•DOT/USD is currently priced at $7.60 and has increased by 1.24% over the past day
•The trading volumes have increased by 73.78% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Polkadot bulls aim to make a splash in the market
The Polkadot price today is $7.60 USD with a 24-hour trading volume of $749,276,767 USD. Polkadot is up 1.24% in the last 24 hours. The trading volumes have increased manifolds over the past day whereas the Volume to Market Cap Ratio stands at 0.09987 for the altcoin.
Polkadot has shown remarkable resiliency to withstand the bearish wave and now looks primed to embark on an uptrend. The asset is currently transacting above the 20,50 SMA on the four-hour chart, and the SMAs are currently trading high above the mean position as net price movement over the last seven days remains positive. If the Polkadot bulls hold their nerves, the asset could make a splash towards the $8.00 resistance level. Furthermore, the next significant resistance levels to monitor are $8.50. On the other hand, Polkadot Price could slump towards the support level placed at $7.30 if the bears enter the fray.
Long Term View for Polkadot
The RSI is currently transacting at 54.24 after Polkadot showed price strength in the past few days. The RSI line is showing divergence from the 14-day average line which is a major boost for the bulls for their endeavors. The green histograms have shown continued growth and have kept increasing in size over the past few days. Moreover, the MACD and signal lines are heading towards the positive territory rapidly, while the gap keeps widening between the two.
Conclusion
Polkadot price technical analysis displayed a build up of bullish pressure as the bulls amped up their efforts. If they are able to successfully sustain the pressure, the asset will embark on a protracted uptrend. Hence, the asset is likely to remain in an uptrend for the foreseeable future.
Support: $7.30-$7
Resistance: $8-$8.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
This news is republished from another source. You can check the original article here
Be the first to comment