Polkadot (DOT) bulls were in luck this week. After overcoming a hot sell pressure zone, they’ve been able to push the crypto up by 70%, building on the impressive upswing in the last month.
Here’s a quick glance at how DOT has been performing lately:
- DOT price up by 0.43%
- Polkadot bulls eyeing $8
- DOT upside potential is at 35%
DOT has been trading under $6 for much of February, but last week it broke above the range and hit $7, the supply zone at which it would have likely fallen into a correction. But instead of falling into that trap, DOT bounced back from $7 and flipped resistance into support.
At the time of writing, the support was confirmed, clearing bulls to target higher resistance levels: Long-term bulls could target $8 if they cleared another hurdle at $7.76.
Source: TradingView
DOT Price Shows Positive Trend
The recent price analysis for Polkadot (DOT) reveals a positive trend, as an upward price movement has been recorded in the last 24 hours. But most importantly, recent Bitcoin’s retest of $25,000 boosted DOT bulls to overcome a crucial sell pressure zone.
According to CoinMarketCap, DOT price has skewed up by 0.43% or trading at $7.46 as of this writing. The price has dramatically increased as a result of the recent bullish trend that the market has been pursuing for the previous few hours.
DOT is a stock that has been on fire lately. The stock has seen a surge in demand, and the demand has been strong enough to tip bulls to target $8. The crypto is up nearly 20% in the last 30 days, data by Coingecko shows.
Polkadot (DOT) is a decentralized network for scalable blockchain applications that was launched in 2017. The project is being developed by the Tel Aviv-based non-profit organization Polkadot Foundation and aims to provide scalable, interoperable blockchain solutions for industry use cases such as cryptocurrencies, digital identity management, and supply chain tracking.
Solid Momentum Overall
On February 8, 2018, Polkadot released an update regarding their native token DOT, which will be used on the network. The update stated that “staked DOTs” can now be used as collateral for off-chain transactions where there are no fees or gas costs involved.”
It also announced that the staking process has been improved so that it takes less time than before while still ensuring security “through randomness checks every ten minutes.”
But it’s important to remember that there are no guarantees in this market–even the best-performing stocks can fall victim to a bearish trend.
DOT total market cap at $8.6 billion on the daily chart | Chart: TradingView.com
So far, DOT has shown some positive momentum, but it’s important to remember that this is just one data point out of many more coming up this week.
If DOT continues to show signs of strength, bulls may be able to move beyond their current resistance levels; however, if the crypto begins showing signs of weakness or volatility, they will have to chart their next move going forward.
-Featured image from VeriTread