DOT Price Jumps 6% As Polkadot Announces On-Chain Treasury Investments
12/01/2023 13:16
Technical indicators suggest that Polkadot is all set for a price rally further up to $7.0 after its recent breakout.
DOT, the native cryptocurrency of the Polkadot ecosystem is making strong moves gaining more than 6.25% in the last 24 hours and trading at $5.50 levels. The DOT price is undergoing a trend reversal from its lows of $3.50, experiencing a notable surge of over 55%. Additionally, the price action indicates significant efforts by buyers as they target the $6.00 mark.
DOT Price Can Rally to $7.0
Technical indicators suggest that the DOT price has maintained its gains in neutral territory, with expectations of reaching the swing high point of $7.00 in the upcoming sessions.
Trading above crucial moving averages, the DOT price demonstrates strength. Furthermore, the current price action favors the bulls, indicating the potential for DOT to enter the blue sky zone above $7.00 and experience a significant surge in the next few sessions.
At press time, DOT is trading at $5.5 with its 24-hour trading volumes jumping by 51% to $288 million. The observed price action also reflects investors’ interest and commitment to maintaining a bullish sentiment. Currently, DOT is trading very close to its previous rejection levels of $5.73.
Recommended Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.