Should Polkadot traders wait for capital rotation into Bitcoin by whales?The Bitcoin Dominance metric trended upward from 6 June to 29 June. Over the past two days, it saw a small dip. Meanwhile, the altcoin market cap continued to rise over the past 48 hours. This could be a bullish sign for altcoins as a whole.
Polkadot could stand to benefit from this development. It showed a bullish market structure after the breach of the $5.04 level that marked a lower high during its retracement. What was more, the Fibonacci retracement levels plotted based on DOT’s previous market structure break showed that the 50% level lay at $4.81.
This level has been tested as support, and DOT has appreciated close to 10% since then. The OBV was also in a strong uptrend. The RSI showed considerable bullish momentum on the H4 timeframe with a reading of 61. Therefore, if this momentum continues, DOT is likely to reach $5.785, the 61.8% Fib extension. However, if the altcoin market continued to note an increased capital inflow, DOT can push toward $7, the next higher timeframe resistance level.The spot CVD has climbed higher over the past two days but saw a downtrend persist over the past week. This showed that the shorter timeframes did not see consistent demand, but did not suggest DOT prices can’t climb higher.
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