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Polkadot Price is currently in a demand zone on the daily technical chart. In contrast, it has seen a gain of 17% in the intraday session.
Technical Indicators for DOT price showcase a consolidated move with a hint of bullish momentum. In contrast, the DOT/BTC pair is also in a slump.
Polkadot’s price is currently at %48, up 17% intraday. DOT price has seen a rise of more than 700% within three months. It is up by 1425% from the all-time low of $2.69. It is currently seeing a consolidated momentum on the daily time frame.
DOT/BTC pair is also on a consolidated move but can see a major breakout in the upcoming days.
The coin volume ($$2,374,943,983) has increased 27% in the daily time frame. DOT market capitalization is also up by 4.81%. The volume to market capitalization ratio for coins is 0.06, and if it goes above 0.75, then a buying rush can be seen.
Technical Indicators Hints A Consolidated Move For DOT Price
Polkadot is in a bullish trend on the weekly technical chart. DOT price is seeing a halt in the bullish momentum on the daily time frame. The coin can see hostility while going up at $52. It can observe a bounce back while going down at $35.
The price is trading above 50 and 100 Daily Moving Average. The 50MA (RED) line is at $48, making it support for the coin. On the daily time chart, the coin has formed a demand zone with a hint of bullish momentum. If the price makes a jump above $50, it can rise to $70. DOT/BTC pair can also see the new highs.
The volume indicator for the coin is at 2.62M with a hint of small buying pressure. If the price goes above $51, then an increase in the buying volume can be seen.
RSI (Bearish): It is trailing at 60.2, highlighting its presence in the neutral zone. There is a positive slope formation in the RSI, highlighting a bullish momentum for the price. RSI depicts a weak bullish momentum for DOT.
Conclusion
DOT price is currently in a slump but can soon see a major breakout. The recent rally in the Altcoins can also be seen in the DOT. DOT/ BTC pair can also accompany the rise. Investors should do their due diligence before investing.
Technical Levels
Major Support:$35
Major Resistance: $47
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.
