Polkadot, one of the newest coins of the crypto market, is ranked amongst the top 10 digital currencies of the market and is listed on Binance. Polkadot is an open-source project and aims to enable a completely decentralized web to build a connection between private and organizational chains, public and permissionless networks, oracles, and future technologies.
In this regard, the newest coin has a multichain network, with design specialization, interoperability, high-class governance, and consistent upgrades. At the time of writing, DOT coin was seen drawing a bullish crossover due to intraday rise in price and has been following the market sentiment moderately.
With respect to the favorable price movement, Polkadot is the coin of the day at LunarCrush Social Listening for Cryptocurrencies with a price gain of over 6% in 24 hours, 55.4% social mentions, 48.8% social engagement leading to 70% per hour individual contribution and 264 shared links.
Polkadot is today’s Coin of the Day at https://t.co/Q4uAkSqtM0
1,100 social mentions +55.4%
1,832,304 engagements +48.8%
51 individual contributors/hr +70%
264 shared URLs +116.4%$dot #polkadot pic.twitter.com/wzSvKJ2tds
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) October 9, 2020
Polkadot Price Analysis
Polkadot, at the press time, was trading at 0.000381 BTC with a gradual slide on a 4-hourly chart. But, if we emphasize on the short-term movement of DOT/BTC, we see that the coin has strengthened from trading around 0.00034 BTC to spurring above 0.00035 BTC in less than three days.
With the intraday momentum gain, the Polkadot price trend is seen approaching the upper BB but is clearly lacking support from MA200. If the currency gains enough traction, it is likely to test MA200 support above 0.00040 BTC. In this regard, as per the short-term gain in price, the MACD chart shows a clear bullish divergence. The RSI of DOT/BTC is also inclined towards the overbought region as the coin strengthens and is lying at 54.58.