Polkadot (DOT) Gather Momentum, Going to $8.07 Level
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Polygon network token, DOT seems unaffected by the current bearish trend and action in the crypto marketplace. The token has continued to gather momentum for a likely upsurge that may spike its price.
Polkadot (DOT) Momentum, A Possible Price Spike
According to crypto experts and analysts, the movement of the token predicts a resistance break in the coming days. With its current movement and action, a fairly uptrend momentum is being gathered by the token.
Analytics/statistics from the past 24 hours show an approximate 1.4% increase in the token market price. The token currently trades for $7.92, with a 1.4% upsurge. However, its momentum can cause a bull or price spike to $8.50 or higher.
DOT is currently ranked in the 10th position on the list of top crypto with the highest market cap. Under the Polygon network, it has garnered up to $7.73 billion in market capitalization in the cryptocurrency market. DOT has also accumulated an average trading volume of approximately $750 million daily.
Polygon (DOT) Still Indicates/Likely to Bull
DOT market prices analysis recorded a high upsurge/uptrend in the past 24 hours and still gathering more highs. However, traders, investors, and buyers must be careful with the current situation of the cryptocurrency market.
DOT market price has soared up, but the market may turn bearish anytime soon. If this happens, the price may record a drop to maintain the $7.23 support level. However, any bear in the DOT marketplace at the moment will be short-lived.
According to crypto analysts and relative strength indicators, the speed at which the token price moves is high and will likely retain momentum. The volume trading, moving average indicator, and buying pressure depict an astronomical gain.
A deep analysis of the 4-hour chart states that the market situation is looking good, and the current price is pegged at $7.92. The token is moving above the $7.70 support level, creating an uptrend, bullish flag, and high gains. There are also predictions that the buying pressure may spike anytime soon.
DOT has also surpassed the 50-day moving averages, which was triggered by the upsurge in the market. There are expectations of astronomical gains, which may create an all-time high.
Polkadot Unaffected by Cryptocurrency Market Situation
Despite the current rally in the crypto market, the Polkadot network seems unaffected. It has kept maintaining a stable KPI (key performance indicator). Buying pressure on the network has kept increasing, which has helped to create a support level.
The launching of new parachains has been one of the supporting factors that have kept DOT floating. DOT token volume under Polkadot has increased by 3.5% in 2022. It garnered an average of $750 million trading volume, over 435k users with over 293 million daily transactions.
Approximately 300 million increase in transactions has been recorded in 2022. All signs and indications on Polygon (DOT) are bullish.
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