• The Polkadot price has breached the $5 resistance mark in the past trading sessions and appreciated by 3.8% over the last 24 hours.
• Technical outlook for DOT showed that despite a price correction, accumulation on the chart increased.
• Currently, DOT is trading at an 89% discount from its all-time high secured in 2021.
The cryptocurrency market has been on fire in the past weeks, driven by the surge of Bitcoin over the $18,000 mark. This has been the catalyst for other altcoins to also move upward on their respective charts. One such altcoin is Polkadot (DOT), which has seen impressive gains over the past few days.
Polkadot has seen a steady increase in price over the past few months, breaching the $5 resistance mark in the past trading sessions. Over the last 24 hours, DOT has appreciated by 3.8%. The technical outlook for DOT showed that despite a price correction, accumulation on the chart increased. Demand for the coin also increased, which could be seen on its chart.
In order for Polkadot to maintain a bullish stance for a longer time frame, the price has to remain above the $5.40 support line and breach the $6.20 resistance level. Currently, DOT is trading at an 89% discount from its all-time high secured in 2021, which indicates that there is a great opportunity for traders to take advantage of.
The daily chart of DOT also points towards an incoming fall in price, which means that traders might be presented with shorting opportunities. However, toppling the $6 mark could take the coin to $6.20, presenting the possibility for further gains.
Overall, the market sentiment for Polkadot remains bullish in the shorter time frame. However, traders should always remain vigilant and use proper risk management strategies when trading in the cryptocurrency market.