Polkadot (DOT) managed to surpass Chainlink (LINK) and Polygon (MATIC) in market capitalization after a remarkable 21.50% surge in its price during the past week.
As of the latest data from CoinMarketCap, DOT was trading at $6.86. Despite a slight correction in the last 24 hours, DOT maintained its position ahead of LINK and MATIC in market cap rankings.
Throughout the previous day, DOT outpaced LINK, which experienced an over 8% price drop, whereas MATIC displayed the best performance with only a 4.96% loss. LINK was trading at $15.04, while MATIC stood at $0.8661.
DOT’s market cap reached $8.605 billion, slightly ahead of LINK’s $8.377 billion and MATIC’s just over $8 billion.
From a technical perspective, DOT faced resistance at the $7.425 level but corrected to below the $6.595 support level earlier in the trading session. However, subsequent bullish activity pushed its price back above $6.595.
A close above this crucial point may set the stage for DOT to challenge the $7.425 resistance again in the next 24-48 hours, potentially aiming for a climb to $10.
Alternatively, a daily close below $7.425 might disrupt the bullish trend. In this scenario, DOT could retest the $6.595 support level, potentially dropping further to $5.975 in the short term.
Indicators on DOT’s daily chart hinted at a potential decline over the next 24 hours, with both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggesting a decrease in buyer activity.
The RSI was on the verge of crossing below the RSI Simple Moving Average (SMA), signaling a possible bearish shift in momentum. Meanwhile, the MACD line’s slope stabilizing may indicate a peak in DOT’s bullish momentum.
