Polkadot Price Correction Trying to Hold its Vital MA of 100 & 200-Day Lines

By September 28, 2021Polkadot
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Polkadot
  • Polkadot price over the monthly chart is witnessing a correction from the higher levels, and the price now reaches near its vital support lines of 100 and 200-day lines.
  • The digital is trading below its short-term moving average of 20 and 50-day lines while still sustaining above 100 and 200-day lines.
  • The pair of DOT/BTC is trading at 0.0006626 BTC with a minor 24-hour loss of -0.19%, and the ratio of DOT/ETH is CMP at 0.009531 ETH with an intraday gain of +1.54%.
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Polkadot price over the monthly chart is trading under the solid bullish momentum, while the coin is making higher highs sequence. Meanwhile, the recent correction from the higher levels pulls the token near its vital supports of 100 and 200-day lines. Volume activity over the monthly chart increases but needs to grow more for a strong comeback of bulls. If the coin manages to hold its necessary moving average of 100 and 200-day line, with supportive volume action, we can soon see substantial recovery in upcoming sessions.

The overall medium to long-term trend is still positive until the coin sustains above 100 and 200-day lines. Support on the lower side is $25.50 and $24.00, whereas resistance on the higher side is $30.51 and $33.70.

Polkadot price is placed near its substantial support area after a gradual selloff

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Polkadot price at the weekly chart is placed near its substantial support area after a gradual selloff from higher levels. The digital asset is currently placed above its vital support zone, while sustainability will create more buying interest. Volume at the monthly chart increases but needs to grow more for a sharp bounce back. The technical parameters are also indicating sideways with a slight negative trend over the 4-hour time frame. DOT token is trading at $27.60 with an intraday drop of -4.79%, and the volume to market cap ratio is at 0.05469.

Relative Strength Index (BEARISH): Polkadot price RSI is trading under little pressure after a correction from higher levels. The coin is currently heading towards the oversold zone with a gradual selloff and CMP at 40.

Moving Average Convergence Divergence (BEARISH): The daily chart indicates a bearish or negative trend at the 4-hour time frame. At the same time, the seller’s line (red) overpowers the buyer’s signal line (green), with a marginal difference.

Support levels: $25.50 and $24.00

Resistance levels: $30.51 and $33.70.

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