Sophia's Blog

Sophia's Blog

Polkadot has been more careful in treading the bearish line After the last support breach

Polkadot has had a remarkable 2021 with the cryptocurrency climbing into the top 10 club and beating established assets on the charts. Despite the recent bear runs, Polkadot has remained a strong contender for a stable asset holding a large market cap.

Polkadot has been more careful in treading the bearish line After the last support breach

An analysis of the previous 24-hours showed Polkadot’s gains as a solid rise spread over an even timeframe. At press time, DOT was trading for $16.8 with a total market cap of $16.12 billion. DOT also enjoyed an 8.3 percent gain on Wednesday, elevating the daily trading volume to $1.12 billion.

The cryptocurrency continued to hold its current support of $14.7 as the price action fell into a bullish groove. According to the MACD indicator, the cryptocurrency was heading towards bullish territory that may be interspersed with dips. The histogram was also overwhelmingly positive in the bullish spectrum.

Polkadot’s RSI climbed sharply towards the overbought threshold as more people bought into the ecosystem. This was following, DOT’s meteoric rise in July. The CMF plateaued parallel to the zero line showing a dip in internal capital.

Polkadot’s daily climb was slow and steady compared to the hourly charts. The RSI had turned towards the midline indicating a steady climb in buying pressure.

After the last support breach, Polkadot has been more careful in treading the bearish line. The CMF indicator was an example of that as the graph took on a k-shape and shot towards the zero line. Polkadot’s MACD indicator converged at the start of the month after which the divergence has been slow.

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