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POLKADOT PRICE ANALYSIS: $DOT LOOKING FOR A BOUNCE

 

  • Polkadot is holding strong above the support of $28.82.
  • $DOT looking firm in continuing the uptrend. 
  • DOT/BTC is currently trading at 0.0006406 btc with an intraday change of -1.60%. DOT/ETH is now trading at 0.008891 eth with a 24 hour loss of 2.17%. 
Tradingview

Polkadot is trading above the critical support of $28.11 USD. Currently, the price is above all the significant moving averages 50,100 and 200. If the price manages to hold above all the moving averages and the critical support of (28.11 usd) mentioned above, we will soon see a rebound in the future. The immediate resistance of $35.69 USD will be a very important point to look for and once the price breaks this resistance, we are likely to see new heights in price. 

Moving average 50 is in colour Yellow

Moving average 100 is in colour White

Moving average 200 is in colour Pink

Tradingview

The Relative strength Index(RSI) is in the neutral zone with no clear indication of overbought or oversold where it is retesting the 50 level and buyers would most probably like to jump here with the price holding above all the significant moving averages. 

Tradingview

Though the Moving average convergence divergence (MACD) is suggesting a bearish crossover, both the MACD line and the signal line are above the zero line meaning the bulls are still in control. 

The MACD line is coloured Green and 

the signal line is coloured Red

Important resistance and support levels to look for short term are: 

Support: S1= 28.11, S2= all the significant moving averages mentioned above (50,100 and 200)

Resistance: R1= 35.69 

Takeaway: The scenario of $DOT is still in the hands of the bulls who are making the price stay above the immediate crucial support of  $28.11 USD. With all the technicals mentioned in favour of bulls, we are likely to see action in favour of bulls in the near future.