Polkadot Gains Momentum Despite BTC And ETH Drops

The altcoin news today show us that Bitcoin (BTC) and Ethereum (ETH) are not taking the entire market down. Despite their drop, Polkadot gains momentum and rallies as we speak. The DOT update today shows that this cryptocurrency rallied above $12 and $15 before facing some selling pressure near $18.50.

It all started when DOT closed the $12 level, initiating a new rally above the $15 resistance level. The bullish momentum above $15 allowed the price to surge even higher and come close to $18 and even $19. However, the Polkadot gains stopped there and DOT failed to cross the $20 level.

With a high formed near $18.37 as the coin was trying to reach $19, Polkadot broke below the $16.50 support level, but the bulls reignited the fire and were present near the $15 and $14.80 support levels which acted as a multi-touch zone.

While the Polkadot gains were impressive, they stopped before reaching $19 and $20. Still, there has been a bullish trend line forming with support near $15.50 on the 4-hour chart in the DOT/USD pair. Currently, the price of Polkadot (DOT) is at $16.44 and despite the drop of less than 2% today, it managed to add more than 15% to its value over the past seven days.

As Polkadot gains momentum, DOT can continue trading high above $17 and $18, but the possibility of a decline is also present. The first key support is near the $15.50 level and the trend line, while a successful break below this trend line could also position DOT near $15, which would create a risk of more losses.

All of this proves that Polkadot (DOT) is another coin worth watching, and not necessarily a top coin that many would invest in. However, its technology surrounded by the buzz in the cryptocurrency news might bring it to new heights soon.

For those of you who don’t know, the DOT token was created for staking and bonding, governance, and giving people full control over their holdings. The software seeks to incentivize a global network of computers and operate a blockchain on top of which users can launch and operate their own blockchains.

The technical indicators for the DOT price now are as following:

• 4-Hours MACD – The MACD for DOT/USD is now pushing to gain momentum in the bullish zone.
• 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is currently above the 50 level.
• Major Support Levels – $15.50, $15.00 and $14.80.
• Major Resistance Levels – $16.50, $17.20 and $18.50.