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- Polkadot Price is currently trailing inside the parallel channel with a gain of 7.62% in an intraday session.
- Technical Indicators for DOT price suggests a bullish move. In contrast, the DOT/BTC pair is seeing a bullish move.
Polkadot is one of the most extensive multi-chain protocols with a market capitalization of $$35,104,800,327. DOT price has seen an ROI of 1088% since its inception. It is currently trading at $32.97 with an intraday gain of 7.64%. DOT/BTC pair is also on a bullish move and can see a major breakout in the future.
The coin volume($1,757,759,908) has seen a decrease of 31.92%.The volume to market capitalization ratio for DOT is 0.05, and if it crosses above 0.75, then a huge buying rush can be seen.
Technical Indicators Suggest A Weak Bullish Move For DOT Price Forecast
The weekly technical chart of Polkadot highlights a bearish move. DOT price is moving in a consolidation zone in the daily time frame. Resistance on the upside for the coin can be seen at $36. Polkadot can bounce back while going down from $30.It is trading above 50 and 100 Moving Average. The 50MA (RED) line is at $32.3, making it temporary support for the current price. On to the time frame of the 4-hour chart, the coin has formed a parallel channel. If the price makes a jump above the parallel channel, it can rise to $50. The coin also forms a bullish engulfing candlestick pattern that can accompany the price rise.
RSI(Bullish): It is trailing at 55.83, showcasing its presence in the overbought zone. There is a positive slope formation in the RSI, highlighting a positive sentiment for the price. RSI depicts a bullish momentum for RSI price.
Conclusion
DOT price has seen a gain of more than 300% from the start of the year.DOT price forecast a bullish gain. The DOT/BTC pair also sees positive momentum and can see a positive breakout in the future. Investors should do their due diligence before investing.
Technical Levels
Major Support:$32
Major Resistance:$40
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
