Polkadot (DOT) Analysis: Polkadot Current Price Potential For Positive Breakout Above 50-EMA

  • With the revival of positive momentum in the overall market conditions, Polkadot price levels were able to positive bounce back 
  • Polkadot current price is now above the crucial mark of $8.00 after testing the support zone of $7.50
  • The DOT/BTC pair also turned positive with an overall gain of 0.97% bringing the current level to  0.0002332 BTC
Source: Coinmarketcap

The weekly chart of Polkadot highlights the sharp negative divergence faced by the price levels after testing the critical resistance zone of $10.50. The bearish trend for the crypto asset was halted by the support level of $7.00. During today’s trading session, Polkadot current price was able to have a positive breakout above $8.00 and standing at $8.32 with an overall gain of 0.62%. The market capitalization has reached $7,497,947,600 with a moderate uptrend of 0.43%. The 24-hour volume traded has reached $2,698,486,195 with a significant rise of 9.95%. 

Polkadot Current Price Forms Rising Channel Pattern 

Source: Tradingview

The technical chart reflects on the positive bounce back made by the price levels of Polkadot after touching the critical support area of $7.00 due to a downtrend from the past couple of trading sessions. A positive breakout above the 0.382fib level can surely be a bullish indication for the crypto asset for upcoming market sessions. On the contrary, a negative breakout from the falling channel pattern might indicate the existence of the bears. 

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The Relative Strength Index (RSI) looked to regain bullish levels after suffering negative breakouts to the oversold region while standing at 47.65. 

The Schaff Trend Cycle (STC) has indicated a buying signal during the current market session indicating potential positive momentum for the coin. 

The Moving Average Convergence & Divergence (MACD) has formed a bullish crossover and the levels will be looking for a positive breakout above the histogram line. 

Resistance Level: $10.50 & $9.00

Support Level: $7.00

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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