Spot Market Star Polkadot (DOT) Shows a Positive Sign For Traders

Spot Market Star Polkadot (DOT) Shows a Positive Sign For Traders
  • The spot market highlighted huge interest in Polkadot (DOT).
  • DOT holds the 9th position in the CoinMarketCap.
  • The circulating market cap kept rising up, this seems to be a good sign.

The spot market, where financial instruments are exchanged for immediate delivery, highlighted huge interest in Polkadot (DOT). Now Polkadot seems to be the spot market star. Polkadot (DOT) is one of the altcoins to profit, with a weekly ROI of +30.90% and price gains of nearly 25.32%. Recently Dot has fallen by 7%. Whether this drop continues or else it will start to rise.

Furthermore, a recent Kraken report found that DOT was the fourth-best performing mid-asset on the exchange last week. Over last week its trades volume rises by 6.2%. This shows suggestive of increasing spot trading interest for the altcoin.

According to CoinMarketCap, the current price of DOT is $17.54 with a 24-hour trading volume of $1,411,274,086 at the time of writing. Polkadot (DOT) has a circulating supply of 980,481,964.06 DOT coins. DOT holds the 9th position in the CoinMarketCap.

Even though spot market star Polkadot saw a dip after 1 August, the circulating market cap kept rising up, this seems to be a good sign for the alt.

Henceforth, the four-hour chart for Polkadot (DOT) disclosed that trade volumes are comparatively up, regardless of corrections. The $20 level is a critical point for the altcoin as it seems to be long-term support for most of May and June. If Polkadot breakout the resistance point by $20 then it will be more likely to rally.

The chart shows the relative strength index (RSI) of DOT. RSI remains at the range of 61. This shows DOT price is the nearly overbought state. Therefore this shows traders can trade fearlessly.

DOT RSI (Source: TradingView)

Recommended for You

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.