The surge in the DOT price is primarily attributed to the rapid growth of the DeFi sector and the rising costs of using the ETH blockchain. Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network. Past Price Performance The past week has been positive for DOT price. DOT opened at $19.69 on February 5, 2021. It closed at $25.02 on February 11, 2021. The price has surged by approx. 27%. In the past 24 hours, DOT has been trading between $24.50-$25.70. https://ift.tt/3adC1sD Days Ahead for DOT Currently, DOT is trading at $25.08 – a slight increase from the opening price of $25. The price is trading above the EMA and SMA lines. So, the trend looks positive. The A/D and OBV indicators are falling. But, the price is steadily rising. There is negative divergence here. Selling pressures are high. Whale distributions are greater than accumulations. Thus, the upward movement of price may not sustain. The RSI indicator is presently at 56%. It had touched the 30% mark three hours back. So, the selling pressures have gradually started decreasing. The RSI is rallying. Thus, we can expect the price to rise further. The MACD and signal lines are positive. Thus, the momentum looks bullish. However, a bearish crossover by the MACD line over the signal lines indicates price adjustments. We can expect an intermittent price pullback. The AO indicator is positive with strong ‘buy’ signals. The market looks healthy and we can expect the price to rise further. There has been a bullish crossover by the Aroon up line over the Aroon down line. Thus, the Aroon indicator is pointing towards a price uptrend. However, the ADX indicator has been falling since morning. Even though it has shown some intermittent peaks, overall the ADX line has been downward sloping. It implies the bullish momentum is still weak. Presently, the price is very close to the Fibonacci pivot point of $25.07. If the price breaks out of the first and second Fibonacci pivot resistance levels of $25.53 and $25.81 respectively in some time, then the bullish trend will sustain. However, if it falls below the first Fibonacci support level of $24.61, then probably a downtrend is on the horizon. If the price breaches the 38.2% FIB retracement level ($25.24) and 23.6% FIB retracement level ($25.41) in a few hours, then the bullish trend will continue. If the DOT price manages to close above the 23.6% FIB extension level of $25.98 today, then we can expect a positive price movement tomorrow as well.
The post DOT Trading Between $24.50-$25.70, Weak Bullish Momentum appeared first on Cryptoknowmics-Crypto News and Media Platform.
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