Polkadot [DOT] was one of the best-performing assets amassing after an astounding rally which led to weekly gains of 25.97%. The volatility in the market has increased considerably. The impulsive rally has struck several stiff resistances as DOT reached levels last seen two months ago.
Polkadot [DOT] has climbed 5.23%% over the last 24-hours, which lifted its price to $21.54. At the time of writing, it was ranked as the ninth-largest crypto asset by market cap, which stood at $21.53 billion while recording a 24-hour trading volume of $1.68 billion.
Polkadot [DOT] Daily Price Chart:
DOT surged past a crucial resistance point of $16.86 on the 1st of August after trading below it for six whole weeks. As a result of the uptrend, the moving averages depicted an optimistic outlook for the coin market. While the 50 DMA [Pink] slumped below the DOT price candles on the 31st of July, the 100 DMA [Blue] appeared to be following suit.
The candles were now, however, approaching the 200 DMA [Yellow]. The momentum generated by the Polkadot price rally could potentially activate a bullish crossover and a subsequent golden cross provided it bears doesn’t flip the price negatively. The volume has been moderate of late and is yet to reach a promising level.
The Chaikin Money Flow [CMF] has surged way above the zero-line depicting an intense inflow of capital into the DOT market. The closing green bars of Awesome Oscillator [AO] fliped towards the positive side indicating a strong ongoing bullish momentum. The Relative Strength Index [RSI] is currently flirting with the overbought zone after soaring above 70, as buyers flocked in.
Polkadot first needs to surpass the overhead resistance of $29.11 to target yearly highs of $39.75, and $45.9 respectively. Previous resistance, 50 DMA has now turned to a significant support level near $16. Other support levels stood firm at $10.83, and $5.05.