Polkadot Price Analysis: DOT Price Forecast A Weak Bullish Momentum In Upcoming Days

DOT bears are gaining a momentum for the price
  • 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.
Soure:Trading view

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

Source:Trading view
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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

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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