DOT Climbs 4.34% in the Last 24 Hours, Will the Rally Continue?

According to the crypto market tracker, CoinMarketCap, the price of Polkadot (DOT) has increased over the last 24 hours.

At the time of writing, the price of DOT is around $8.26, which is 4.34% higher than it was yesterday. The 24-hour price movement has also added to DOT’s jump in price over the last seven days as the coin now finds its price up by just over 20%.

Ranked number 11 on CoinMarketCap’s list of the biggest crypto projects by market cap, the current market cap of DOT is estimated to be $8.17 billion. This ranks it above Dai (DAI), with a market cap of $6.80 billion, and underneath Dogecoin (DOGE), with a market cap of $9.01 billion.

DOT’s 24-hour trading volume stands at about $436,656,288, which is down by 4.13% over the last day.

The price of DOT is approaching a key resistance level on the 4-hour chart at around $8.29 and has formed an ascending parallel price channel on the 4-hour chart.

There is also a bullish flag with the 9 and 20 EMA lines as the 9 EMA line is positioned above the 20 EMA line. In addition to this bullish flag, there is also the RSI positioned above the RSI SMA line – another bullish flag.

However, investors and traders must be cautious as the RSI is closer to overbought territory than oversold territory, and the RSI is sloped negatively. The resistance level may fend off any attempted price movement above it as well, which will see the price of DOT dip.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.