As the cryptocurrency market moved green numbers on the board, some coins were faring better than their counterparts. Over the past couple of weeks, altcoins grew much more significantly than Bitcoin to set new records on the board. Polkadot [DOT], the ninth-largest cryptocurrency saw a whopping 32.5 percent growth over the past week.
On Friday, DOT was trading for $32.7 with a total market cap of $32.41 billion. A 2 percent hourly growth also lifted the trading volume to $2.5 billion. As it stands, Polkadot’s market cap was approximately $5 billion more than its neighbor USDC which held a daily volume of $3.2 billion.
Polkadot 1 hour:
Since the start of September, Polkadot’s price has stabilized into a bullish curve with the technical indicators pointing to a price crunch soon. With the immediate support at $29.6, Polkadot surprised investors by surging even through a stagnant market.
Bollinger Bands- The upper band and the lower band converged towards another thereby reducing the possibility of a large Bollinger cloud. Polkadot’s price curve took a downturn once the rush ended.
Relative Strength Index-After Polkadot’s surge ushered in a new wave of HODLers, the RSI fell over the previous 24-hours. Investor support was necessary for the price upkeep with the line still safely near the overbought zone.
Chaikin Money Flow- For now, DOT was still bullish on the CMF scale. The hold above the zero line was a sign that the capital coming into the Polkadot market was more than the capital leaving the market.
Polkadot 1 day:
In the long term, Polkadot was climbing towards its All-time high regions. The long-term support at $0.6 was untouched since its formation at the end of July. Although the cryptocurrency was heading towards earlier highs, it was more slow-paced and calculated this time around.
Relative Strength Index- The RSI climbed towards the overbought threshold after long-term investors pulled in new ones. If Polkadot can sustain this momentum and generate more user interest, it has the potential to climb higher on the crypto ranks.
Chaikin Money Flow- Polkadot’s CMF spiked from the zero line as new holders start building their own portfolios. The last time DOT’s outflow capital trumped the incoming capital was in the middle of July.
Bollinger bands: Polkadot’sn spike over the past few weeks triggered a massive Bollinger cloud, the effects of which had been subdued by a price pullback.