Bitcoin’s low activity is allowing some cryptocurrencies to begin to jump upwards. Yesterday it was BNB, which by the way has already managed to transition upwards. Today it is the price of Polkadot that has taken advantage of accumulating profits, and is already on the verge of recovering the uptrend in the short term.
At the time of this writing DOT is trading at $17.01, accumulating a gain of 8.03% in the last 24 hours. Its capitalization is currently $ 16.3 billion, making it the ninth largest cryptocurrency on the market.
If we look for any fundamental catalyst behind the recent rise, the truth is that we get nothing.
It seems that it is nothing more than the consequence of the buying pressure of those who take advantage of discount prices, on a highly relevant support as we will see below.
Technical analysis of recent Polkadot price gains
Looking at the DOT vs USDT weekly chart, we clearly noticed the great relevance of the support where the price was parked and started manufacturing the recent gains.
We have Polkadot tried to continue with the bearish intent seen in mid-May, but we would quickly see a big sign of exhaustion, after failing to break through the previous low.
Now we see how there is great buying pressure on the support at $14.90, generating a possible double floor able to seek to recover the new bullish trend in the medium term.
In the long term we still have a great upward trend, just look a little to the left to identify it. It is this direction that is generating buying pressure on the named support.
DOT still needs to break through resistance at $24.18 to effectively move into a medium-term uptrend, which would easily take us to $47.28, even to new all-time highs.
In case of losing support at $14.95 (less likely scenario) the ground is clear up to $10.13.
Short-term key levels
In the daily timeframe we have today’s gains from the Polkadot price, they are about to traverse a sideways range, which would open the way to larger purchases.
Should the behavior continue as it goes, marking ever higher lows, DOT will go for $20.61 in the near future. Above the next resistance is in the $25, area where we will see the final test, to try to resume the major trend.
As I mentioned, in case the support created by the previous minimum is lost, the ground would be cleared up to $10.31.
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