• Polkadot bounced again to $7.60 earlier than dropping to $7.40, indicating a short-term bullish development.
• DOT buying and selling quantity elevated by 62.41%, indicating elevated market exercise.
• The RSI is indicating neutrality at 53. The MACD is exhibiting weak however constructive momentum.

Polkadot (DOT) has maintained a bullish development over the previous 24 hours after establishing help on the intraday low of $7.37. The bullish momentum then carried the value to a excessive of $7.60, the place it encountered resistance and turned again. Nonetheless, the value development fluctuated between this intraday excessive and a better low of round $7.50, forming a short-term ascending channel.

Nonetheless, on the time of writing, DOT's bullish momentum weakened as the value fell under this channel and traded at $7.40, up 0.70% from the help degree. Together with DOT's bullish momentum, its market cap and 24-hour buying and selling quantity elevated by 0.05% and 29.96%, respectively, to $10.63 billion and $185.97 million.

DOT/USD 24-hour worth chart (Supply: CoinMarketCap)

As for DOT derivatives knowledge, bullish momentum led to a 62.41% enhance in buying and selling quantity to $226.7 million. This surge signifies a big enhance in buying and selling exercise and is commonly indicative of excessive market curiosity and potential volatility.

On the identical time, DOT’s open stability elevated by 0.92% to $274.79 million. This development signifies that new positions are being opened and merchants need to preserve or enhance their publicity to DOT, indicating a bullish outlook.

DOT Derivatives Knowledge: Supply: Coin Glass

Furthermore, whereas knowledge from Rekt on numerous time frames (1-hour, 12-hour, 24-hour) signifies excessive liquidation charges for lengthy positions, the numerous variety of lengthy positions held and excessive liquidation charges additionally imply that merchants are sustaining their bullish bets regardless of the volatility.This development confirms optimism within the DOT market and anticipates a potential continuation of the bullish development.

DOT/USD Technical Evaluation

The DOT 24-hour worth chart has been exhibiting an ascending wedge sample since mid-March to Might. This sample is a bearish reversal sample that varieties when worth consolidates between upward-sloping help and resistance traces. If this development continues and bulls are unable to interrupt out of the resistance at $7.81, the consolidation may finish with a breakdown under the help at $6.50, resulting in a draw back worth goal close to $5.00.

DOT/USD 24-hour worth chart (Supply: Buying and selling View)

The Relative Energy Index (RSI) score of 53 signifies that the market is impartial and there’s no notably sturdy drive from both the bulls or the bears. Nonetheless, a downward development signifies the event of a bearish development and so warning is suggested.

With the Shifting Common Convergence Divergence (MACD) hovering within the constructive territory with a valuation of 0.08, bullish momentum, albeit weak, remains to be current. Nonetheless, the histogram could be very near the zero line, suggesting that the bullish momentum is probably not sustained.