Analytics

Polkadot Price Gives A Major Breakout

Polkadot Price is currently in a demand zone on the daily technical chart. In contrast, it has seen a gain of 17% in the intraday session.
Technical Indicators for DOT price showcase a consolidated move with a hint of bullish momentum. In contrast, the DOT/BTC pair is also in a slump.

Polkadot’s price is currently at %48, up 17% intraday. DOT price has seen a rise of more than 700% within three months. It is up by 1425% from the all-time low of $2.69. It is currently seeing a consolidated momentum on the daily time frame.

DOT/BTC pair is also on a consolidated move but can see a major breakout in the upcoming days.

The coin volume ($$2,374,943,983) has increased 27% in the daily time frame. DOT market capitalization is also up by 4.81%. The volume to market capitalization ratio for coins is 0.06, and if it goes above 0.75, then a buying rush can be seen.

Technical Indicators Hints A Consolidated Move For DOT Price

Source: Trading view

Polkadot is in a bullish trend on the weekly technical chart. DOT price is seeing a halt in the bullish momentum on the daily time frame. The coin can see hostility while going up at $52. It can observe a bounce back while going down at $35. 

The price is trading above 50 and 100 Daily Moving Average. The 50MA (RED) line is at $48, making it support for the coin. On the daily time chart, the coin has formed a demand zone with a hint of bullish momentum. If the price makes a jump above $50, it can rise to $70. DOT/BTC pair can also see the new highs.

The volume indicator for the coin is at 2.62M with a hint of small buying pressure. If the price goes above $51, then an increase in the buying volume can be seen.

RSI (Bearish): It is trailing at 60.2, highlighting its presence in the neutral zone. There is a positive slope formation in the RSI, highlighting a bullish momentum for the price. RSI depicts a weak bullish momentum for DOT.

Conclusion

DOT price is currently in a slump but can soon see a major breakout. The recent rally in the Altcoins can also be seen in the DOT. DOT/ BTC pair can also accompany the rise. Investors should do their due diligence before investing.

Technical Levels

Major Support:$35

Major Resistance: $47

   

Source


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