Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- The retest of the 50% retracement stage noticed a powerful bullish response.
- Regular demand behind DOT prior to now two weeks inspired bullish sentiment.
Polkadot [DOT] noticed some attention-grabbing developments over the previous week. The Cosmos [ATOM] community announced on 29 June that Polkadot was the newest to affix its Interchain. This may provide progress alternatives when enterprise blockchains go mainstream.
Is your portfolio inexperienced? Verify the Polkadot Revenue Calculator
Polkadot’s NFT quantity witnessed an enormous rise in the course of June. However the community struggled to compete by way of energetic customers. On the worth charts, DOT adopted Bitcoin’s [BTC] bullish path for the previous two weeks.
Ought to Polkadot merchants look forward to capital rotation into Bitcoin by whales?
![Polkadot [DOT] retains its short-term bullish outlook as bulls target $5.8](https://statics.ambcrypto.com/wp-content/uploads/2023/07/PP-2-DOT-price.png)
Supply: DOT/USDT on TradingView
The Bitcoin Dominance metric trended upward from 6 June to 29 June. Over the previous two days, it noticed a small dip. In the meantime, the altcoin market cap continued to rise over the previous 48 hours. This could possibly be a bullish signal for altcoins as a complete.
Polkadot may stand to profit from this improvement. It confirmed a bullish market construction after the breach of the $5.04 stage that marked a decrease excessive throughout its retracement. What was extra, the Fibonacci retracement ranges plotted based mostly on DOT’s earlier market construction break confirmed that the 50% stage lay at $4.81.
This stage has been examined as assist, and DOT has appreciated near 10% since then. The OBV was additionally in a powerful uptrend. The RSI confirmed appreciable bullish momentum on the H4 timeframe with a studying of 61.
Due to this fact, if this momentum continues, DOT is more likely to attain $5.785, the 61.8% Fib extension. Nonetheless, if the altcoin market continued to notice an elevated capital influx, DOT can push towards $7, the following increased timeframe resistance stage.
The Open Curiosity chart noticed muted bullish sentiment from speculators
![Polkadot [DOT] retains its short-term bullish outlook as bulls target $5.8](https://statics.ambcrypto.com/wp-content/uploads/2023/07/PP-2-DOT-coinalyze.png)
Supply: Coinalyze
The spot CVD has climbed increased over the previous two days however noticed a downtrend persist over the previous week. This confirmed that the shorter timeframes didn’t see constant demand, however didn’t counsel DOT costs can’t climb increased. Nonetheless, the Open Curiosity was not as enthusiastic in assist of the consumers.
Reasonable or not, right here’s DOT’s market cap in BTC‘s phrases
The OI ebbed and fell with value fluctuations over the previous week, however was flat general. This steered little capital influx to the market and a scarcity of conviction from bullish futures market contributors.
This might change over the approaching days and is price watching, particularly for short-term DOT merchants.
