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- 1 Whales have been consistently increasing their portfolio with DOT.
- 2 Volume and market cap continue to rise, indicating increased demand.
The Polkadot crypto OI data exhibits the total number of open contracts which saw a persistent surge in the number of OI contracts in the recent sessions. During the past session, open contracts advanced enormously from 140 Million to 260 Million. However, there has been a short-term OI decline up to 230 Million and its most recent sessions currently stand at 256.72 Million. This highlights the DOT asset’s potential for a greater rise in future sessions.
In the same way, the chart demonstrates the activity of whales in the Polkadot crypto alongside the price movement in the same period. Whales have been consistently increasing their portfolio with DOT since January’s end. The Polkadot price has been showing more whale buying, and the price is showing its correspondence on the chart as well.
The DOT chart shows the relationship between the Polkadot crypto’s volume and market cap. Looking at the chart, it is observed that both asset volume and market cap were low in January last week. That meant a lack of interest and activity in the market for the Polkadot asset at that duration. Volume was mostly under $3.5 Billion and market cap was around $40 Billion.
However, in the first week of February, volume and market cap continued to rise, indicating increased demand and excitement about DOT crypto price. The trading volume exceeded $4.5 Billion and the market cap rose drastically from $35 Billion to $76 Billion.
Moreover, the higher market capitalization provides better liquidity as it assists in better investing and buying or selling of DOT assets more quickly and easily
The movement in trading volume mirrors the market cap, making it comfortable to buy or sell without affecting the Polkadot price. Additionally, the social volume has been on the rise in recent sessions with the rise in Polkadot price. The rise in the social volume also indicates the rising awareness of DOT crypto among users and a continuation of the ongoing short-term trend.
DOT Crypto Price Evaluation Over Daily Time Frame
The DOT crypto has experienced a price surge of 1.62% in the last 24 hours, and on the daily chart currently trading at $11.56. The Polkadot crypto is bullish on the daily chart and appears ready to smash the resistance level and soar to new heights from the current support zone.
Therefore, if the demand for the DOT remains high, the asset price could bounce back from the current level. The next goal for the Polkadot price is to reach $14.00.
The Polkadot crypto asset is displaying bullish characteristics and can extend its gains. It has shown good performance in the past week, and one month by 12.17%, and 61.03% respectively, indicating a consistent upward trend.
The DOT crypto asset is exhibiting bullish strength and rising capacity as it holds above major EMAs. However, if the Polkadot crypto price fails to stay above the $9.500 level, it could decline further.
Summary
The Polkadot crypto OI data exhibits the Total number of open contracts which saw a persistent surge in the number of OI contracts in recent sessions.
In the same way, whales have been consistently increasing their portfolio with DOT since January’s end. The Polkadot price has been showing more whale buying, and the price is showing its correspondence on the chart as well.
Moreover, the higher market capitalization provides better liquidity as it assists in better investing and buying or selling of DOT assets more quickly and easily
Additionally, the rise in the social volume also indicates the rising awareness of DOT crypto among users and a continuation of the ongoing short-term trend.
Therefore, if the demand for the DOT remains high, the asset price could bounce back from the current level. The next goal for the Polkadot price is to reach $14.00.
Technical Levels
Support Levels: $9.50
Resistance Levels: $14.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
