Polkadot (DOT) Gathers Steam, Sets Sight On $8.07 Resistance Level

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Polkadot (DOT) has seen a fairly consistent momentum as it currently trades at $7.92 and eyeing the next key resistance at $8.07. The DOT/USD pair predictably scores a strong upside or further gains that can go as high as $8.50.

The DOT/USD pair has gained roughly 1.38% overnight which has increased the coin price to $7.92 and is bound to spike to the $8.07 level and higher.

The token which has a market cap of $7.73 billion is currently ranked as the 10th highest cryptocurrency, based on market capitalization. The DOT/USD pair currently enjoys a 24-hour trading volume of $750 million.

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DOT Is Generally Bullish

The DOT price analysis shows a robust uptrend seen in the last 24 hours. The token has been bullish which have pushed the prices relatively higher. On the other hand, if the bears suddenly take over the market, a decline may be apparent at the $7.24 support level or lower. This is however seen as short-lived.

Overall, the trend has been generally bullish and the Relative Strength Index (RSI) for DOT/USD has been increasing and trading over the moving average indicator which signifies a bullish trend and showing accelerated gains.

Image - Analytics Insight

The prices is looking good and trading above the $7.70 key support level. In fact, judging by the 4-hour chart, DOT has created a bullish flag pattern or consists of higher highs and higher lows which show a continuation of the bullish streak.

The recent spike in prices have caused the DOT/USD pair to offshoot the 50-day moving average which is a great sign because the RSI is increasing and trading nearby the 60 level creating more wiggle room for further market gains. The bulls are expected to push the prices higher.

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DOT total market cap at $7.32 billion on the daily chart | Source: TradingView.com

Polkadot KPI Consistently Gaining Momentum

Despite the erratic crypto environment and massive selloffs, Polkadot KPIs has been consistent in every quarter. In fact, the buying pressure has helped the coin sustain its positive above the long-term support.

Polkadot is an innovative multichain network that enables a scalable, limitless, and future-proof blockchain technology to bring a multitude of Web 3.0 protocols visions to life.

DOT has been getting huge community support especially with the launching of new parachains. More so, Polkadot has also increased the DOT total volume staked to as much as 3.5%. In fact, the second quarter of the year has been blissful for DOT with its 435,000 users, over 293 million in DOT transfers monthly or an increase of about 288 million compared to the first quarter.

Featured image from The Drive, chart from TradingView.com