The cryptocurrency market opened on Monday to a mix of bearish and bullish signals triggered by new players entering the market. As Bitcoin fell below the $40,000 mark, the altcoin army took it upon themselves to rally on the charts. After entering the top 10 club, Polkadot has maintained a steady rally to settle at the ninth position. The price movement was so strong that it became the best performing cryptocurrency in the elite club.
At press time, Polkadot [DOT] was trading for $18.13 with a total market cap of $17.752 billion. A whopping 24.6 percent daily climb allowed DOT to clock a trading volume of $2.41 billion. The digital asset’s stellar rise could be put into perspective when compared to the hike enjoyed by its peers. Next on the podium was XRP, clocking a 14 percent growth in the previous 24-hours.
Polkadot 1 hour:
The short-term charts told the story of a cryptocurrency searching for a price breakout. Polkadot’s performance since the weekend has only spurred holders to invest more into the market. This increase in capital was indicated by the CMF which rested right above the zero line.
Polkadot’s RSI dipped over the past few days after being closer to the overbought zone. Market experts predict the price to climb a bit more once more users HODL their assets for a longer period of time. The MACD line and the signal line crashed in tandem as the MACD histogram blinked red. Polkadot may need to take its warning into heed as hourly price changes leaned towards the bear.
Polkadot 1 day:
Polkadot’s long-term performance peaked in May when the bull run took it to dizzying heights. Since the crash, Polkadot’s support settled near the $10 mark, miles away from its peak in the $45- $50 bracket. The MACD indicator here was slightly more bullish after a crossover between the signal line and the MACD line. DOT holders could take heart in the fact that the histogram was also bullish, unlike in the short term.
The daily RSI spiked to a 3 month high after Polkadot registered more than 5 green candles. This was a good sign for the cryptocurrency as more users were buying into the ecosystem than before. The Chaikin Money Flow indicator added to the bullish atmosphere by spiking to a 70 day high.