Just as the crypto-verse was celebrating Polkadot’s [DOT] big progress to a high of $31.71, Bitcoin made a power move. The king coin hit an all-time high of $51,630.86 and shattered every bearish speculation ever made on the asset. The asset seemed to be hoarding the bulls as it aimed for $60K. While BTC was dominating the entire crypto market by over 61%, the market cap of the asset was seen at a high of $955.40 billion. After taking over Tesla and Facebook, BTC took over the prominent Chinese company Tencent.
During the time of writing, DOT was seen retracing from its all-time high. The altcoin was trading for $30.81 with a 2% rise in the last 24-hours. The coin had recorded an increase of 25% in the last seven days and seemed to be lengthening the trend. DOT is probably the only asset that has witnessed extreme growth despite being new to the crypto game. The asset currently stands as the fourth largest cryptocurrency with a market cap of $27.84 billion, ahead of prominent crypto assets like XRP, Litecoin, and others.
Polkadot [DOT] One-Hour Price Chart
The one-hour price chart of DOT revealed that the Parabolic SAR indicator was above the candlesticks. This indicated that a strong line of resistance was formed against any possible upward breakout. The MACD line sluggishly crept below the signal line which further proposed a bearish crossover. The Awesome Oscillator, however, involved the bulls as it formed green closing bars.
This confusing notion was habituating the DOT market. However, the majority was pointing at the bears.
Polkadot [DOT] Price Chart With Indicators
The Relative Strength Index indicator was implying a buyers’ sentiment in the DOT market. The Money Flow Index followed a similar trend as the marker was up in the buyers’ zone.
This trend could undoubtedly slow down the altcoin’s journey to $40 as the bears take over the short-term price chart.