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.
#Polkadot did a retest at the crucial levels and wakes up slowly.
— Michaël van de Poppe (@CryptoMichNL) May 21, 2024
Given their Polkadot 2.0 release and the JAM whitepaper & the correlation with $ETH, I'm expecting a lot from them.
Next target is likely $18. pic.twitter.com/DMRRiaQoke
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.
