DOT Grasping on $8 For Dear Life

DOT is grasping on $8.84 for dear life after peaking at the aforementioned price.

Can Polkadot (DOT), whose price fell by 4% on a daily basis after peaking at $8.84, hang on? Is DOT grasping for dear life? Given the ongoing seller pressure, the $8 support line is considered a crucial area for the coin.

DOT is anticipated to decline or may fall to $6 in the near future. On the plus side, the price of the token is generally bullish as seen by the sustained gain that brought it to a high of $8.84 yesterday.

However, the price of DOT is seen to have dropped by 4% overnight. When the price fell to just $6.55 on July 26, 2022, it created a prolonged ascending triangle pattern.

At $8.5, DOT overcomes resistance

DOT has been trading over $8.60 and breaking the resistance encountered at $8.5 in the following period.

The Polkadot price must maintain support near $8, especially given the impending selling pressure. In light of this, any movement that veers below this crucial line might start a worse downtrend and cause the price to drop as low as $6.15.

Significant cryptocurrencies including Bitcoin and Ethereum experienced a sharp decline during the past 24 hours. Evidently falling by 3% or toward $23,700, Bitcoin fell sharply, while Ethereum fell to $1,700. With regard to the alternative currencies, Ripple rose by 3% to $0.38, Cardano sank to $0.52, Solana skyrocketed to $44.22, and Dogecoin decreased by 3% to $0.07.

Can Cryptocurrency Keep Up Its Bullish Momentum?

The Polkadot price is shown flying for an uptrend on the 24-hour chart, which indicated a price increase to $8.84 witnessed yesterday. On the other side, the DOT price has been volatile, which has caused the price to decline.
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The DOT price has however continued to trade above the pivotal 9 and 21-day moving averages as well as the 50-day EMA, which reads $7.80. Furthermore, there is a significant chance that the price will test the resistance levels initially seen at $9.20 and then above $12.5.

The DOT RSI has also increased to the point where it has crossed over the overbought zone, which was detected at 61.72 overnight. This could have an effect on the price in the upcoming trading sessions. As a result, the DOT trading volume decreased by 17 percent, indicating a lower market valuation.