On their 24-hour chart, Polkadot’s price has had a positive comeback. DOT saw double-digit growth over the previous day. Over the previous week, 3% of the altcoin’s market value has been lost.
Today’s market movers and cryptocurrencies have adopted a positive outlook. On the one-day chart, the technical Polkadot indicator has displayed positive signals.
Polkadot’s Trade
The altcoin has seen a surge in demand. The demand has caused the coin to show additional investors on the chart. For the coin to surpass the current resistance level, it must keep cruising upward.
The market will be under the bulls’ grip once the price moves past the resistance level. The bullish resurgence will be further confirmed by breaking through $6.87.
If the buying power wanes in the next trading sessions, the coin’s value could decrease. The market capitalization of all cryptocurrencies increased by 1.1% over the previous day.
Polkadot Price Analysis
Trading for DOT was at $6.40. For almost two months, the coin has been undergoing consolidation. Over the past 24 hours, it has finally secured some gains. The coin faced immediate resistance at $6.80; another significant barrier to passage was $7.20. The coin’s price will also be able to return to the $8 level if it moves above the $7.20 level.
Polkadot’s pricing has a $6.21 support line. The altcoin’s price will reach that point with just a modest decline in the market price.
The Polkadot pricing could decrease from $6.21 to $5.71. Polkadot traded more in the last trading session, showing buyers were back in the market.
Technical Analysis
Polkadot has maintained dominance over the sellers more this month. Finally, technical signs suggest that buyers are in charge of the market.
As a hint of a steep recovery, the Strength Index rocketed beyond the halfway point. This suggested that there were fewer suppliers than there were purchasers. Because Polkadot’s price was over the 20-SMA line, there was more demand. Additionally, it implied that purchasers were driving market price movement.
The Moving Average Convergence Divergence
As per other technical indications, the market saw purchase returns. The Moving Average Convergence Divergence shows the altcoin’s overall price movement and momentum.
The MACD displayed green histograms, a buy signal, and a bullish crossing. The parabolic SAR likewise determines the altcoin’s price direction. Dotted lines were visible under the price candlestick on the chart. This display indicates that the coin was in bullish territory.