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DOT has surged by 7.07% over the past seven days.
Polkadot’s positive market sentiment showed increased investors’ favorability.
As a seasoned analyst with over two decades of experience in the ever-evolving crypto market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. However, what I’m witnessing with Polkadot [DOT] right now is quite intriguing.
Polkadot [DOT] experienced a strong upswing over the past month. As of this writing, Polkadot was trading at $4.50.
This marked a 7.07% increase over the past week. Also, DOT has surged by 7.67% on monthly charts.
Over the past week, as prices have risen, there’s been a significant boost in trading actions. Consequently, the trading volume for Polkadot has surged, rising by approximately 23.10% within the last 24 hours, reaching $132.3 million.
After reaching its lowest point for the month at $3.82, Polkadot (DOT) has been consistently moving upward. This bullish trend has placed it in a position to potentially break free from a downward sloping trendline.
Consequently, the general market mood is upbeat, as shown by Market Prophit’s data. Particularly, the public feeling toward DOT was favorable with a rating of 0.167, and its Buzz score stood at 1.25.
What DOT’s charts suggest
At the moment, there was growing approval from investors towards DOT, evident through heightened purchasing actions.
Initially, when this text was written, Polkadot’s Relative Strength Index stood at 56, having climbed from a recent low of 43.6 within just a few days. This indicates that there might have been more demand for buying DOT than for selling it.
The idea was strengthened by a notably high Chaikin Money Flow (CMF), currently sitting at 0.27. This suggests that the demand for Polkadot is on the rise as of now.
Over the past week, the Funding Rate for Dydx Exchange on Polkadot has consistently been positive. This indicates that those holding long positions have been compensating those with short positions.
If investors are ready to spend more for maintaining their investment in an altcoin, it indicates their trust in the coin’s future trajectory.
Furthermore, the OI Weighted Funding Rate at DOT has been consistently positive over the past five days.
As a crypto investor, I’ve noticed that my earlier assumptions about the altcoin seem to be holding true. It appears that there is a stronger interest in buying and holding onto this coin rather than selling it short.
In recent days, the value of open positions for Polkadot, measured in USD on various exchanges, has consistently risen. This figure started at approximately $39.5 million but has now reached $46.16 million as we speak.
New investments poured in, causing an uptick, as both new and existing investors decided to maintain their positions.
Read Polkadot’s [DOT] Price Prediction 2024–2025
To put it simply, DOT has been seeing an upward trend due to growing investor interest. If this positive market mood persists, the daily candlestick for Polkadot may end up closing over the falling trendline.
A breakout from this level will see DOT reach the $5.03 resistance level.
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2024-09-24 15:35