After weeks of tepid movement, the global crypto market cap shot above $2 trillion. Polkadot [DOT] logged a massive run-up as well and was up by over 5% over the past week. The crypto-asset has been stuck in a consolidation phase for almost a month. The market remained highly volatile. Many investors are now speculating on a possible case of a bull run in the near term.
Over the past 24-hours, Polkadot [DOT] rose sharply by 9.03% and crossed a major hurdle. The crypto-asset was currently priced at $31.2 as it held a market cap of $30.42 billion and a 24-hour trading volume of $1.44 billion.
Polkadot’s [DOT] price action remained constricted between the trendlines of a falling wedge for the most part of September. However, on the 1st of October, the crypto-asset saw a successful bullish breakout above the pattern formation, pointing towards an inevitable uptrend. Additionally, the increasing volume may further aid the growth trajectory.
As a result of the increased bullishness in the market, DOT managed to climb over the moving averages of 50 [Pink] and 200 [Yellow]. On the other hand, the 100 DMA [Blue] continued to hover below the price candles.
The technicals look optimistic. The transition to green closing bars by the Awesome Oscillator [AO] depicted the formation of bullish momentum in the DOT market. The Chaikin Money Flow [CMF] also bounced back to the bullish territory indicating an increased inflow of capital in the market. The Relative Strength Index [RSI] also aligned with the positive trend after making a much-anticipated headway above the 50-median line as sell pressure took a serious hit.
Polkadot [DOT] may face significant resistance at $33.3 level. If it manages to beak above the said level, other target points of $37.4 and $41.7 may come into play. The support levels stood at $27.3, and $22.5 respectively.