The crypto market cap has achieved its milestone of $1.6T during the early trading hours today, indicating a strong bullish sentiment in the crypto space. Further, Polkadot has successfully breached its key resistance level, indicating an increasing demand for this crypto coin.
The Polkadot price traded in a closed space between $4.319 and $4.535 for a while, following which the bulls regained momentum, resulting in a price breakout. The DOT coin experienced a minor fluctuation in its price after which the price constant gained momentum.
Polkadot recorded a rise of approximately 30% in value in two weeks, following which the price faced rejection at $5.818. After this, the price lost momentum and recorded a correction of 12%.
Following this, the price traded in a consolidated range between $5.135 and $5.526 for a brief period. After multiple attempts, the DOT price successfully broke out of its key resistance level at $5.818, but the rally was short-lived as the price faced rejection at $6.127.
Since then, the price has been hovering close to its level and is expected to retest soon, of which the outcome is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a decline in the green histogram, indicating reduced buying and selling pressure in the market. Further, the averages show a decline in its rise, suggesting an uncertainty in the future price action.
Will The DOT Price Hit $7 Soon?
If the bulls push the price above the resistance level of $6.12, the price will regain momentum and prepare to test its upper resistance level of $6.407 in the coming days.
Conversely, if the bulls fail to hold the price at that level, the coin will lose momentum and prepare to test its support level of $5.818 soon. Moreover, if the bears continue to dominate the market, it will plunge further and fall to test its lower support level of $5.526 in the coming week.