Can Polkadot (DOT) Crypto Go Bullish Or Face Rejection Ahead?

• 1 Polkadot (DOT) crypto retained the 100 day EMA mark and is in a narrow range.
• 2 DOT crypto is trading in a downtrend and needs to sustain above the $8 mark to surge.

The Polkadot (DOT) crypto trades in a downtrend and hovered in a narrow range for the past trading sessions.

Recently, the token has spiked back from the bottom and retested the 100 day EMA mark, but still lacking momentum and signs of bull trap was noted. 

Meanwhile, the range breakout is still on the cards and buyers are attempting to breach the $8 mark to attain a sharp upmove ahead.

At press time, DOT was trading at $7.47 with an intraday drop of 0.98%, reflecting neutrality on the charts. It has a monthly return ratio of 4.30% and 40.20% yearly.

The pair of DOT/BTC is at 0.000107 BTC, and the market cap is $10.67 Billion. Analysts are neutral and suggest that DOT might face rejection and will retest the bottom mark of $6 ahead.

Can Polkadot (DOT) Crypto Sprinkle Bullish Delights Ahead?

The Polkadot crypto price has reverted from the range low mark of $6 and retested the 100 day EMA mark this week. However, the token trades in the lower trajectory and still bulls need to break and close above the $8 mark to gain strength ahead.

Analysts on X explained that DOT had already spent a lot of time in a range and might skyrocket toward the $18 mark shortly. 

Source: X

Moreover, the buyers have started accumulation and eyeing for a noteworthy spike ahead. However, there are multiple hurdles placed in the path and buyers need to gain adequate momentum to defeat the bear army.

Source: Santiment

The daily charts replicate that, the bull army tried to cross the significant moving averages to gain dominance, while the sellers held on to their positions and are willing to push ahead.

The trading volume remained flat and dropped over 22.86% to $225.52 Million in the last 24 hrs. 

Per the market cap, DOT token ranked at 18 and has a total supply value of 1.45 Billion and has a volume to market cap ratio of 0.0210.

Decline in Development Activity Data, What Does it Mean?

For weeks, the development activity data significantly dropped and slipped below the midline, noted around 64.1 mark, hinting at the negative outlook among the investors.

Source: Santiment

Meanwhile, the percent of stablecoin total supply held by the whales showed a consistent rise and surged to the 53.76 mark highlighhting consistency in whale activity.

Futures Data Outlook

Followed by the price fall, the derivative data signifies a drop in the open interest data over 2.14% to $274.59 Million in the last 24 hrs, signifying a long unwinding data.

Source: CoinGlass

The immediate support levels for the Polkadot crypto is $7 and $6.50, whereas the key upside hurdle is around $8.20, followed by $9

Conclusion

The Polkadot (DOT) crypto revealed a notable bounce over 15% this week and reached the 100 day EMA mark. Meanwhile, the trend is still negative and buyers are looking for a significant rise ahead.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.