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- Polkadot price action soared from $29.33 to 34.30 on Wednesday’s trading session
- The 24-hour volume in DOT is at $1,439,437,828 with a 8.86% decrease
- The DOT/BTC pair was trading at 0.0005745 BTC with a loss of 1.96%
The 4-hour technical chart of Polkadot price action forecasts a sideways trend. According to pivot points, DOT’s critical support level is placed at $29.33. Whereas if it moves up, the key resistance level to watch is $39.78. While diving into the weekly chart of a 4-hour time-frame, it completes an inverted hammer candlestick pattern representing bullish reversal with medium reliability.
SMA-21 & 50 acts as another strong support in the coin. SMA-21 (purple) intersects above the SMA-50 (white), which projects a bullish trend. The price is also sustaining above SMA-50. Investors may perceive a positive crossover in the SMA, and the price can follow the positive direction.
RSI indicator (BULLISH), with a value of 56.80, indicates a buy signal in the coin. Moreover, Investors can see a flat slope in the index, and it may soar in future trading sessions.
The volume of (796.263K) represents a moderate buying volume which is below the Volume MA (953.959K) of 20-days. High buying pressure is required in Polkadot to drive its price to higher levels.
Polkadot Buying Volume is Extending
Polkadot price traded at $34.30 with a gain of 1.06% in the last 24-hour and 0.90% down in the weekly time-frame. Furthermore, Polkadot bounced back from the support of $29.33. In contrast, the market capitalization stands at $31 billion. Technically, investors can perceive a positive crossover in SMA, and the price is sustaining above the 21-SMA. RSI index showcases a flat slope. Moreover, the price movement can stay in the accumulation zone for a short while and may hit upto the resistance of $39 in future trading sessions.
Resistance: $39.78
Support: $29.33
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. 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.
