Polkadot Surged Over 4%, What Are The Technicals Indicating?
Polkadot recovered on its chart, over the last 24 hours the coin
surged over 4%. Over the past week, the altcoin did not register
much price movement. The altcoin painted a bullish picture today
with technical outlook pointing towards a change in price action.
The coin regained its lost value quite a bit considering DOT
flashed signs of revival. Polkadot has been breaking past
resistance lines one after the other and at the moment the coin
could aim at its overhead price ceiling. Price started to pick up
momentum ever since it moved past the $9 price level. The
aforementioned price level is now acting as a support level. Buying
pressure returned in the market which indicated that DOT was
regaining its bullish price action. Polkadot Price Analysis: One
Day Chart DOT was priced at $10.27 at the time of writing. The
nearest price floor stood at $9, the other support lines stood at
$8.71 and $7.20. Overhead resistance for the coin stood at $11.87,
the coin had attempted to trade above the $11 so if the bulls push
a little harder then the coin can retest the aforementioned level.
If the coin continues to trade above the $11 then the altcoin could
manage to trade near the $14.62. The volume of the coin was seen in
the green which indicated that the coin was turn bullish. This also
signified that the buying pressure was increasing on the chart.
Technical Analysis DOT started to display changes in price and the
technical pointed towards bullishness. The coin after it surged,
tried to rise above the 20-SMA line. At the time of the writing,
the coin stood above the 20-SMA line. This indicated that buyers
were in charge on the price momentum in the market. The Relative
Strength Index noted an uptick on the one day chart. This was in
accordance with the above indicator which displayed a rise in
buying strength. Related Reading | Negative Sentiment Deepens In
Crypto, Why Recovery May Not Last Polkadot registered a buy signal
as soon as the buyers came back in the market. Awesome Oscillator
depicted green signal bars. The indicator depicts the price
momentum of the market. The green signal bars also indicate a
buying signal. If the buyers continue to act on it, the price could
move above the overhead resistance. The Directional Movement Index
was turning positive as the +DI line was slowly moving upwards. The
Average Directional Index (Red) was above the 40-mark, this
depicted the strength in the price momentum at the time of writing.
For Polkadot to maintain its current price action, broader market
strength would be required. Related Reading | Polkadot (DOT) Trades
Beneath $11; How Soon Will It Target $14?
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