Polkadot (DOT) Price Analysis
Polkadot (DOT) has done well in recovering and moving back above $6 as it hit a low of $4.94 on July 5.
However, despite facing considerable volatility last week, the cryptocurrency was able to recoup its losses, falling below $6 on Thursday to close at $5.90.
However, with strong support around $6, DOT rebounded, rising 3.56% to break above its 20-day EMA and $6 to close at $6.11.
The bullish momentum for DOT continued over the weekend, as it rose 1.96% on Saturday to close at $6.23. It rose 1.44% on Sunday to $6.32, just below its 50-day EMA.
As bullish momentum continues to dominate the market, DOT has broken above its 50-day EMA in the current trading session.
The cryptocurrency is currently up 1.74% and trading at $6.43. It faces strong resistance at $6.50, which buyers are attempting to break.
If DOT is able to break above $6.50, we could see the asset move towards $7. However, if sentiment turns bearish, we could see a drop to $6.
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