Polkadot prices show bullish strength despite possible negative reactions from Bitcoin and Ethereum

Polkadot prices show bullish strength despite possible negative reactions from Bitcoin and Ethereum

Polkadot (DOT) has experienced an interest bull -prize movement in the past three weeks, which was supported by some positive news. The purchase interest for DOT rose continuously in July and led to a breakthrough of the bullish structure on June 21. Since then, the price has recovered up to the resistance level of $ 5.6 and $ 5.75.

currently is in a declining order block in the range of $ 5.3 to $ 5.58, which has not yet been broken. The relative strength index (RSI) shows upward dynamics, while the on-balance volume (OBV) has no strong trend in July. This indicates a possible lack of buying volume and potential bullish exhaustion. A decline under the support of $ 5.22 could signal further downward pressure and losses below $ 5 would indicate that the bears have the upper hand. On the other hand, an outbreak of over 5.6 US dollars could increase the price in the next one to two months to $ 6.2 and $ 7.

Another positive sign for Dot has been slowly increasing of open interest since mid -June. Although the current interest is not as strong as in April, when the OI went into the downward trend, increasing values ​​indicate that a bullish conviction in the market is nesting. A movement over the range of $ 5.6 to $ 5.8 in connection with an increasing OI could signal a rally towards $ 7.

Overall, the prospects for Polkadot are currently positive, but investors should keep an eye on the developments of BTC and ETH because they could have an impact on the entire cryptom market. An outbreak over the resistance of $ 5.8 and an increase in the buying volume would be further signals for a continuing upward trend at DOT.