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Polkadot is up over 4%, what the technicals are saying

Polkadot has recovered on its chart, with the coin increasing by more than 4% in the last 24 hours. The altcoin’s price has not moved much in the last week.

Today, the altcoin showed a bullish picture, with technical indicators pointing to a change in price activity. Given that DOT showed signs of resuscitation, the coin regained a significant portion of its lost value.

Polkadot has been bursting through resistance lines one after the other, and the coin is currently aiming for its overhead price ceiling.

Price began to gain momentum as it passed the $9(R140) price level. The prespecified price level is now functioning as a support level. The market saw a resurgence of buying pressure, indicating that DOT was resuming its bullish price action.

One-Day Polkadot Price Analysis

At the time of writing, DOT was $10.27(R160). The nearest price floor was $9(R40), while the other support lines were $8.71(R136) and $7.20(R112.28).

The coin’s overhead resistance was $11.87(R185); the coin has attempted to trade over $11(R171,54), so if the bulls push a little harder, the coin can retest the aforementioned level.

If the coin continues to trade above $11(R171,54), the altcoin may be able to trade above $14.62(R228) . The coin’s volume was green, indicating that the coin was turning bullish.

This also indicated that the buying pressure on the chart was intensifying. DOT began to show price movements, and the technical indicators were bullish. Following its ascent, the coin attempted to break over the 20-SMA line.

The coin was trading above the 20-SMA line at the time of writing. This signalled that buyers were in control of the market’s price momentum.

On the one-day chart, the Relative Strength Index showed an increase. This was consistent with the above signal, which showed an increase in buying strength. As soon as the buyers returned to the market, Polkadot registered a buy signal. Green signal bars were shown by Awesome Oscillator. The indicator indicates the market’s price momentum.

A purchasing indication is also shown by the green signal bars. If buyers continue to buy it, the price may rise above the overhead resistance.

As the +DI line moved upwards, the Directional Movement Index began to rise. At the time of writing, the Average Directional Index (Red) was above 40, indicating that price momentum was strong. Polkadot would need broader market strength to maintain its present price action.

Polkadot is up over 4%, what the technicals are saying

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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