- DOT is currently trading at $4.5 after trading sideways for the past two days.
- Bulls are trying to push the digital asset above $4.5 and several resistance levels on the way to $5.
Polkadot became one of the biggest cryptocurrencies in the market achieving a $5.3 billion market capitalization shortly after starting trading. It is still currently the 7th biggest crypto but has a relatively lower trading volume than the rest.
DOT/USD 1-hour chart
DOT formed a clear symmetrical triangle on the 1-hour chart which now seems to be breaking out. The upper trendline was set around $4.3 and DOT is currently trading at $4.54 after establishing a small bull flag straight into continuation.
Polkadot has also climbed above the 100-MA on the hourly chart. The breakout is clear as bulls got a lot of continuation after first breaking $4.4 and peaking at $4.79 a couple of hours later. The RSI, however, is close to overextension and could hint at a short-term pullback towards the 100-MA at $4.55 before resuming the climb.
The top of the triangle is at $4.9 and the next resistance level is all the way at $5.45, the level bulls are aiming for.
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