The cryptocurrency market beat expectations this week after continuing on its bullish tangent. Bitcoin and the rest of the altcoin industry surged over the past couple of days with many looking to achieve monthly highs. After Solana, Polkadot was the altcoin making the biggest splash in the digital asset ecosystem.
Holding the rank of the ninth-largest cryptocurrency, Polkadot has slowly and steadily built its repertoire in terms of both market cap and volume. At the time of writing, Polkadot was trading for $26.24 after a 5 percent hike on Monday. Over the past 7 days, DOT jumped by a whopping 28 percent to register a daily trading volume of more than USDC.
Polkadot 1 hour:
In the short term, Polkadot was outperforming all of its previous timeframes. The collective decision by the technical indicators showed strong bullish patterns across the board. The behavior shown by the PSAR pointed to strong green momentum in the coming days. The weekend is predicted to show a change in market movement with many analysts looking out for price capitulation in the next 48 hours.
With an uptick in the Chaikin Money Flow indicator, DOT holders could rejoice in the fact that more capital was entering the market. The CMF hold above the zero lines was enough traction for the MACD to head towards a bullish crossover. DOT’s MACD histogram also sided with the bull after climbing to higher amplitudes than its red counterparts.
Polkadot 1 day:
Polkadot’s daily chart signified good times for the cryptocurrency climbing out of its lowest support since this January. Since July 19, Polkadot registered multiple green candles to hit prices last seen in May. The current pattern included five consecutive green candles after an immense push by investors this week.
Long-term CMF was in a great position after positive market sentiment pushed it to 0.2. This performance was similar to the climb in January, albeit more green this time around. Polkadot’s daily MACD line and the signal line had moved parallel to each other while the histogram marked 26 days of ticking green. The upward price push injected new life into the market as displayed by the PSAR markers.