Polkadot price has rallied significantly since it dropped to $ 23.95. A surge above $ 30 provides significant psychological support for buyers and long term owners alike to see DOT break higher again.
DOT had encountered short-term resistance at the 38.2% Fib retracement level at $ 31.08 and the Tenkan-Sen at $ 31.66. It needs to close above these two levels to avoid short-term selling pressures. Ideally there would be enough momentum to close above the Kijun-Sen at $ 36 but that may not be possible.
After Saturday’s flash crash, an unfortunate event that caused the Relative Strength Index (RSI) to go from a bull market to bad shape. This does not mean or imply that polkadot is entering a bear market, but that momentum has subsided enough that traders can be cautious.
Even so, there are some bullish signs. First, there is a common bullish divergence between the candlestick chart and the composite index – an indication of a bullish reversal. In addition, the Optex Bands oscillator is moving uphill, leaving the oversold extreme it was in before.
DOT / USDT daily Ichimoku chart.
Given the current position of the RSI, Composite Index, and Optex bands, a break above $ 32 will likely have enough momentum to cause Polkadot to test the Senkou Span B at $ 40 for resistance.
Conversely, a failure to close above the Tenkan-Sen Polkadot would lead back to the 50% Fib retracement level at USD 26.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Coinbase responded to the SEC to prevent what it views as an unfair investigation by…
As Shiba Inu (SHIB) continues to evolve its ecosystem with a focus on crypto gaming,…
Analysts predict the spot Ethereum ETF launch in mid-July, with Bitwise amending its S-1 registration…
Despite the presidential debate impact on crypto, Bitcoin and altcoins are down. Mt. Gox sales…
Basel Committee approves cryptoasset disclosure framework and targeted revisions, enhancing transparency and market discipline.
Biden Replacement Memecoins surged: NOOSUM +15%, KAMA +220%, KENIDY +10%, while Jeo Boden fell 37%…
This website uses cookies.