The cryptocurrency market cap reached a milestone of $1.6T during trading hours this morning, indicating strong optimism about the cryptocurrency industry. Additionally, Polkadot successfully broke through a major resistance level, indicating growing demand for this cryptocurrency.
Polkadot price was trading in a closed space between $4.319 and $4.535 for some time, after which the bulls gained momentum again and the price surged. DOT coin saw its price constant gain momentum after a minor price fluctuation.
Polkadot recorded an approximately 30% increase in value in two weeks, after which the price declined to $5.818. Afterwards, the price lost momentum and recorded a 12% correction.
The price then traded in a consolidated range between $5.135 and $5.526 for a short period of time. After several attempts, DOT price successfully broke through the major resistance level of $5.818, but the rally was short-lived as the price faced rejection at $6.127.
Prices have since hovered around the level and a retest is expected soon, with unpredictable results.
MACD (Moving Average Convergence Divergence) shows a decrease in the green histogram, indicating a decrease in buying and selling pressure in the market. The average also shows a decline in upside, suggesting uncertainty about future price movements.
Will DOT price reach $7 soon?
If the bulls push the price above the resistance level of $6.12, the price will regain momentum and prepare to test the upper resistance level of $6.407 in the coming days.
Conversely, if the bulls fail to hold the price at that level, the coin will lose momentum and soon get ready to test the support level at $5.818. Moreover, if the bears continue to dominate the market, they will continue to move lower and test the lower support level of $5.526 next week.