DOT Overtakes LINK and MATIC in Market Cap
Polkadot (DOT) has successfully climbed above both Chainlink (LINK) and Polygon (MATIC) to secure its position as the twelfth-largest cryptocurrency by market cap. Over the past week, DOT’s price surged by more than 21.50%.
At the time of writing, DOT is trading at $6.86 according to CoinMarketCap data. Despite a slight correction in the past 24 hours, DOT maintains its higher ranking in market cap compared to LINK and MATIC.
Performance Against LINK and MATIC
DOT outperformed LINK in the last day of trading, with LINK experiencing an 8% price drop. MATIC showed resilience, recording a 4.96% loss during the same period. LINK is currently valued at $15.04, while MATIC is priced at $0.8661.
Market Cap Comparison
DOT boasts a total market cap of $8.605 billion, closely followed by LINK with $8.377 billion. Both of these cryptocurrencies hold a slight advantage over MATIC, which has a market cap just over $8 billion.
Technical Analysis and Price Levels
From a technical standpoint, DOT faced resistance at the $7.425 level in the past 24 hours, leading to a correction below the $6.595 support level. However, bulls have managed to push the price back above $6.595.
If DOT closes above $6.595 today, it may attempt to challenge the $7.425 resistance level in the next 24–48 hours. A breakthrough could pave the way for a climb to $10 in the following days.
Conversely, a daily close below $7.425 may invalidate the bullish thesis, potentially causing DOT to retest the $6.595 support level. Further decline below this mark could expose DOT to the risk of dropping to $5.975 in the short term.
Technical Indicators Point to Potential Correction
Technical indicators on DOT’s daily chart suggest a potential drop in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate a departure of buyers from DOT’s charts.
The RSI line is on the verge of crossing below the RSI Simple Moving Average (SMA), signaling a potential bearish shift in momentum. Meanwhile, the MACD line’s leveling off suggests that DOT’s bullish momentum may have peaked.
