Valued at $5.50, Polkadot (DOT) Bull Run is expected to continue by CoinEdition

Valued at $5.50, the Polkadot (DOT) Bull Run is expected to continue
  • Storage and transfer made easier in (DOT).
  • The price of DOT has increased to $5.50 as of press time.
  • Technical indicators indicate that the DOT bullish trend will continue.

After several hours of bear dominance, Polkadot (DOT) bulls managed to pounce and reverse the trend, pushing DOT prices up 1.45% to $5.50 as of press time.

The Web3 DApp, which has boosted storage and conversion on Polkadot, supports this rise. DOT’s market capitalization increased by 3.30% to $6,357,210,853, which fueled the bullish rally. Low interest in the market remained, however, as evidenced by the 17.36% drop in 24-hour trading volume to $221,956,698. This happened as a result of the sellers asking prices not being as low as the offers from potential buyers.

24 hour price chart (Source: CoinMarketCap)

This trend indicates a rise in market volatility as the Bollinger Bands expand on the 2 hour price, with the upper band touching 5.53 and the lower band reaching 5.21. This market mood is likely to continue as the market price fluctuates towards the higher band.

With a reading of 0.05, the Moving Average Convergence Divergence (MACD) is a bullish signal, the trends are above the signal line and in the positive territory. The upbeat trend of the histogram with a reading of 0.02 extends the current bulls’ rampage.

On the 2-hour price chart, the ROC is advancing with a reading of 3.20, which indicates that the prevailing bullish trend will continue.

DOT/USD 2 hour price chart (Source: CoinMarketCap)

A golden cross, which is a bullish indicator, forms on the DOT price chart as a short-term moving average that crosses a long-term moving average. This is evident in locations where the 5-day MA and the 20-day MA were contacted at 5.47 and 5.37, respectively. As long as the price swings above both moving averages, additional bullish control is expected to remain.

The direction of the Stoch RSI, in the overbought area with a value of 88.39, is obscuring this positive trend and has investors worried. However, this trend serves as a warning to traders because a price reversal is not always necessary.

DOT/USD 2 hour price chart (Source: CoinMarketCap)

As long as the bulls hold the resistance level, the bullish dominance in the Polkadot (DOT) market is expected to continue.

DisclaimerComments and opinions, as well as all information shared in this price analysis, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk, Coin Edition and its affiliates shall not be liable for any direct or indirect damage or loss.

the post Valued at $5.50, the Polkadot (DOT) Bull Run is expected to continue It first appeared in Coin Edition.

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