Polkadot’s chart has recovered and the coin has risen over 4% over the last 24 hour. The altcoin has not seen much price movement over the last week.
Today’s altcoin picture was bullish. The technical outlook pointed towards price action changes. The price of the coin recovered quite a lot considering that DOT showed signs of recovery.
Polkadot is breaking through resistance line after another and could soon target its overhead ceiling.
The $9 price point was the highest that prices reached. Since then, they have picked up speed. This price level acts as support. The market was experiencing buying pressure which indicates that DOT is regaining its bullish price action.
Polkadot Price Analysis: One Day Chart
At the time this article was written, DOT was listed at $10.27. The closest price floor was $9. Other support lines were $8.71 or $7.20.
The coin’s overhead resistance was $11.87. However, it had tried to trade higher than $11. If the bulls push harder the coin will be able to retest that level.
The altcoin may trade close to the $14.62 mark if the price of the coin remains above $11. It was shown in green, which indicates that the coin had turned bullish.
Also, this indicated an increasing buying pressure.
Technical Analysis
DOT began to show price changes and technical indicators that pointed toward bullishness. It attempted to surpass the 20-SMA level after its surge.
The price of the coin was at or above the 20-SMA level as of writing. This indicates that buyers were in control of the price momentum on the market.
Relative Strength Index recorded an increase in the day-to-day chart. This is in line with the indicator above which showed an increase in buying power.
Read Related Reading| Negative Sentiment Deepens In Crypto, Why Recovery May Not Last
Polkadot received a buy signal when the buyers returned to the market. Amazing Oscillator showed green bars. The indicator displays the market’s price momentum.
Also, the green bars indicate that there is a buying opportunity. The overhead resistance could be broken if buyers keep acting on the signal.
As the +DI line slowly moved upwards, the Directional Movement Index started to turn positive. This is The
The Average Directional Index Red (Red), which was higher than the 40-mark, indicated the strength of the price momentum at time of writing. To maintain the current price action of Polkadot, it would need to have greater market strength.
Similar Reading: Polkadot trades below $11; When will it target $14?| Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?