Polkadot Price Analysis: Polkadot Strong Recovery Reaching Towards Final Supply Zone

  • Polkadot price now heads towards the final supply zone of $39 to $44, where multiple times rejection is observed
  • DOT price currently holds all moving averages of 20, 50, and 100-Day, after recovering from lower levels 
  • Similarly, the DOT/BTC pair is trying to sustain above SMA of 20 and 50-Day trading at 0.0006462 BTC with a minor loss of -0.07%
Source: tradingview

After a massive selloff, Polkadot price reclimbed important moving averages of 20,50 and 100-Day. Meanwhile, after a significant recovery from lower levels, DOT is now heading towards the final and vital supply zone. Whereas multiple times rejection is seen over the monthly chart, the volume also seems lower. Similarly, the breakout volume must be supportive in upcoming trading sessions. Whereas support on lower levels is at $31.50 and $28, resistance is located at $42 and $48. 

Polkadot At Very Critical Level

Source: tradingview

Polkadot price over the weekly chart is now reaching a critical support line. Since after finding the bottom, at around $28, DOT is recovering, following a rising trend line also acting as a support line. Meanwhile, if DOT breaks the support line, we can expect some correction from $35.20 to $33.50. 

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The coin currently trades at the price level of $36.93 with intraday gains of +1.94%. Similarly, volume also dropped nearly -0.47% standing at $1,603,538,664. The market capitalization remains at 8th position with an intraday gain of +1.65% stood at $34,549,457,273. 

The Relative Strength Index: (CAUTION) indicates upcoming profit-taking while trading at 55.78. Currently, it is trading near the overbought territory. A short-term retracement is expected as it is heading towards the oversold zone. 

Moving Average Convergence Divergence: (NEUTRAL) currently indicates a mixed trend daily. The buying signal line (green) and selling line (red) overlap each other. 

Support levels: $31.50 and $28 

Resistance levels: $42 and $48.

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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