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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?

Christian Encila
Christian Encila
2 years ago
3 mins read
Polkadot

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Polkadot (DOT) price reveals that the extreme bullish movement pumped the price reaching $9.54.

  • DOT price extremely bullish; set to retest $9.88 key resistance level.
  • Support spotted at the $9.29 zone.
  • Polkadot pumped up its price to $9.54.

 DOT’s price trendline has spiked for the past couple of weeks following the coin’s overwhelming gains over the past few days.

Today, DOT/USD is trying to test the $9.87 key resistance level which is pretty strong. However, if the bulls continue to push further then DOT will have no problem breaching this critical resistance zone.

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DOT Price Pumped To $9.54

On the 24-hour timeframe, DOT price has shown a boost in price value as it pumped its price to $9.54 a few hours ago.

According to CoinMarketCap, DOT is now trading at $9.49 or showing an impressive spike of 2.20% as of this writing. DOT price was down by a trickle in a few hours but is still on the green lane. The DOT/USD pair has shown a remarkable 10.05% gain in terms of value as seen in the past week which hints a continuation of the bull run.

On the flip side, trading volume for DOT tremendously fell by 12.66% which shows some weak spots in terms of momentum.

DOT/USD pair shows increased volatility as seen in the expansion of the Bollinger bands. The price is seen to be trading the upper limit with $9.99 as the current key resistance, and the lower band or $6.84 poised as the current support zone for the coin.

More so, the EMA is spotted at $9.10 with RSI at 64 which is indicates strong buying pressure in the market.

Polkadot Price Correction Anticipated

The 4-hour timeframe shows that DOT price breached upwards which was observed at the onset of the trading session which prompted the price to spike to $9.58, but when the selling pressure resurfaced, the price also went down in the last few hours.

The 4-hour chart for DOT shows a rather very mild volatility. The upper band is spotted at $9.84, while the lower band is found at $8.73. More so, the EMA trades at the $9.35 level with the RSI showing a mild downtrend as it continue to trade at index 62 propelled by the immense selling pressure.

DOT price reveals that the coin is working extremely hard to override the key resistance found at $9.87, as the price is still seen trading on the green. A price correction is expected for short-term or in a just a few hours before the coin retests the key resistance zone again.

On the other hand, if the bears manage to dominate the bulls, then DOT may hold on to $9.29 as its next support zone.

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DOT total market cap at $10.3 billion on the weekend chart | Source: TradingView.com

Featured image from Bitcoin Addict, Chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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