Polkadot (DOT) enthusiasts may be in for a bullish week as healthy demand for the cryptocurrency is observed in the futures market, according to a recent tweet by Huobi.
With a 24-hour trading volume of $162 million and a market capitalization of over $7.7 billion, Polkadot’s rally is showing no signs of slowing down. In fact, the coin has gained 3.1% against the US dollar since yesterday, indicating that the market is actively participating in its upward momentum.
With such promising developments, it’s no wonder that Polkadot is quickly becoming one of the most sought-after cryptocurrencies on the market.
Huobi Sees Strong Demand For Polkadot
The futures market kicked off this week with some hiccups, as Binance experienced downtime in its futures segment on Monday morning. However, Huobi, one of Binance’s rivals, announced that it has been experiencing a healthy demand for futures trading.
#Huobi Top Trader Long Positions:
🔹 $HT 71%
🔹 $DOT 70%
🔹 #Bitcoin 64%
🔹 $ARB 62%
🔹 $ETH 55%
What’s your next long?
— Huobi Futures (@HuobiFutures_) April 10, 2023
DOT placed second in Huobi’s top trader ranking, surpassing Bitcoin and Ethereum in terms of futures demand. The ranking is determined by the ratio of executed longs to shorts for each asset.
Despite experiencing a minor setback in the past seven days, Polkadot’s price remains strong at $6.45 according to Coingecko. Moreover, the cryptocurrency’s recent 24-hour rally of 4.4% suggests that it will continue to be a significant player in the crypto market.
Source: Coingecko
With its impressive performance and growing demand in the futures market, Polkadot could be a cryptocurrency to watch in the coming weeks.
Bullish Signals Despite Minor Setback
DOT faced resistance at the $6.45 mark but found support at $6.10, which provided a much-needed boost to its bullish momentum.
In analyzing the derivatives market, it becomes clear that Polkadot’s long positions are outweighing shorts, indicating that there may be further bullish demand on the horizon.
In addition, the sell wall could hint at a possible bullish pivot as demand slowly but steadily overcomes selling pressure.
DOT total market cap now at $7.5 billion on the daily chart at TradingView.com
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With enough volume, Polkadot investors could expect a minimum of a 6% upside this week. Given its current ranking in the derivatives market, it is possible that bullish demand could continue to grow as the week progresses.
Despite a slight decrease in value over the past week, it is also worth noting that Polkadot has maintained a healthy level of development activity since mid-March, outperforming other leading blockchains in this aspect. This impressive track record speaks to the network’s ongoing progress and potential for further expansion.
-Featured image from Forkast News
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