Polkadot (DOT) will hit $40, affirms the bulls in the market

Polkadot’s next couple of stops assured by the bulls. The coin could soon be heading towards an all-time high of $40
Illustration credit: Morning Tick
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The overall market cap of the crypto industry was soaring to new heights. It wasn’t too long ago that Polkadot [DOT] entered the market. Yet, DOT recorded exceptional growth in the last couple of weeks. DOT climbed up the crypto ladder and reached the fifth position as its market cap reached a high of $30.83 billion. Just after Binance coin [BNB] took over Tether [USDT], DOT seems to be the next to overshadow the stablecoin.

During the time of writing, DOT was seen surging by 8.43% in the last 24-hours. The altcoin was trading at $33.69, aiming for $35. Over the last seven days, DOT managed to secure benefits of about 28%. The trading volume for the asset was seen at a high of $2.84 billion.

Polkadot one-hour price chart on Binance

Source – TradingView

The short-term price chart of DOT pointed out at the bulls. The Bollinger Bands were seen wide apart, suggesting a possible surge in the altcoin’s market volatility. The Chaikin Money Flow Index had also opened the gates for the bulls into the DOT market.

The CMF marker was seen dwelling above zero for quite a while now, which is considered a bullish momentum. The Money Flow Index indicator was seen revealing a buyers’ notion was the marker was seen close to the 80 median.

This further affirmed that $35 wasn’t very distant for the altcoin to achieve.

Polkadot one-day price chart on Binance

Source – TradingView

The indicators used on the one-day price chart of DOT were inclining towards the bulls. The MACD indicator went in for a bullish crossover as the MACD line was over the signal line. The Awesome Oscillator indicator had formed a single red bar amidst hinting the presence of the bear. However, the indicator had formed a green closing bar at the press time, suggesting that the bulls had once again taken over the DOT market.

The Relative Strength Index was seen revealing signs of a buyers’ market. Better yet, the altcoin was being overbought, RSI announced.

The one-day price chart of the altcoin was harbouring the bulls. This further paved the way for speculations about the asset hitting $40, in the next few days.

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