Polkadot Coin Price Regaining Bullish Momentum Amid Negative Trend In Market

Polkadot Price Analysis
  • Polkadot coin price performed with a positive momentum on Friday’s trading session
  • Polkadot coin price is $16.27, which is up by 0.74% in last the 24 hours and 13.44% up from the previous week
  • DOT/BTC pair also performs positive with a gain of 0.74% in Thursday’s trading session (0.00052196)
Source: Coinmarketcap

Polkadot coin price had 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/ETH pair is in a downtrend with a value of 2.42% in Friday’s trading session (0.013996).

Polkadot Technical Chart Indicates Sideways Momentum

Source: TradingView

The technical chart of Polkadot coin price highlights a positive trend with the help of overall market conditions on Friday’s trading session. The price is currently sitting at $16.27, with a resistance zone of $18.45, following the support zone of $10.56. On diving into the weekly chart of a 30-minute time frame, it forms a three outside up candlestick pattern, indicating the bulls have overwhelmed the bears and are now in control.

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The Volume indicator of value (85.967K) reflects a buying volume in the coin with the overall market’s help. We can further see an increase in buying volume in the next few trading sessions.

MACD indicator (Bearish), no bullish crossover signal line is spotted on January 22, 2021, during the trading session indicates a sell signal in the coin and also denotes massive red bars in the Histogram.

Meanwhile, the RSI indicator (Bearish) with a value of 36.66 indicates a sell signal in the coin. It may soon move towards the neutral zone if buying starts in the coin.

Conclusion 

Polkadot coin price is up by 0.74% on Friday’s trading session. The price may consolidate for a while. If it sustains above both the EMA, it can move towards the resistance, and one can further expect a bullish trend in the coin till the resistance level of $18.24.

Resistance: $18.24

Support: $10.56

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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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