Polkadot Coin Price Booms 100%; Adding Moonstake And Rockx To Its Ecosystem

  • Polkadot coin price performs in a positive momentum this week
  • Dot coin price currently trades at $17.26, which is up by 2.51% in last the 24 hours and 103.24% up from the previous week
  • DOT/BTC pair also performs positive with a gain of 1.70% in Tuesday’s trading session (0.00046107)
Source: Coinmarketcap

Polkadot coin price was in a positive momentum on the weekly chart and went up to $19.32 on January 16, 2021, by breaking above the resistance zones created in the past. DOT price set up a mark of all-time high with the help of overall market conditions. The DOT/BTC pair is an uptrend with a value of 1.70% in Tuesday’s trading session (0.00046107).

Moonstake in partnership with Rockx announces, staking support for DOT 

Source: TradingView

Following the partnership’s official announcement, RockX will help Moonstake mark a new page in the Asian staking market. Indeed, together both will focus on supporting the ever-growing ecosystem of Polkadot

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The technical chart of Polkadot coin price highlights a positive trend with overall market conditions on Tuesday’s trading session. The price is currently sitting at $17.26, with a resistance zone of $18.45, following the support zone of $10.59. On diving into the weekly chart of a 1-hour time frame, it forms a belt hold bullish candlestick pattern, indicating a sell signal in the coin.

If we look at 20 & 50 days, the exponential moving average (EMA), 20 EMA (blue line) is at $12.00, and 50 EMA (purple line) is $8.97. Being above both the EMA, the price is expected to showcase a bearish trend in the next few trading sessions.

The Volume indicator of value (933.355K) reflects a moderate buying volume in the coin with the overall market’s help; we can further see a decrease in volume in the next few trading sessions.

MACD indicator (Bullish), No bearish crossover signal line is spotted on January 19, 2021, during the trading session. It indicates a buy signal in the coin and also denotes massive green bars in the Histogram.

Meanwhile, RSI indicator (Overbought) with a value of 72 indicates that Polkadot coin price is in the overbought territory and may soon slip down in upcoming trading sessions.

Conclusion 

Polkadot coin price is above 20 and 50 days EMA, and it met the resistance level of $18.45. It seems overbought on the RSI and may soon fall to its support zone of $10.59 in the next upcoming trading sessions.

Resistance: $18.45

Support: $10.59

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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