Drowning in red, the entire crypto market was desperate for a bullish sight. Polkadot [DOT] seemed to be steering in the direction of the bull. The bullish bandwagon was entering the market at the right time as the coin was on the brink of slipping down to $20.
Meanwhile, other crypto-assets were being tested by the bear. Bitcoin [BTC], continued its stay below the $50K zone. During press time, the king coin’s price was noted at $47,137 with a 3% daily drop. Bitcoin’s market cap took a huge hit as $1 trillion was quite far away from its current value, $888.88 billion.
During the pandemic, Polkadot [DOT] emerged as a prominent coin of the crypto-verse. The asset continued its stature despite encountering a few hurdles pertaining to ranking on the way. The entry of new coins sidelined coins that have been existing for quite some time now, however, DOT managed to stay afloat and didn’t slip below the top ten.
At the time of writing, DOT’s market cap was at $1.21 billion while it took over the ninth position.
Moving over to its price, Polkadot was trading for $26.13 with a 7.40% reduction in the last 24-hours.
Polkadot [DOT] one-day price chart on Binance
The one-day price chart of Polkadot was noted that the altcoin was gearing up for a change in its trend. The bears had strained the altcoin and the bulls were bringing in better days. The Parabolic SAR indicator laid out a line of support below the price candles. This line would prevent the asset from undergoing any untimely drops. The Awesome Oscillator followed suit by putting forth green closing bars and announcing the presence of the bull.
The Relative Strength Index [RSI] indicator, however, remained still in the sellers’ arena. The RSI marker was found drowning below the 50 median, extremely close to the oversold zone.