapid growth of the DeFi sector and rising costs of using the ETH blockchain. In the last 24 hours, DOT has traded between $19.97 and $24.02. https://ift.tt/3aLeVsp Why DOT is Moving Ahead Currently, DOT is trading at $23.40. The opening price of DOT was $22.98 today. Thus, the price is uptick. The A/D line is rising. Thus, whale accumulation is higher than distribution. The upward movement of price seems strong. But, the OBV indicator is declining. This implies selling pressures are overtaking buying pressures. The OBV indicator is showing negative divergence. Thus, the bullish momentum may be weakening. There may be a trend reversal soon. The ADX line is also falling. It is showing bearish divergence too indicating that the price uptrend is not strong enough to sustain. Thus, a price pullback may occur soon. The AO indicator is positive but the ‘buy’ signals are not very strong. The MACD and signal lines are positive indicative of a price uptrend. But, a bearish crossover by the MACD line over the signal line suggests a price pullback. The RSI indicator is currently at 57%. A few hours back it had touched 30% indicating high sell-offs. But, it faced a bullish swing rejection at 30% and rallied up to 70%. At the 70% mark it faced a bearish swing rejection and fell to current level. At this moment, selling pressures are dominating. Thus, the price may fall. Currently, the price is struggling to break out of the first Fibonacci point resistance level of $23.87. By the end of the day we can expect the price to surpass the second Fibonacci pivot resistance level of $24.83. Since, the current price is well above the Fibonacci pivot point of $22.32, a bearish trend cannot be confirmed. A downtrend may be on the horizon if the price falls to the 61.8% FIB retracement level of $22.47 and further goes below the 38.2% FIB retracement level of $21.52 by the end of the day. The 7-day price chart shows a bullish price trend. Hence, the bearish signals given by most of the indicators is pointing towards intermittent price corrections. In short, the price pullbacks seem temporary amidst a wider positive trend. The bull-run is expected to continue tomorrow as well.
The post DOT on an Uptrend with $23.40, Whale Accumulation Happening appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
