- POLKADOT Coin trading volume in the last 24hr is +70%
- DOT/BTC and DOT/ETH price at the time of writing this article is 0.0007750BTC and 0.010604ETH
- The chart has made a double top pattern
LONG TERM VIEW:
Polkadot coin has made a very good bullish run going from $10 to $35 but the trend might stop here and can get converted into a sideways movement. Looking at the technical indicators we can see MACD has started showing green candles and MACD line is on signal Line so it might cross it for an upwards movement. In addition to that, we can see the RSI is near the overbought zone it’s on the 70 line. Lastly, we can see the Moving averages as we can see the 20MA and 50MA are currently above the 100MA and 20MA is above the 50MA.
SHORT TERM VIEW:
We can see in the 4hr time interval that there is a bearish RSI divergence as the price is close to each other but there is a huge difference in the RSI level. Looking at other technical indicators we can see that the MACD is showing a green histogram, meaning the MACD line is above the Signal line. In addition to that the when looking at the Bollinger band we can see there is a huge opening which means the big movement is already here the price might consolidate now.
Looking at both long term and short term we can see the trend is at the resistance and tested it twice making it a double top which is a bearish sign and then looking at 4hr time interval there is a bearish RSI divergence which is also a big bearish sign. Now looking at technical indicators we can see that trend is still bullish in daily and 4hr time intervals. This means that buyers are going to give one more push for the resistance and if the price reaches the resistance and is not able to break it up then the price might fall as the bears can now get greedy, this all depends on a big volume but if not then the trend is bearish.