The altcoin camp including Polkadot [DOT] was quick to follow Bitcoin’s [BTC] sharp recovery on the 10th of June. The prolonged stunted buying pressure resulted in a weekly loss of 13.95%. However, the latest price action of the top digital assets along with the king coin’s uptick from a low indicated that the market participants were on an aggressive buying mode on major dips.
Over the past 24-hours, Polkadot [DOT] surged by 14.22% which pushed is its price to $23.91. At the time of writing, the digital asset registered a market cap of $22.86 billion and a 24-hour trading volume of $2.41 billion.
Polkadot [DOT] Daily Price Chart:
Polkadot [DOT] displayed a mild recovery within the confined trendlines of a symmetrical triangle as traders continued to sell on rallies. Upon the completion of the pattern, a breakout could transpire in either direction. This area has faced numerous pullback attempts since, thereby establishing a reliable defensive zone in the process.
But it looks like the bears are in control. The 100 DMA [Blue] moved over the 50 DMA [Pink] in the last week of May and the gauge has been on the rise. As the 50 DMA continued to slide down, it appeared to be heading for an imminent death cross with the 200 DMA [Yellow] which rose above the price candles this week, which was a super bearish sign.
The Klinger Oscillator dodged a bearish crossover after the quick rebound. MACD’s tryst above the bullish territory has been choppy suggesting an unimpressive buying demand in the DOT market. The RSI, on the other hand, struggled to breakout above the 50-median line as a sentiment of buying pressure was cut short by the selling in the market.
The buyers might try to push the price above the 200 DMA at $24.53. If they succeed, the DOT/USD pair could rally to the immediate target point of $30.95 and $34.17 before breaching its previously established record highs. However, Polkadot may stiff resistance in this region which would prompt a downward price action.
If a death cross materializes, it will start a massive bearish journey for the defi token sending its price to plummet to support levels of $17.9, and $8.16 respectively.