Polkadot is witnessing a rally as its native token DOT surged 23.27% in the past week. The bulls overcame the bears as it seeks to cruise past $6. Currently, DOT is up by nearly 5% and is trading at $6.05. The uptrend has been encouraging. DOT remains under bullish pressure and continues to gain significant value.
With the bulls reigning, more investors are stepping into the market. This will ensure an increase in demand for Polkadot and push its price upward. Charts show a considerable amount of rising in the price value. The last bearish pressure was seen a couple of hours ago and DOT dipped to $5.66 – this has now emerged as a support level.
Moreover, the exponential moving average (EMA) 50 and 100 looks very strong. It’s above the 200 mark reflecting a good sign of price stability. The relative strength index is in the positive zone and suggests that the buyers have the upper hand in the market.
Overall, the Polkadot price is bullish. The price may rise further, that is if the bullish momentum remains intact.
